KKR in talks for $1-bn stake in Reliance Retail

KKR & Co is in talks with Reliance Retail aiming for a stake of nearly $1 Billion. The news comes in right after US’ Silver Lake acquired 1.75% stake in Reliance Retail for Rs.7500 Crores. Additionally, last month, Reliance retail acquired Future Group’s Retail wing or an amount of Rs.24,713 Crores. This indicates that Reliance is intensively trying to expand its footprint in the retail sector.

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Dr Reddy’s launches Remdesivir in India

Dr Reddys Laboratories Ltd has announced the launch of Remdesivir meant for the treatment of COVID-19 patients, under the brand name ‘Redyx’ in India. The launch is part of the licensing agreement with Gilead Sciences, Inc. (Gilead) that grants Dr Reddy’s the right to register, manufacture and sell Remdesivir, a potential treatment for Covid-19, in 127 countries including India.

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Companies get till December 31 for FY20 AGMs

The ministry of corporate affairs (MCA) on Tuesday allowed extending the timeline for holding annual general meetings (AGMs) for 2019-20 till December 31 from the earlier September 30, providing relief to around 12 lakh companies. (Source: TNN)

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Happiest Minds IPO Day 3 subscribed 150 Times.

Happiest Minds Technologies on its final day was subscribed 150 times. The Institutional segment was subscribed 77 times. It was subscribed 69.30 times under the retail category.The size of the IPO is Rs. 702.5 Cr. Happiest Minds IPO is planned to list on Sep 17, 2020, at BSE, NSE.

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PowerGrid to monetise 5 units worth Rs 7,000cr

The government on Tuesday allowed state-owned transmission company PowerGrid to monetise projects won through tariff-based competitive bidding through the InvIT (Infrastructure Investment Trust) route. PowerGrid would be able to monetise five such projects worth Rs 7,164 crore. The proceeds could be invested into new projects to expand the transmission network and other capital schemes of the company, it said. This will be the first InvIT offering from any public sector entity.

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Mutual Fund Industry witnessed total outflows of over Rs 14,000 crore

According to the Association of Mutual Funds in India (AMFI), Equity schemes saw an increase in total outflows at Rs 4,000 crore in August as compared with Rs 2,480 crore outflow in July. As the market performed better than expected in the last two months, these outflows are attributed to the profit booking as the indices went up. The liquid front category in the debt fund saw a major hit as it delivered merely 0.2 percent returns in August.

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Royal Enfield to set up bike assembly in Argentina

Royal Enfield, a mid-size motor-cycle manufacturer, today announced that it will open an assembly unit in Argentina. It is interesting to note that this will be the first time in the company’s modern history that the company has opened its assembly unit and production outside Chennai, India. It has entered into partnership with Grupo Simpa, Royal Enfield’s local distributor in the country since 2018.

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Government planning to sell 15-20% stake in IRCTC via Offer for Sale

The Government plans to sell about 15-20 percent stake in Indian Railway Catering and Tourism Corporation (IRCTC) via Offer for sale. The Department of Investment and Public Asset Management had invited bids from Merchant Bankers by September 10 for managing the sale. The government currently owns 87.40% stake in IRCTC. 

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Indiabulls Housing Finance launches QIP

Country’s third-largest Home Finance Company, Indiabulls Housing Finance launched a Qualified Institutional Placement (QIP) with a base size of $60 million and an upsize of $40 million to meet its capital requirements. QIP launch comes as a result of bad loans and a decrease in net profit and revenue from operations by 65.5% and 33.7% respectively.

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Route Mobile IPO fully subscribed on Day 1

Route Mobile, a cloud communications platform, launched its IPO today and the issue was fully subscribed at the end of Day 1. The offer will conclude on September 11. Its price is Rs 345-350 per share and lot size is minimum 40 shares.The company plans to raise Rs 600 crore in which Rs 240 crore will be raised through fresh issue of shares and another Rs 360 crore via offer for sale. 

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