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Jack Ma’s Firms Sold 43.3% Stake in Paytm For $5.6 Million

Jack Ma’s Firms Sold 43.3% Stake in Paytm For $5.6 Million

Jack Ma’s firms, Alibaba and Ant Financial, back off from Paytm and have sold their 43.3% stake to the company for just $5.5 million (around Rs. 42 crores). In the last round of funding in 2020, the company was valued at $3 billion. From the combined 43.3% stake, Alibaba had 28.35%, and Ant Financials owned…

LIC IPO| Government Revises Price Band And More

LIC IPO| Government Revises Price Band And More

LIC IPO ━ the wait is over as the highest Initial Public Offering is expected to open on May 2. The central government has set the price band for the initial offering of Life Corporation of India at Rs. 902-949 and may offer a discount of Rs 60 to policyholders.  On the other hand, retail…

Elon Musk and Twitter: What’s Going On Between Them?

Elon Musk and Twitter: What’s Going On Between Them?

Tesla CEO Elon Musk made a great turnabout in which he disclosed his massive stake in the social media company Twitter. He got a seat on its board and publicly floated drastic changes, and then turned down the board role ━ all happened in a week.  Musk now holds roughly 9% of a stake in…

Elon Musk Refused To Join Twitter’s Board Of Directors

Elon Musk Refused To Join Twitter’s Board Of Directors

Elon Musk is not joining the board of Twitter. The recent tweet by Twitter CEO, Parag Agrawal informed everyone by making it official that Mr Elon Musk is not interested in joining the board, which was offered to him a few days before.  Later this week, Tesla and SpaceX CEO Elon Musk revealed his stakes…

Elon Musk Owns 9.2% Stake In Twitter, Costing 73.5 Million

Elon Musk Owns 9.2% Stake In Twitter, Costing 73.5 Million

Elon Musk, the Chief Executive Officer of Tesla Inc, disclosed his twitter stakes by sharing the percentage of shares. He owns a total of 9.2% stakes in Twitter, becoming the single largest stakeholder on Twitter.  The stakes hold a cost of 73.5 million dollars, his passive stakes can cost around 2.9 billion dollars based on…

Reliance Retail Picks Up 89% Stake in Lingerie Brand Clovia

Reliance Retail Picks Up 89% Stake in Lingerie Brand Clovia

Reliance Retail Venture Limited acquired an 89% stake in women’s lingerie brand Clovia, owned and operated by Pankaj Panda fashion Private Limited. RRVL invested Rs. 950 Cr. in the company through a combination of secondary stake purchase and primary investment, as per the official statement.  Clovia is launched in 2013 by Pankaj Vermani, Neha Kant…

Zomato Pick Up 16.66% Stake in Mukunda Foods

Zomato Pick Up 16.66% Stake in Mukunda Foods

Zomato board on March 15 picked up a 16.66% stake in Mukunda Foods Private Limited for cash consideration of Rs. 37.5 crore. The acquisition will be made via a subscription of 13,289 convertible preference shares and 10 % equity shares.  Zomato said in a regulatory filing, “We are glad to inform that our board of…

LIC: SEBI Gives Nod to Launch India’s Highest IPO Ever

LIC: SEBI Gives Nod to Launch India’s Highest IPO Ever

The market regulator has approved the much-awaited IPO of 2022. According to the sources, SEBI has issued an observation letter. LIC had filed it’s Draft Red Herring Prospectus (DRHP) with SEBI in February. As per DRHP, the issue would be an offer to sell 31,62,49,885 (31.62 crores) equity shares by the government, which holds a…

Burman’s Group To Take Control Of Eveready As Khaitan’s Quit

Burman’s Group To Take Control Of Eveready As Khaitan’s Quit

Eveready Industries Chairman and Managing Director, Aditya Khaitan and Amritanshu Khaitan, announced their resignation after Burman Group takeover the bid.  The resignation of the Khaitans came two days after the Burman’s, founder of Dabur, a food company, made an open offer for a Kolkata-based dry cell company.  After their resignation, Suvamoy Saha is assumed to…

Approves Tata Steel’s Bid to Acquire 93.71% Equity in NINL

Approves Tata Steel’s Bid to Acquire 93.71% Equity in NINL

The Government on Monday has approved the highest bid of Tata Steel Long Products Limited for acquiring 93.71% equity in Neelachal Ispat Nigam Ltd (NINL), a joint venture of 4 CPSEs ─ MMTC, NMDC, BHEL, MECON, and 2 Odisha Government-owned companies ─ OMC and IPICOL.  This is a combined decision of three Ministers ─ Transport…

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