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Digital payments start-up MobiKwik files for Rs 1,900-crore offering

Fintech firm MobiKwik on Monday filed a draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for its initial public offering (IPO). According to its DRHP, the company plans to raise Rs 1,900 crore, which includes a fresh issue of Rs 1,500 crore and an offer for sale of Rs 400 crore. The selling shareholders include American Express Travel, Bajaj Finance, Cisco Systems and Sequoia Capital India, besides founder Bipin Preet Singh. MobiKwik is the latest among tech majors wanting to list on stock exchanges. Food delivery startup Zomato will launch its IPO on Wednesday.

Ola Electric raises $100-million long-term debt to build mega factory

Ola Electric and Bank of Baroda on Monday signed the biggest long-term debt financing agreement in the Indian electric vehicle (EV) space. This 10- year debt of $100 million is towards funding and financial closure of phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers. Ola had announced in December 2020 that it will be investing Rs 2,400 crore for setting up phase 1 of the factory.

CCI approves Summit India's 23.5% stake-buy in ONGC Tripura Power Company

Fair trade regulator Competition Commission of India (CCI) on Monday approved the acquisition of 23.5 per cent stake in ONGC Tripura Power Company Ltd by Summit India (Tripura). The transaction represents a credible business opportunity for Summit India (Tripura) as ONGC Tripura Power Company operates a 726.6 MW, fully operational natural gas based power plant in Palatana, Tripura, supplying power to the region of NorthEast India, according to a notice filed with the regulator. Laying down the purpose of proposed transaction, the notice said Summit India (Tripura) is expected to bring in best practices to ONGC Tripura Power Company.

LIC IPO gets Cabinet nod; decision on issue size soon by FM-led panel

The Cabinet Committee for Economic Affairs (CCEA) has approved part divestment of the government stake in Life Insurance Corporation of India (LIC) through an initial public offering (IPO). The size of the IPO and the extent of the government’s stake dilution in the country’s largest insurer would be taken up by the Alternative Mechanism comprising Finance Minister Nirmala Sitharaman and Minister of Road, Transport and Highways Nitin Gadkari, among others. According to a government official, the Cabinet gave its nod for the LIC IPO last week.

Jio tops subscriber race in April, Vodafone Idea user base erodes

Reliance Jio topped the subscription chart for April as it added over 47.56 lakh users during the month. With this addition, Jio's subscriber base has increased to over 42.76 crore users, showed data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel added over 5.17 lakh users during the month under review, taking its subscriber base to over 35.29 crore. Vodafone Idea, on the other hand, eroded its subscriber base by over 18.10 lakh users to more than 28.19 crore. State-run BSNL also witnessed a decline its user base by nearly 13.05 lakh to 11.72 crore.

State-owned NMDC cuts prices of lump ore, fines by Rs 200 per tonne

State-owned NMDC on Monday said it has reduced the prices of lump ore and fines by Rs 200 per tonne each. Iron ore is the key raw material for steel making. Any change in its prices has a direct impact on the rates of steel. After the price revision, a tonne of lump ore or high grade iron will cost Rs 7,450 a tonne while the buyers will get iron ore fines or inferior grade ore for Rs 6,360 per tonne, NMDC said in a BSE filing.

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