Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p>IIFL Finance has made headlines with its announcement to acquire Rs 284 crore worth of NSE shares from FIH Mauritius Investments. This strategic move underscores the company's commitment to expanding its investment portfolio and diversifying its holdings within the financial market. With the National Stock Exchange of India being a cornerstone of the nation's financial landscape, this acquisition positions IIFL Finance favorably within the industry.</p> <p>Despite the significant investment, IIFL Finance has been clear in its statement that it has no intentions of acquiring control over NSE's management or operations. This ensures that the transaction remains transparent and in accordance with regulatory guidelines. By emphasizing an arm’s length basis for the deal, IIFL Finance underscores its commitment to fair and ethical business practices.</p> <p>The approval from NSE for this acquisition underscores the confidence placed in IIFL Finance's ability to contribute positively to the stock exchange's growth trajectory. This approval also marks an important milestone for IIFL Finance, allowing it to strengthen its foothold in the financial market. With completion expected within a month, pending fulfillment of certain conditions, stakeholders eagerly anticipate the benefits this acquisition will bring to both parties involved.</p> <p>It's worth noting that the transaction falls under related party dealings, as per SEBI regulations. Despite this, IIFL Finance assures stakeholders that its promoters or group companies have no vested interest in the shares being acquired. This reaffirms the company's commitment to transparency and integrity in its operations. By acquiring the shares through secondary market purchase, IIFL Finance aims to optimize its investment strategy, seeking both long-term stability and short-term gains.</p> <p>In conclusion, IIFL Finance's acquisition of NSE shares marks a significant milestone in its journey toward becoming a prominent player in the financial market. Through transparent and ethical practices, the company is poised to leverage this strategic investment for mutual benefit. As the transaction progresses, stakeholders eagerly anticipate the positive impact it will have on IIFL Finance's growth trajectory and its contribution to the broader financial ecosystem.</p>
<p>The Competition Commission of India (CCI) has given approval for Manipal group chief Ranjan Pai's significant investment in PharmEasy, a rising star in the online pharmacy realm. This development, disclosed in the latest filing by the antitrust regulator, highlights Pai's increasing influence in the healthcare domain and PharmEasy's strategic importance in India's evolving digital healthcare landscape.</p> <p>Pai's investment, part of PharmEasy's substantial Rs 3,500-crore funding campaign via a rights issue, positions him as a major stakeholder in the Mumbai-based company, with a stake exceeding 12%. As per ET's report last October, Pai's investment also grants him three coveted seats on API Holdings' board, PharmEasy's parent company, post-CCI clearance, indicating his significant role in shaping the company's future direction.</p> <p>The rights issue, initially set at Rs 2,400 crore, was later raised to Rs 3,500 crore, showcasing investor confidence in PharmEasy's potential despite recent challenges. Priced at a considerable 90% discount from its peak valuation of $5.6 billion in 2021, the rights issue aimed to alleviate PharmEasy's debt from Goldman Sachs, a crucial step for the company's financial stability and continued growth.</p> <p>Pai's increased investment activity through his family office over the past year underscores his dedication to fostering innovation and driving growth in India's startup scene. With notable investments in ventures like Byju’s-owned Aakash Institute, Bluestone, and FirstCry, Pai's vision extends beyond PharmEasy, reflecting his broader ambition to influence key industries in India.</p> <p>PharmEasy, amidst recent challenges including valuation adjustments, funding limitations, and organizational restructuring, has shown resilience and resolve to bounce back stronger. By implementing strategic measures to streamline operations, lower cash burn, and achieve profitability, the company is poised for a transformative journey under Pai's guidance.</p> <p>The CCI's clearance not only validates Pai's investment but also sets the stage for PharmEasy to reclaim its leading position in the competitive online pharmacy sector and expand its presence. Despite facing tough competition from rivals like Tata Digital-owned 1mg, Flipkart Health Plus, Apollo, and Reliance-owned Netmeds, PharmEasy is well-equipped to leverage Pai's insights and expertise to drive sustainable growth and regain market share.</p> <p>In the fiscal year 2022-23, PharmEasy showcased promising progress, reducing losses by 16.23% year-on-year while achieving a commendable 16% year-on-year growth in operating revenue. These positive financial indicators, along with Pai's strategic investment and the CCI's clearance, herald a new era of growth and prosperity for PharmEasy, reaffirming its position as a key player in India's digital healthcare revolution.</p>
