Reliance
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IPO's
DreamFolks IPO subscribed 72% so far on Day 1 retail portion booked 3.7x
DreamFolks Services‘ initial public offering (IPO) received a strong response from retail investors during the first couple of hours on the first day of the bidding process on Wednesday. The issue can be subscribed till Friday, August 26. The company is selling its shares in the range of Rs 308-326 apiece to raise Rs 562 crore through its initial stake…
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Bonds
LIC seeks buyers for its Rs 3400 crore secured bonds issued to Reliance Capital
Life Insurance Corporation of India has made a renewed attempt to sell its holding of Rs 3,400 crore of secured bonds issued by Reliance Capital, the finance company currently undergoing insolvency proceedings. The people said that Capital Markets, the insurance company’s process adviser for the sale of bonds, has invited binding bids from asset reconstruction companies by the evening of…
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Stock Market
Junjhunwala stocks tank 7% after a flop show in the June quarter
Tractor manufacturer Escorts Kubota plunged about 7% during early trade on Tuesday following a slump in sales in July and a flop in the June 2022 quarter. The auto major reported a 20.35% decline in the standalone net profit to Rs 147.5 crore in the quarter ended on June 30, 2022, compared with a profit of Rs 185.2 crore in…
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Stock Market
Avenue Supermarts’ online business more than double in FY22 but loss widens
Mumbai: Avenue Supermarts, the operator of DMart retail chain, said sales at its online grocery unit more than doubled to Rs 1667 crore in FY22. However, the net loss at Avenue E-Commerce, the six-year-old subsidiary of India’s biggest retailer by market capitalisation, widened to Rs 142 crore. The online business brand – DMart Ready – had sales of Rs 791…
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Top News
Future’s offshore bondholders get recovery assurance
Future Retail’s offshore bondholders received a formal communication on Tuesday evening that a Reliance Industries-linked entity will fully absorb $500 million of senior secured bonds, implying a full recovery for them even as domestic lenders, fearing a haircut, have appointed Saraf & Partners as their legal advisor to counsel them on how to maximise their recovery, said two people aware…
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Market Walk
Future Group – Reliance Amazon saga could have larger implications for India
Towards the last week of February, the Amazon top brass in India were troubled by some rapid changes in the Future group story. By early March 2022, Amazon realized it was outmanoeuvred by the speed of Reliance and Amazon sought settlement, which did not work. How Reliance stole the thunder? The battle for retail supremacy between Amazon and Reliance was…
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Bonds
Airtel likely to raise up to Rs 5,ooo crore via rupee bonds
Bharti Airtel is likely to raise up to ₹5,000 crore soon through rupee-denominated bonds from the local market as the Sunil Mittal-led telco seeks to refinance high-cost debt and fortify its balance sheet ahead of the 5G spectrum auction. This will be part of the ₹7,500 crore fundraising plan announced by the company earlier this month. Besides this, India’s second-largest…
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Bonds
Vodafone Idea may tap FCCB route to raise $750 mn-$1 bn
is veering around towards the overseas convertible bonds option to raise between $750 million (around ₹5,550 crore) and $1 billion (around ₹7,400 crore) at the earliest, to pay its vendor dues, meet loan repayment obligations and also fund capex plans, people familiar with the matter said. “The company is considering tapping the overseas bond markets in early February, as it…
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IPO's
Reliance Jio IPO may launch this year, Mukesh Ambani firm’s listing to be catalyst for telecom sector
Reliance Jio is the country’s largest telecom service provider with a mobile subscriber base of 426.5 million at the end of October 2021 Mukesh Ambani could launch his telecom firm Reliance Jio’s IPO this year for an enterprise value of nearly $100 billion, brokerage firm CLSA said in a research note. RIL’s telecom arm Reliance Jio may see an IPO…
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Bonds
Reliance raises $4b in largest-ever foreign currency bonds issue
New Delhi: Industries Ltd, the nation’s most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was “nearly 3 times oversubscribed with…
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