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Vista Equity Partners Acquire 2.32% stake in Jio for $1.5 billion

8May By AdityaNo Comments

ACQUISITION

Vista Equity Partners Acquire 2.32% stake in Jio for $1.5 billion

New Delhi, May 8, 2020: US-based private equity firm Vista Equity Partners will buy a 2.32 percent stake in billionaire Mukesh Ambani's digital unit, Jio Platforms, for $1.5 billion (Rs 11,367 crore), the company announced today. 'This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore,' the company said in a statement. Vista's investment will translate into a 2.32 per cent equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. Facebook had bought 9.99 per cent stake in Jio Platforms - the firm that houses India's youngest but biggest telecom firm, for Rs 43,574 crore. That deal was followed by Silver Lake - the world's largest tech inves...

WeWork troubles deepen as SoftBank pulls its $3 billion tender offer

4Apr By reutersNo Comments

BUSINESS

WeWork troubles deepen as SoftBank pulls its $3 billion tender offer

Softbank said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis. The tech investment giant said in a statement that given its duty to its shareholders it could no longer proceed with the deal, citing criminal and civil probes into the startup, WeWork’s failure to restructure a joint venture in China and the impact of the coronavirus pandemic. A special committee of WeWork’s board said it was disappointed and is considering “all of its legal options, including litigation.” SoftBank’s decision to rescind the offer means the Japanese firm is no longer obligated to proceed with a further $1.1 billion in debt financing for WeW...

N Chandrasekaran buys 100K Share of Tata Communications

18Mar By AnkitaNo Comments

Market

N Chandrasekaran buys 100K Share of Tata Communications

Tata Sons executive chairman N Chandrasekaran has purchased 1 lakh shares of Tata Communications from the secondary market, according to a regulatory filing. "We have received an intimation from N Chandrasekaran, executive chairman, Tata Sons Private Limited regarding his purchase of 1,00,000 equity shares of Tata Communications Limited at an average price of Rs 249.15, excluding brokerage and STT, per share as on March 16, 2020," Tata Communications said in a BSE filing. Shares of Tata Communications closed at Rs 226 a unit, down by 7.92 percent compared to the previous close, at BSE on Wednesday.

Razorpay Offers ESOP Buyback for Second Time in a Year

14Nov By AdityaNo Comments

News

Razorpay Offers ESOP Buyback for Second Time in a Year

Razorpay, India’s first converged payments solution company announced the implementation of the second ESOP Buyback plan for its employees, both existing and former. All existing and former employees who hold vested stocks will be eligible to sell up to 30% of their vested ESOP shares of the company. Sequoia India and Ribbit Capital, two of Razorpay’s key investors will be the buyers at a premium. While ESOP Buybacks have been part of employee welfare in larger organisations, the startup industry particularly in India, has started to see these developments since recently. This depicts the healthy growth that the startup ecosystem has been witnessing. Razorpay’s 600 people team raised their Series-C funding in June this year and the ESOP Buyback plan is a reflection of the ...

Trent to acquire stake in Booker India for $3 Million

24Sep By Press Trust of IndiaNo Comments

ACQUISITION

Trent to acquire stake in Booker India for $3 Million

Tata group's retail chain Trent Ltd will acquire 51 per cent stake in Booker India Pvt Ltd (BIPL) in a cash deal of around Rs 22 crore, a regulatory filing said. Trent in the filing to BSE on Tuesday said the acquisition would help in business expansion by adding six additional stores. "It is informed that the Company has agreed to acquire 51 per cent of the share capital of BIPL, for a consideration of Rs 22 Crores approximately. BIPL operations involve 6 stores," Trent said. BIPL operates five stores while its wholly-owned subsidiary Booker Satnam Wholesale operates one store. The company expects to complete the transaction by the end of October this year. BIPL had a turnover of Rs 238 crore for the financial year ended on March 31, 2019 and Rs 43 crore of Booker Sat...

Berkshire Hathaway Looking to Pick up Stake in Kotak Mahindra Bank

7Dec By PriyankaNo Comments

Market

Berkshire Hathaway Looking to Pick up Stake in Kotak Mahindra Bank

As per the report, Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in India's Kotak Mahindra Bank. Berkshire Hathaway may invest between USD 4 billion and USD 6 billion in the lender by buying promoter stake or through a preferential allotment. Following the news, the stock of kotak mahindra which opened on a positive note, further jumped 13.86 per cent to the hit an intra-day high of Rs 1,345.35. At 1330 hrs the stock was trading at Rs 1,239, up 4.87 per cent from the previous close. On NSE, following a similar trend, the stock soared 14.03 per cent to Rs 1,345.95, its highest during the day. It was quoting at Rs 1,238.35, an increase of 4.92 per cent from the previous close, at 1330 hrs. The Reserve Bank had earlier asked promoters of the bank to b...

