Deals Buzz: New India Assurance, GIC get nod for IPO
In other news, Reliance AIF to raise Rs1,000 crore for realty investments; Treebo Hotels in talks with Bertelsmann India to raise funds
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country:
New India, GIC get nod for IPO, government may earn Rs10,000 crore
State-owned New India Assurance and General Insurance Corporation have obtained approval from their respective boards for listing of their shares in an initial public offering (IPO), reported The Times of India. With the companies looking at selling around 10-15% of their equity, the government could raise close to ₹ 10,000 crore from the sale of shares. Read more.
Last month, Mint reported that ICICI Prudential Life Insurance Co. is planning to launch its IPO in September, which will make it the first insurance company to undertake a public offering in India. Read more.
Treebo Hotels in talks with Bertelsmann India to raise funds
Treebo Hotels, a budget hotel room-booking platform, is in advanced talks with Bertelsmann India Investments, the strategic investment arm of German media conglomerate Bertelsmann SE and Co. KGaA, for its latest round of fund-raising, Mint reported. The company is looking to raise up to $20-25 million in this round. The fund-raising will also see participation from Treebo’s existing investors, SAIF Partners and Matrix Partners. Read more.
Reliance AIF to raise Rs1,000 crore for realty investments
Reliance AIF, part of Reliance Capital Asset Management Co., is planning to raise ₹ 1,000 crore from the domestic and overseas market to invest in real estate projects across the country, The Economic Times reported. The fund, including a greenshoe option of ₹ 500 crore, will invest primarily in residential projects in top five property markets, including Mumbai, Delhi-NCR, Bengaluru, Pune and Chennai. Read more.
Walmart shopping for Indian start-ups with scalable solutions
The world’s largest retailer Walmart is actively scouting for scalable solutions from Indian start-ups to benefit hundreds of millions of its customers, The Hindu Business Line reported. The $482-billion retailer attracts over 260 million customers every week to its 11,530 stores in 28 nations and e-commerce websites in 11 countries. The retail giant has been engaging with Indian start-ups through its partnership with the Nasscom Product Council since October 2015, but is yet to get scalable POC (proof of concept) from a start-up. Read more.
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