<p>Bira 91, a leading craft beer company in India, has joined forces with New Belgium Brewing, a prominent craft brewery from the United States, to introduce their latest collaborative masterpiece: "Chutney Sour". This unique beer is a fusion of the lively flavors found in Indian street food and the esteemed craft brewing tradition of Colorado.</p> <p>Infused with Tamarind, a sour fruit commonly used in Indian cuisine, "Chutney Sour" is crafted based on the classic Dubbel, a Belgian-style ale perfected by the skilled artisans at New Belgium Brewery.</p> <p>The launch of "Chutney Sour" was a momentous occasion, marked by simultaneous releases in the respective taprooms of both companies – Bengaluru & Delhi-NCR in India for Bira 91, and Fort Collins, Colorado for New Belgium Brewery. This unveiling coincided with the Indian Spring festival of Holi, a vibrant celebration of color and renewal.</p> <p>Holi's popularity extends beyond India, with cities worldwide hosting diverse festivities such as music festivals, outdoor block parties, color runs, and culinary events.</p> <p>Ankur Jain, the visionary Founder and CEO of Bira 91, expressed his enthusiasm for the collaboration, highlighting the innovative spirit of Colorado's beer scene and New Belgium's esteemed reputation. Shaun Belongie, CEO of New Belgium, echoed this sentiment, emphasizing the opportunity to explore novel flavor combinations through collaborations.</p> <p>"Chutney Sour" is a limited release, exclusively available in the taprooms of Bira 91 and New Belgium until stocks last. Its tasting notes promise a flavorful experience, blending the rich, malty, and spicy attributes of a Belgian Ale with the tangy-sour essence of tamarind. The aroma is described as a delightful combination of toast, fig, raisin, and dark fruit, enhanced by the pleasant tartness of tamarind.</p> <p>This collaboration celebrates not only the craft of brewing but also embodies the spirit of exploration and innovation. It exemplifies the endless possibilities that arise when cultures converge and creativity thrives.</p>
<p>The conflict between the Burman family, renowned for their ownership of Dabur, and Rashmi Saluja, who chairs Religare, has intensified due to alleged irregularities in granting stock options by Care Health Insurance, a subsidiary of Religare. Valued at Rs 350 crore, the Burmans are demanding the cancellation of these options and have threatened legal action if their demands are not met. Despite objections from regulatory bodies like the Insurance Regulatory and Development Authority of India (Irdai), Care proceeded with granting the options to Saluja, citing her association with Religare Enterprises. This discord highlights the intricate nature of corporate governance and its implications on shareholder interests and regulatory oversight.</p> <p>The involvement of regulatory authorities like Irdai and the Securities and Exchange Board of India (Sebi) underscores the broader implications of the conflict within the financial sector. Additionally, the Burman family's efforts to bolster their stake in Religare through an open offer have encountered resistance from the company's board, revealing internal rifts within the organization.</p> <p>Moreover, the Burmans' augmented ownership in Religare, sanctioned by the Competition Commission of India (CCI), grants them substantial influence over corporate decisions, potentially shaping the company's trajectory. This power shift complicates the ongoing conflict, emphasizing the need for regulatory vigilance and shareholder activism to uphold transparency and accountability in corporate governance.</p>
<p>Hero FinCorp, a renowned non-banking finance company (NBFC) in India, announces a significant partnership with the Delhi Capitals Indian Premier League (IPL) Team, marking a milestone for both organizations. This collaboration heralds an era characterized by innovation, empowerment, and excellence in cricket.</p> <p>The timing of this announcement coincides with Hero FinCorp's recent unveiling of its rebranded identity, reflecting its commitment to providing "Windows of Opportunity" to the people of India through a wide range of products and services. Partnering with the Delhi Capitals underscores a mutual dedication to empowerment and realizing potential.</p> <p>Through this collaboration, Hero FinCorp aims to extend its market reach among the vast audience of IPL fans and enthusiasts, fostering growth and engagement in cricket and beyond.</p> <p>Abhimanyu Munjal, Jt. Managing Director & CEO of Hero FinCorp, expressed enthusiasm for the partnership, emphasizing shared values of self-belief and seizing opportunities. He highlighted the company's goal of empowering Delhi Capitals fans and cricket enthusiasts with financial solutions to realize their dreams.</p> <p>Parth Jindal, Chairman & Co-Owner of Delhi Capitals, echoed Munjal's excitement, underscoring the franchise's commitment to excellence. He emphasized the partnership's aim to provide exceptional experiences for fans, elevating the franchise's stature and leaving a lasting impact on cricket enthusiasts worldwide.</p> <p>Team Co-Owner Kiran Kumar Grandhi welcomed Hero FinCorp as the Principal Partner, noting the alignment of their reputation for innovation with Delhi Capitals' vision. He expressed anticipation for achieving new milestones and contributing significantly to the cricketing world.</p>
