1. Future Group pulls out of IPL 2020 sponsorship

Associate central sponsor, Future Group, has terminated its contract with IPL with just a few days for the tournament’s start. The company stated that they found the cost too high and the parties involved were not able to come to a final deal. The reason for this pull out is the poor financial conditions of the group due to COVID-19. Earlier, Vivo who was the title sponsor of the league had also pulled out of their deal. 

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2. Sonia Gandhi to resign as Congress party president?

The interim Congress president, Sonia Gandhi, has offered to resign from her post. She has asked the Congress Working Committee (CWC) to start their search for a new deserving candidate. This comes in the backdrop of a letter addressed to her by 23 top leaders of the Congress party. Rahul Gandhi was the previous Congress president but he stepped down after an embarrassing defeat in the 2019 general elections.

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3. Tata Motors in talks for tech & funding tie-up

Tata Motors is planning for a technology and funding tie-up. The objective behind this is to get the company’s domestic passenger vehicle business back on track. Tata Motors has been struggling in this segment for some time now. The pandemic has cut their wounds deeper. The company reported net losses worth Rs 8,437.99 crore in the quarter ended June.

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4. Axis Bank to acquire a minority stake in Max Life?

Axis Bank has proposed to acquire over 17% of the equity share capital of Max Life. Both the parties have agreed on terms and are said to contact their respective regulatory authorities. Earlier in April, Axis Bank was said to buy over 30% of the equity share capital of Max Life. The investments are trimmed because the Insurance Regulatory and Development Authority of India (IRDA) has raised their concerns over the deal earlier.

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5. IIFL launches sixth phase of green affordable housing

IIFL Home Finance Ltd declared the launch of the sixth edition of ‘Kutumb’ initiative. This drive aims to promote “green affordable housing”. This initiative will help the government to stretch its ambition of ‘Housing for All’ to ‘Green Housing for All’.

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6. NABARD launches credit guarantee programme for NBFC

The National Bank for Agriculture and Rural Development (NABARD) has introduced debt and credit guarantee products for different NBFCs and MFIs (Micro finance Institutions). It has signed a pact with Vivriti Capital and Ujjivan Small Finance Bank to increase the access of sustainable finance for microenterprises and low-income households. Around Rs 2,500 crore funding will be provided via the first phase.

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7. Bandhan Bank to focus on housing finance

Bandhan Bank wants to focus on the home loan segment. The bank is targeting to grow its housing finance books by 5 times to Rs 1 lakh crore in the next five years. Currently, the books stand at Rs 20,000 crore. 75% of the company’s business currently comes from the eastern side of India.

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8. PNB to raise funds from the market

State-owned Punjab National Bank (PNB) has clarified that they won’t be approaching the government in search of capital support. Instead, they will look to raise the money required via the market. The shareholders of the bank have already given a green signal to the bank to raise Rs 7,000 crore from the equity.

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9. Happiest Minds to come up with their IPO

IT services firm Happiest Minds Technologies has received SEBI’s permission to launch its IPO. Happiest Minds is an engineering services company founded in 2011. It offers Infrastructure Management and Security and Product Engineering with the aid of big data analytics, internet of things, mobility, etc. According to the draft red herring prospectus, the company will issue fresh shares worth Rs 110 crore.

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10. Future Retail averts default, pays Rs 100 crore interest on bonds

The Kishore Biyani-led Future Retail averts default by making interest payments worth $14 million to investors. They were able to do this just a few hours ahead of its 30-day grace period deadline. The company paid interest on 5.6% senior secured USD notes which is due by 2025. Earlier, the company failed to pay the interest before the due date of 22nd August.

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11. Kalyan Jewellers files DRHP for Rs 1,750 crore IPO

Kerala-based gold retailer, Kalyan Jewellers, has filed for the initial public offer (IPO) of Rs 1,750 crore. The timeline of the IPO is yet to be determined. The IPO will consist of a fresh sale of Rs 1,000 crore and Rs 750 crore of the secondary share sale. Citibank, SBI Caps, BOB Capital Markets and Axis Capital will be investment bankers behind the IPO of Kalyan Jewellers.

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