BackDeals Buzz: SoftBank in talks with Paytm Mall to lead $500 million funding round
In other news, L&T may sell some assets by March to fund acquisition spree, while IDBI will sell stake in NSE, insurance arm
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
SoftBank in talks with Paytm Mall to lead $500 million funding round
Online marketplace Paytm Mall has held initial talks with Japanese investment giant SoftBank for leading a $500-600 million financing round, reports The Times of India, citing two people privy to the deal discussions. SoftBank is learnt to be putting around $300 million into Paytm Mall, which differentiates itself from its bigger rivals Amazon and Flipkart as a platform that helps bring offline retailers online. Read more
L&T may sell some assets by March to fund acquisition spree
Larsen and Toubro Ltd (L&T), India’s largest engineering and construction group, said it expects to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology (IT) will soon be in place, reports Bloomberg. Read more
GMR Airports IPO likely by June 2018
GMR Airports Ltd, which operates India’s largest airport in New Delhi, is meeting investment bankers across three days, starting Monday, as it prepares to launch its initial share offering (IPO) planned by June, reports Mint, citing a person aware of the matter. Read more
Matrix Partners, Accel invest in Stanza Living
Student accommodation platform Stanza Living has raised an undisclosed amount from Matrix Partners and Accel, co-founder Anindya Dutta said in an interview with Mint. The firm will use the funds to expand into new cities, upgrade its technology platform, and for hiring. Read more
Surge in credit provisions to adversely impact PSB profitability: Icra
Even as fresh slippages may be moderating, credit provisions have surged for the sector. This could impact the profitability of public sector banks, said a report by ratings firm Icra, reports The Economic Times. Read more
China’s CDB files insolvency case against RCom at NCLT
Seeking to strike a balance between the rights and responsibilities of states in a federal structure, the centre has asked the 15th Finance Commission to offer fiscal incentives to states that perform well on parameters such as improvements in ease of doing business and sanitation, and rein in populist measures, reports Mint. Read more
IDBI to sell stake in NSE, insurance arm
IDBI Bank has said that it will sell 1.5% stake in the National Stock Exchange (NSE) as part of its strategy to divest assets to free capital. The bank has also placed its life insurance arm IDBI Federal Life Insurance, and IDBI Trusteeship Company on the block, reports The Times of India, citing a stock exchange filing by the bank. Read more
Essar closes Rs2,000 crore Aegis sale, retires Rs75,000 crore debt
The embattled Essar Group on Monday announced the closure of Aegis Ltd sale for Rs2,000 crore and said it has been able to pare debt by Rs75,000 crore, thanks to the proceeds from the recent sale of its refinery business, reports PTI. Read more
IBC ordinance may bar clean bidders too, say stakeholders
Amendments to the Insolvency and Bankruptcy Code (IBC) aimed at preventing company founders suspected of wrongdoing from regaining control of their assets may shut the doors on clean bidders too, reports Mint, citing stakeholders. The executive order bars not only wilful defaulters, but also several other categories of potential bidders. Read more
Abraaj buys Tunisie Telecom from Dubai Holding-Tunisian minister
Private equity firm Abraaj Group has bought from Dubai Holdings’ telecoms arm its 35% stake in state-controlled Tunisie Telecom, a Tunisian minister said on Monday, according to Reuters. Read more
SoftBank is said to seek Uber stock at $48 billion valuation
SoftBank Group Corp. and a group of investors are trying to buy a stake in Uber Technologies Inc. at a sizeable discount to the ride-hailing company’s $69 billion valuation, seeking to clinch what would be one of the largest purchases of stock in a private company, reports Bloomberg. Read more
ITC lines up Rs10,000 crore investment to boost food processing business
Cigarettes to fast-moving consumer goods (FMCG) firm ITC on Monday said it would invest around Rs10,000 crore in the coming years to strengthen its business in the food processing sector, reports Business Standard. Read more
Sovereign funds raise anchor investments
Sovereign and private equity funds have not only found exit opportunities in this year’s initial public offering (IPO) boom but have also increased their investment through the anchor route. These funds have invested Rs1,247 crore or a tenth of the anchor investor money in this year’s IPOs so far, up from 7% last year, reports Business Standard, citing private equity (PE) consultancy Venture Intelligence. Read more
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