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Star Health looking to raise Rs 7k cr via IPO

Indian health insurance provider Star Health and Allied Insurance Co is aiming for a valuation of about $7 billion in its initial public offering, a banking source told Reuters on Wednesday. It is looking to raise Rs 7,249 crore ($974.23 million) and has set a price band between Rs 870 and Rs 900 per share, according to a document from a bookrunner. The offer will open for subscription on Nov. 30 and comes as several firms, including prominent startups, go public to cash in on booming Indian stock market amid massive liquidity and increased retail investor participation.

SpiceJet plans covid rebuild with capital raising, cargo

split SpiceJet Ltd. is reducing liabilities and considering raising capital after the damage caused by Covid-19, and has agreed compensation from Boeing Co. for the grounding of 737 Max jets, chairman Ajay Singh said. The budget carrier, which suffered as Covid halted air travel in India, aims to cut liabilities by as much as $300 million over six months and raise funds from banks and potentially a warrants issue, Singh said in an interview in New Delhi.

IOB, Central Bank of India surge up to 20% on privatisation buzz

Shares of two state-owned banks, Indian Overseas Bank (IOB) and Central Bank of India (CBI) rallied up to 20 per cent on the BSE in Wednesday’s intraday trade on back of heavy volumes amid reports that the two financial institutions might be privatised. The Centre has shortlisted CBI and IOB for divestment, according to a report by TV channel CNBC TV18.

Licious starts 'everyday vesting, anytime liquidation' ESOP for employees

Licious, the technology-based meat and seafood brand, has said it will give from January certain employees ESOPs vested daily, claiming it is the first such step in the industry. Employees can liquidate the ESOPs anytime without terms and conditions, said the company. The opportunity can be availed once the one-year period, as mandated by company law, is over. The company will set aside a pool of secondary funds every year to enable the anytime liquidation.

Reliance Industries to restructure and repurpose gasification assets

The board on November 24 announced that it has decided to implement a scheme of arrangement (Scheme) to transfer Gasification Undertaking into a wholly-owned subsidiary (WOS). Repurposing the gasification assets will help use of syngas as a reliable source of feedstock to produce chemicals and cater to growing domestic demand, resulting in an attractive business opportunity. Further, as the hydrogen economy expands, RIL will be wellpositioned to be the first mover to establish a hydrogen ecosystem, the statement said.

Star Union Dai-ichi Life Insurance raises maiden 10-year bond at 7.75%.

Star Union Dai-ichi Life Insurance on Tuesday raised Rs 125 crore in its maiden bond issuance to meet its growth needs. The insurance firm, a joint venture between state-owned Bank of India and Union Bank of India, and Japan’s leading insurance firm Dai-ichi Life Holdings raised the bond through a 10-year subordinated debt paper, with an AA rating at 7.75 per cent.

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