Pine Labs raises $82 million from Actis Capital, Altimeter, others
Digital payments platform Pine Labs has raised $82 million in an investment round led by Actis Capital, along with Altimeter Capital, said Lokvir Kapoor, chief executive officer of the fintech startup, says Mint report.
Sequoia Capital-backed Pine Labs offers a cloud-based point-of-sale (PoS) payments solutions, allowing merchants to accept credit or debit card payments, as well as latest methods such as e-wallets, QR code payment solutions and unified payments interface (UPI)-based solutions. Read more
Goldman Sachs names David Solomon as CEO Lloyd Blankfein’s replacement
Goldman Sachs Group Inc. said David Solomon will become the sole president of the company, elevating him over Harvey Schwartz as the eventual successor to chief executive officer (CEO) Lloyd Blankfein. Read more
Bharti Airtel gets board nod to raise up to Rs16,500 crore in debt
Bharti Airtel Ltd on Monday said its board has approved a plan to raise as much as Rs16,500 crore by selling non-convertible debentures and foreign currency bonds to refinance borrowings and pay spectrum-related dues to the government, reports Mint.
The country’s largest telecom operator has in the last one year announced several measures to trim debt and defend its business under an onslaught from newest entrant Reliance Jio. Read more
Tata Sons to sell TCS stake worth $1.25 billion to pay debt
Tata Sons Ltd, India’s biggest business group, plans to sell $1.25 billion of its stake in Tata Consultancy Services (TCS), according to terms of the transaction.
According to Bloomberg’s report, citing a person familiar with the matter, Tata Sons will use the proceeds to pay creditors of its wireless division along with raising its stake in some of its unit in a bid to reduce cross holdings. Read more
SBI to take 5 companies to NCLT for Rs3,250 crore
State Bank of India (SBI) is likely to drag five Kolkata-based companies, including Burnpur Cement and four Patni group entities, to the National Company Law Tribunal for insolvency proceedings over Rs3,250 crore in unpaid loans, reports The Economic Times.
The report further says SBI accounted for the highest amount of gross NPAs 9non-performing assets) at Rs2,01,560 crore. Earlier in February, the RBI ordered a complete overhaul of the stressed asset resolution framework by withdrawing the then existing schemes. Read more
Videocon may exit Philips, Electrolux pact
Financially distressed Videocon Group may give up India rights for two global brands—Philips in the TV business and Electrolux in appliances—after being unable to sustain production without working capital, which has caused a steep decline in sales, reports The Economic Times, citing three senior industry officials. Read more
The Videocon Group operates the Philips and Electrolux business through PE Electronics.
On 9 March , Mint reported that Videocon Industries Ltd is planning to raise as much as Rs30,000 crore by selling its stakes in oil blocks in Brazil, as part of the debt-laden company’s plan to repay bank loans. Read more
Exit of BDO resolution professionals to hit insolvency proceedings
The insolvency proceedings for Bhushan Power & Steel and Jyoti Structures might be hit as their resolution professionals have quit audit firm BDO India and joined rival Price Waterhouse, reports Business Standard. Read more
Mint was the first to report on such development. On 5 March, Mint reported that the resolution process of Bhushan Power and Steel Ltd and Jyoti Structures Ltd (JSL) is likely to get delayed as consulting firm BDO Restructuring Advisory LLP has dragged its two partners, who are also IRP of these companies, to court to make sure they serve the mandate before they leave the firm. Read more
InterGlobe to sell unit in $400m deal, appoints I-bankers
Travel and hospitality conglomerate InterGlobe Enterprises has started a process to divest shares in its technology services unit. InterGlobe has mandated investment banks Avendus and BNP Paribas to advise on sale of InterGlobe Technologies (IGT) with an asking valuation of $400 million, reports The Times of India, citing people directly aware of the matter.
According to the report, buyout private equity firms such as Blackstone Group, Apax Partners and Partners Group, or their portfolio companies like Mphasis and Zenzar Technologies, among others, could be interested in the deal. The sale process could also attract the attention of BPO majors like WNS. Read more