<p>Sterlite Power Transmission Ltd (SPTL), a subsidiary of Vedanta Ltd, is in the process of transferring three power transmission projects in India to its joint venture with GIC Pte, a Singapore-based sovereign wealth fund. These projects, located in Kishtwar, Nangalbibra, and Fatehgarh, are at various stages of development and are slated to be integrated into Sterlite Grid 32 Ltd. This strategic move underscores SPTL's commitment to leveraging partnerships to optimize its operational efficiency and expand its presence in the Indian power transmission sector.</p> <p>Last year, SPTL forged a significant partnership with GIC, establishing a formidable $1 billion joint venture platform. The primary objective of this collaboration is to capitalize on the burgeoning demand for power evacuation networks across India, as the country continues to experience rapid urbanization and industrialization.</p> <p>Led by Anil Agarwal, SPTL boasts an extensive portfolio comprising over 34,000 kilometers of communication projects. These projects, which utilize Optical Ground Wire (OPGW) technology, play a crucial role in enhancing connectivity and facilitating efficient communication across diverse geographic terrains. Additionally, SPTL is a leading manufacturer of power cables, conductors, and OPGW, catering to major states in India, private utilities, and exporting to more than 60 countries.</p> <p>Furthermore, SPTL's Global Infrastructure division is actively involved in bidding for, designing, constructing, owning, and operating power transmission assets in both India and Brazil. This division's diversified portfolio and strategic initiatives position SPTL as a key player in the global power transmission market.</p> <p><br />Despite market challenges, exemplified by the withdrawal of its Draft Red Herring Prospectus (DRHP) and deferred listing plans in September 2022, Sterlite Power remains committed to its long-term vision of driving innovation and growth in the power transmission sector.</p>
<p>Cochin International Airport's business jet terminal has achieved a significant milestone by completing 1,000 flight services in just 14 months since its inception. This accomplishment solidifies its position as a premier destination for corporate travelers visiting Kochi from both domestic and international locations.</p> <p>Spanning an impressive 40,000 square feet at terminal 2, the business jet terminal stands as a symbol of contemporary sophistication and luxury, setting new standards in the country's aviation industry. With its mantra of "fly elegantly," the terminal ensures seamless commuter transfers from aircraft door to car door within a remarkable 2-minute timeframe, earning accolades from corporate clientele nationwide. Additionally, the terminal features dedicated customs and immigration counters, along with an exclusive boutique duty-free shop catering to the discerning tastes of international passengers.</p> <p>The terminal's prominence was further highlighted during the G20 summit hosted in Lakshadweep in April 2023, where it witnessed the arrival of a fleet of chartered planes from diverse nations. Another notable operation handled by the terminal occurred in September 2023 when it facilitated the arrival of a Boeing 737 aircraft carrying 58 passengers from various corners of the globe.</p> <p>In the year 2024 alone, the terminal has efficiently managed 120 services within a mere two-month span, with projections indicating a surpassing of 1,200 services by year's end. Managing Director S Suhas expressed delight at the overwhelming response from the business community, emphasizing the trust and confidence placed in the terminal's services.</p> <p>Overall, Cochin International Airport's business jet terminal continues to set new benchmarks in the aviation industry, providing unparalleled convenience and luxury to corporate travelers and reaffirming its status as a premier aviation hub in India.</p>
<p>JP Morgan has extended a credit facility of Rs 200 crore to Oyo in support of its accelerator program within the hospitality sector, as reported by informed sources.</p> <p>Launched in March 2023, Oyo's accelerator initiative is designed to empower first-generation hoteliers by providing them with financial assistance, mentorship, technological resources, and dedicated relationship management. Its primary objectives include fostering innovation, expanding into new markets, broadening customer bases, and enhancing earnings potential.</p> <p>Currently, the program benefits over 700 hotels and more than 85 small and first-generation hotel proprietors nationwide, facilitating their business expansion and long-term profitability.</p> <p>Participants in the accelerator program will also gain access to Oyo's extensive network, which includes over 15,000 corporate accounts and more than 10,000 travel agents across India, thereby enhancing their business opportunities.</p> <p>Oyo recently disclosed a doubling of its profit after tax (PAT) in the third quarter (Q3) of fiscal year 2023-24 (FY24) to Rs 30 crore. Founder Ritesh Agarwal further revealed that the company achieved an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 750 crore in 2023, with projections indicating an increase to around Rs 1,000 crore in FY24, surpassing earlier estimates.</p> <p>In addition, Oyo experienced a 10 percent year-on-year (Y-o-Y) revenue growth in Q3 FY24, with a notable 27 percent increase in the number of hotels on its platform, reaching 17,000 over the past year. The company also managed to reduce operating costs by 15 percent in Q3 FY24 compared to the previous year, contributing to its financial performance.</p>
