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Reliance's cheap JioPhone can unleash a credit revolution across the globe

A smartphone widely believed to be priced below $50, likely the world’s cheapest, will start selling a week from now. If Mukesh Ambani’s JioPhone Next, an Android device custom-built for India by Alphabet Inc.’s Google, is a hit in the price-conscious market, it will solve one problem for banks while posing another. With the country’s remaining 300 million featurephone users going online, there will be a surge of customer data that can stand in for collateral. The question is, how will banks get their hands on it? An answer has come from iSPIRT, a small band of policy influencers quietly setting up technology standards for India’s digital markets, inducing firms to enter new, open-network markets from online payments to healthcare.

Bank of India looks to cut govt stake with follow-on equity offer in FY23

Bank of India, which raised Rs 2,550 crore through a qualified institutional placement (QIP) in August, is considering a follow-on public issue next year to reduce the government’s holding to 75 per cent. The additional capital would also support growth in lending beyond March 2023. With the mobilisation of the QIP money, the government’s stake in the public sector bank would reduce from about 90 per cent to 81 per cent. It is keen on bringing the holding down to 75 per cent, which the Securities and Exchange Board of India (Sebi) has been advising, the bank’s Managing Director and Chief Executive Officer Atanu Kumar Das told Business Standard.

Govt invites bids for second time from law firms for LIC IPO

The government has for the second time invited bids from law firms to advise it on the mega initial public offering of LIC. On July 15, the government had floated request for proposal (RFP) inviting bids from reputed legal advisors and the last date for bidding was August 6. However, the RFP did not receive sufficient response. The Department of Investment and Public Asset Management (DIPAM) on Thursday came out with the second RFP for appointing legal firms, who have to bid in consortium with an international firm, and the last date for bidding is September 16.

Embassy REIT to raise up to Rs 300 cr via non-convertible debentures

Embassy Office Parks REIT will raise up to Rs 300 crore through issue of non-convertible debentures. The company did not disclose where the funds will be utilised. In a regulatory filing, the company informed that the board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy Office Parks REIT, had in November last year approved the raising of debt, including the issue of non-convertible debentures, for an aggregate amount up to Rs 3,641.1 crore in one or more tranches. Out of this, Rs 2,600 crore was raised earlier as REIT NCD Series-III.

Reliance Retail Ventures acquires sole control of Just Dial

Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore. Further to that announcement, "RRVL has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021." On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani, founder and chief executive of Just Dial, in a block deal.

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