Walmart to Purchase Flipkart ESOPs worth $800 Million

20Sep By Gauri SinghNo Comments

ACQUISITION

Walmart to Purchase Flipkart ESOPs worth $800 Million

After the Flipkart-Walmart deal, many steps have been taken by Walmart in favor of the merger. This time the company has planned to purchase from Flipkart employees ESOPs worth nearly $800 million. The worth of Flipkart’s total Esop is about $1.5 billion based on the per-share purchase price. Flipkart announced to its current employees that they will be allowed to liquidate their employee stock ownership plans (ESOPs) at $126-128 a unit, on the basis of the charges applicable. The retail giant Walmart is obligated to purchase 6,242,271 shares from Flipkart’s ESOP pool of 11,947,026 shares. “The ESOP repurchase programme, a yardstick for the industry, is part of our continuing efforts to thank and reward our employees for their service,” a spokesperson for Flipkart said. The employees...

17Sep By PriyankaNo Comments

Market

India Based Online Marketplace Indiamart Gets Permission to Launch IPO

Online marketplace IndiaMART InterMESH Ltd have received markets regulator Sebi's go-ahead to float initial share sale offers. With this, the number of companies getting Sebi's approval to float an initial public offer (IPO) has reached 50 this year so far. Indiamart which had filed draft their respective draft offer documents with Sebi in June, obtained the regulator's "observations" on September 14, according to the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch IPO, follow-on public offer and rights issue. Through IndiaMART's public issue, a total of 42,88,801 equity shares will be divested by the promoters and private equity firms Intel Capital (Mauritius) Ltd, Amadeus Capital Partners and Accion Frontier Inclusion Mauri...

Chinese Smartphone Oppo & Vivo Cut 40% Retailers Margin in India

9Jan By NitishNo Comments

News

Chinese Smartphone Oppo & Vivo Cut 40% Retailers Margin in India

Smartphone makers Oppo and Vivo have cut down retail margins by over 40% in India. Both Chinese smartphone companies cut the margin offered to large chains to 14-15% from 23-25%, the executives said. They reduced it to 5-6% for standalone stores from 15-16%. As per the report published in economic times, both Oppo and Vivo have lost about 10,000 sales outlets each. Both had about 70,000 outlets each in the country before the margin cuts and the number of stores selling their phones may fall further, they said. Founded by Chinese billionaire Duan Yongping, Oppo and Vivo together have a 17% share of the market in India. As per the sources, the reason for this cut down is to make the companies profitable. One of the retail chain in Tamil Nadu, Sangeetha Mobiles has stopped selling Oppo ...

Jasper Infotech Invests 30 Crore in Freecharge

14Mar By NitishNo Comments

FUNDING

Jasper Infotech Invests 30 Crore in Freecharge

Jasper Infotech which acquired Freecharge platform invested additional Rs 30 crore into the latter, according to documents filed with the registrar of companies. Jasper infotech also own and operate one of the leading e-commerce platform of India Snapdeal.com. An email sent to FreeCharge and Jasper spokespersons seeking comments on the latest development remain unanswered at the time of going to press. Earlier in report, Snapdeal is in talks such as PayPal, Paytm and PayU to sell FreeCharge. The deal size is somewhere around $300 million. Snapdeal acquired Freecharge for $400-450 million in a cash-and-stock deal in mid-2015.

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

15Feb By NitishNo Comments

ACQUISITION

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

Gujarat based India's first listed e-commerce company Infibeam acquired 7.5% stake in CC Avenue by investing Rs 150 crore. The e-commerce company has already owns a 3.85% stake in CC Avenue through subsidiary NSI Infinium Global. The recent acquisition will merge CC Avenue with Infibeam online payment gateway at about Rs 2,000 crore. On Monday, Infibeam posted third-quarter net profit to Rs 12.8 crore from Rs 50 lakh a year earlier. Revenue rose 14% to Rs 102.7 crore. “Integration of the payment platform with logistic and warehousing, ad and domain registry along with its data centre and data analytics, the value-added services provided by Infibeam would make a full circle in providing all services under one roof,“ said Vishal Mehta, the managing director of Infibeam. “CC Avenue s...

Fidelity Marked Down Value of Investment in Flipkart

27Jan By NitishNo Comments

BUSINESS

Fidelity Marked Down Value of Investment in Flipkart

US-based mutual fund Fidelity Rutland Square Trust II has marked down the value of its shareholding in e-commerce firm Flipkart by almost half over a period of one year. In a regulatory filing on January 24, Fidelity reported value of its 52,096 shares in Flipkart at USD 2.7 million (USD 2,715,764), or USD 52.12 per share, as on November 30, 2016. Fidelity, which holds less than a percent in Flipkart, in its earlier filing had reported value of its holding at USD 5,416,421, or USD 103.96 per share, as on November 30, 2015. Flipkart did not comment on the development. At the same time, Fidelity has reported around 13 percent increase in its investment made in online retail major Amazon. Fidelity reported value of its 281,493 shares in Amazon.com at USD 211,280,201 implying value of...