BackNews in Numbers | RCom to repay Rs25,000 crore debt by 30 September
In other news, 538 harassment cases filed by 'Anti-Romeo' squads of Uttar Pradesh police
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$80 million
What is it? The Series E funding raised by online food delivery start-up Swiggy (Bundl Technologies) from Naspers and existing investors such as Accel partners and SAIF Partners.
Why is it important? The funding will help Swiggy take on its rivals, including the well-funded Zomato Media, in the highly competitive hyperlocal food delivery space. This is Swiggy’s largest funding to date accounting for 51% of the amount it has raised so far. The startup will use the money to step up its investments in automation and customer behaviour prediction to improve user experience.
Tell me more: Naspers, South Africa based internet and entertainment group, has been making a series of investments in food delivery start-ups across the world - including iFood in Brazil, SinDelantal in Mexico and Delivery Hero in Germany.
Rs25,000 crore
What is it? The debt amount Reliance Communications (RCom) has said it would repay by September 30, 2017.
Why is it important? The money, to be recovered from two transactions, is over 50% of its debt (Rs44,345-47,332 crore till March 2017). The reassurance follows a few days that saw RCom’s stock get pounded, to a record low of Rs20.5 on Monday, as investors turned wary about its debt repayment capacity. Rating agency Moody’s has downgraded the company on the back of its “weak operating performance, high leverage and fragile liquidity position."
Tell me more: Compounding its problems is the intense price competition in the telecom market with Reliance Jio’s entry. The price war led to a Rs948 crore-loss for RCom in the March quarter.
1 billion euro
What is it? Development assistance Germany has pledged to India during Prime Minister Narendra Modi’s visit to the country.
Why is it important? PM Modi is on a four-country tour with Germany as the first stop to strengthen trade ties. Germany has also been reported to push for the European Union free trade agreement with India during a meeting between Modi and the German Chancellor Angela Merkel.
Tell me more: The free trade agreement is seen as a counter to the growing protectionism propagated by US President Donald Trump, including his recent rant against German-made cars sold in the US. China’s One Belt One Road policy is also a cause for concern for European trade as it strengthens its hold on Asian trade networks.
7%
What is it? Underwriting fees charged by investment banks for initial public offerings in the US.
Why is it important? Organisation for Economic Co-operation and Development, in a recent report, cited absence of competition as a reason for the high fees. It said it was akin “akin to tacit collusion" and called for review by competition authorities. In Europe, the underwriting fee is about 3%, while in China, it has doubled to 8% in the last few years.
Tell me more: The high fees is a strain on businesses that want to raise money from capital markets, and it’s particularly so for smaller businesses which shell out 11% of the amount raised as expenses. In India, IPO related expenses come to about 7% on average and 10% for smaller companies.
538
What is it? The number of harassment cases filed by “Anti-Romeo" squads of Uttar Pradesh police.
Why is it important? The drive to check harassment of women in public places is among the most criticised policies launched by Yogi Adityanath government. Rights activists called for disbanding the squads, arguing that it won’t stop harassment, and will increase the risk of infringement on civil liberties.
Tell me more: According to data released by the state, 3.38 lakh people, among the 7.42 lakh who were checked, were warned between March 22 to May 28. Lucknow zone had the highest number of people who were warned by the squads, 1.14 lakh.
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