<p>In a significant move aimed at bolstering tourism and nurturing local entrepreneurship, OYO Rooms has unveiled its inaugural Odisha Homestay in the illustrious city of Puri. Spearheaded by Tusharkanti Behera, Minister of Sports & Youth Services, Govt of Odisha, the inauguration ceremony heralded the commencement of a collaborative endeavor between OYO and the Odisha Skill Development Authority (OSDA) to establish 50 such homestays across diverse destinations within Odisha.</p> <p>"Puri stands as a beacon for tourism, and under the visionary leadership of Hon’ble CM Naveen Patnaik, efforts to promote tourism, art, culture, and heritage are laudable. OYO's initiative seamlessly aligns with this vision, providing a platform for skilled Odisha youth to contribute to sustainable tourism," remarked Minister Behera.</p> <p>Alka Misra, Chairperson of OSDA, underscored the initiative's objective of empowering Odisha's youth in the hospitality sector. "Our mission is to equip Odisha's youth with the necessary skills, bolstering their confidence and fostering avenues for advancement. This initiative not only empowers local communities but also fuels economic growth through tourism," she affirmed.</p> <p>A homestay experience offers travelers a distinct and personalized lodging option, imbuing them with the warmth and familiarity of home during their sojourn. OYO Rooms, renowned for its innovative Homestays service, is poised to introduce over 50 such establishments across Odisha, addressing the escalating demand for authentic and budget-friendly accommodation choices.</p> <p>Ritesh Agarwal, Founder of OYO Rooms, expressed his personal pride in inaugurating the inaugural homestay in Puri. "As a native of Odisha and a devout follower of Lord Jagannath, this initiative holds profound significance for me. It transcends mere business; it represents a commitment to delivering top-tier accommodation for pilgrims and tourists, while concurrently generating income opportunities for locals," he emphasized.</p> <p>The inauguration ceremony witnessed the convergence of dignitaries from various organizations, including Shri Pinaki Patnaik, COO of World Skill Center, and officials from OYO Rooms. The presence of the proprietor and family members of Susila Nivas, the chosen property for the inaugural homestay, underscored the promising alliance between OYO and the local community, signaling a promising trajectory for tourism and economic development in Odisha.</p>
<p>In recent developments, the National Stock Exchange (NSE) has unveiled significant measures that are set to shape its trajectory in the coming months. The NSE board has greenlit a notable one percent reduction in transaction charges across its cash equity and equity derivatives segments, effective from April 1, 2024. This strategic move is aimed at invigorating trading activities and is estimated to dent the company's annual revenue from transaction charges by approximately ₹130 crore.</p> <p>Industry experts foresee this reduction in transaction charges as a potential catalyst for heightened trading volumes, particularly against the backdrop of record-breaking stock market performance fueled by inflows of foreign capital and robust economic expansion. It is anticipated that increased volumes, especially in stock options trading, will draw in a broader spectrum of retail investors to the market.</p> <p>Presently, NSE's transaction charges for the equity segment are pegged at 0.00325 percent, while for derivatives futures, it stands at 0.0019 percent. Additionally, the rate for options trading is set at 0.05 percent. By comparison, the Bombay Stock Exchange (BSE) imposes charges of 0.00375 percent for equities.</p> <p>In tandem with this fee reduction, NSE has announced its strategic intent to divest from non-core ventures, including technology and education-related endeavors. The divestment initiative garnered interest from over 60 potential parties, resulting in the submission of seven non-binding bids. Following thorough due diligence procedures, final offers were received from two buyers, with the highest bidder engaging in exclusive negotiations.</p> <p>Avendus took the lead as the transaction advisor, with support from Deloitte for finance and tax diligence, Deloitte as the tax advisor, and Indus Law providing legal counsel. The anticipated completion date for the sale is March 31, 2024.</p> <p>As part of the divestment strategy, NSEIT Limited, a wholly owned subsidiary, is poised to divest its digital technology business, encompassing subsidiaries such as NSEIT US, Aujas Cybersecurity Limited, and CXIO Technologies Limited, to Investcorp for an agreed value of ₹1,000 crores. The enterprise value for the digital technology business is estimated to range between ₹425 crores to ₹475 crores.</p> <p>In terms of financial performance, NSE reported a total operating income of ₹695 crores for FY23, with year-to-date figures as of December 31, 2023, standing at ₹639 crores. Noteworthy, the net worth as of March 31, 2023, and December 31, 2023, was ₹256.91 crores and ₹327.60 crores, respectively, accounting for 5.86 percent and 1.25 percent of NSE's consolidated financials for FY23.</p> <p>It's crucial to underscore that NSEIT's standalone business encompasses two primary segments: Digital Examination Business and Digital Technology Business. The divestment to Investcorp exclusively pertains to the Digital Technology Business. Given its classification as a business segment rather than a distinct entity within NSEIT Standalone, the divestment is structured as a slump sale, as delineated in NSE's official communication.</p> <p>Through these strategic maneuvers, NSE aims to optimize operational efficiency, bolster market participation, and streamline its business portfolio to ensure sustained growth amidst the ever-evolving financial landscape.</p>
<p>India's premier private lender, HDFC Bank, is gearing up for the much-anticipated initial public offering (IPO) of its subsidiary, HDB Financial Services, according to sources cited in a report by the Economic Times.</p> <p>Holding a substantial 94.7% stake in HDB Financial Services, HDFC Bank plans to divest around 10% in the IPO, potentially resulting in an IPO size ranging from ₹7,500 to ₹10,000 crore.</p> <p>As a non-deposit-taking lender, HDB Financial Services is expected to achieve a valuation between $9 billion to $12 billion (approximately ₹75,000 to ₹1 lakh crore) during the IPO, contingent upon market conditions.</p> <p>The bank has commenced discussions with leading investment banks to gauge interest and evaluate valuations for the proposed IPO. Additionally, there are deliberations regarding a pre-IPO share placement with potential investors.</p> <p>HDFC Bank is considering a timeline for the share sale of its non-banking financial services arm, aiming for either the last quarter of 2024 or the first quarter of 2025. A successful IPO in 2024 would mark a significant milestone and the first listing from the merged HDFC Bank and HDFC entity.</p> <p>Regulatory compliance is a crucial aspect prompting the urgency for HDB's IPO, as the company must list before September 2025 to adhere to Reserve Bank of India regulations. With 1,492 branches nationwide as of March 31, 2023, HDB stands as one of the largest listed finance companies in terms of market capitalization.</p> <p>Financially, HDB reported total revenue from operations of ₹12,403 crore and a profit after tax of ₹1,959 crore for the same period. Its core focus areas include vehicle loans, loans against property, and personal loans.</p> <p>The positive sentiment has already been reflected in HDB shares, which have surged over 30% in the past three months in the unlisted market, indicating promising prospects for its debut.</p>
<p>Otis, a renowned global manufacturer of elevators and escalators, has secured a significant contract with Emaar Properties to modernize the transportation systems within the iconic Burj Khalifa, situated in Dubai. The Burj Khalifa, towering at 828 meters with over 160 floors, serves as a bustling hub for millions of visitors and residents annually, necessitating state-of-the-art technology to facilitate efficient movement within its impressive structure.</p> <p>The modernization endeavor encompasses the enhancement of 34 elevators and all eight escalators, with a primary focus on boosting performance, efficiency, and safety standards. Leveraging its extensive experience as the original installer of the elevators and escalators when the tower was inaugurated in 2010, Otis brings unparalleled expertise to the modernization project.</p> <p>The upgraded elevators will showcase cutting-edge elevator control systems, alongside an advanced iteration of the Elevator Management System (EMS Panorama). This revamped EMS will enable real-time remote monitoring, empowering building management to gain enhanced visibility into elevator traffic, wait times, and any emerging issues requiring prompt attention. Moreover, the new controls are meticulously engineered to optimize operational efficiency, curtail travel durations, and elevate the overall user experience within the Burj Khalifa.</p> <p>Expressing gratitude for Emaar Properties' unwavering trust in Otis's capabilities, Enrique Miñarro Viseras, Otis EMEA President, underscored the company's enduring presence in the United Arab Emirates spanning over five decades. He emphasized Otis's pride in contributing to the legacy of architectural marvels like the Burj Khalifa.</p> <p>Drawing from its extensive global portfolio, which includes prestigious projects such as the Empire State Building in the USA and Egée Tower in Paris, Otis is committed to minimizing disruptions for occupants and visitors alike during the modernization process. The company's adept technicians, well-versed in navigating the intricacies of supertall skyscrapers, are poised to overcome the logistical challenges inherent in such endeavors.</p> <p>Upon the successful culmination of the modernization initiative, denizens and tourists traversing the Burj Khalifa can anticipate seamless, expedited, and enhanced journeys. Otis's avant-garde technologies are poised to fortify the tower's standing as a preeminent global landmark, ensuring unparalleled safety and reliability for generations to come.</p>
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