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The Economic Times
The Economic Times Sebi amends rule to facilitate ease of doing biz for cos planning IPOs
Rules mandate at least 20% of promoters’ shares to be locked in for a certain period of time post-listing after an IPO. This relaxation will help new-age technology companies as founders’ shareholding comes down usually after an IPO. Non-promoter shareholders excluding individuals holding more than 5% of the post-offer equity share capital can contribute towards the shortfall, Sebi said.
The Economic Times IREDA may float FPO this FY
Separately, in March, the lender's board had approved a proposal of Rs 24,200-crore borrowing for 2024-25. The amount will be raised through taxable bonds, green taxable bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds and external commercial borrowings, among others.
The Economic Times Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.
The Economic Times India's global travel & tourism index rank up at 39th: WEF index
India's rank on the WEF's travel & tourism development index 2024 has improved to 39th place, with global tourism activities returning to pre-pandemic levels. India is ranked highest in South Asia and among the lower-middle-income economies, even though the US topped the list. Spain, Japan, France, and Australia are ranked among the top five countries in the 2024 list.
The Economic Times FSIB defers interview for SBI chairman's position
FSIB defers SBI Chairman selection interview for unknown reasons. New date post new government formation after June 4 to replace Dinesh Khara, retiring on August 28. FSIB recommends candidate, final decision by Appointments Committee of the Cabinet led by PM Narendra Modi. Selection panel includes former DoPT secretary Bhanu Pratap Sharma, Animesh Chauhan, Deepak Singhal, and Shailendra Bhandari.
The Economic Times JSW Cement to invest Rs 3,000 cr to set up manufacturing facility in Nagaur, Rajasthan
JSW Cement plans to invest around Rs 3,000 crore to establish a cement manufacturing facility in the Nagaur district of Rajasthan. The greenfield facility will include a clinkerization unit and a grinding unit, with an 18 MW waste heat recovery-based power generation system. The investment is expected to create over 1,000 job opportunities and includes a 7-km overland belt conveyor for transporting limestone from mines to the plant.
The Economic Times Private capex in India to pick up in H2 of FY25; hotel, tourism to drive investment: Kotak Bank Chief Economist
Private sector investment is set to increase in the latter half of the fiscal year, particularly in sectors like hotels and tourism, following extensive government-led infrastructure development efforts. The government's enhanced capital expenditure has supported economic growth post-Covid, with private sector capex expected to rise significantly in the coming months.
The Economic Times Zee shelled out Rs 432 crore on failed merger with Sony unit
Zee Entertainment faced significant merger-related costs due to a failed deal with Culver Max Entertainment. The company also dealt with impairment charges, headcount reduction, arbitration cases, and demands for termination fees and compensation for damages.
The Economic Times GDP likely expanded 6.8% in Q4; FY24 print may hit 7.8%
The strong March quarter print could lift overall gross domestic product (GDP) growth for the full fiscal year to 7.8% against 7.6% assessed in the government's first advance estimates released in February. The International Monetary Fund (IMF) has also forecast 7.8% growth for FY24. The government will release fourth-quarter growth numbers and provisional GDP data for FY24 on May 31.
The Economic Times India Inc raises record debt capital in FY24
India Inc raised more debt capital in FY24 compared to the previous fiscal, with increased interest from both local and overseas investors in Indian companies. According to the Reserve Bank of India's state of the economy report, bond issuances during 2023-24 grew by about 15% to Rs 8.6 lakh crore. Additionally, corporations received higher funds through external commercial borrowings in FY24, with registrations, disbursements, and net inflows substantially higher than FY23 levels.
The Economic Times Welspun World appoints G R Arun Kumar as Group Chief Financial Officer
G R Arun Kumar brings nearly three decades of experience from global and Indian multinationals such as Ola, Vedanta, General Electric (GE), and Hindustan Unilever. He has demonstrated expertise in finance and strategy, managing business growth and turnaround, overseeing large-scale debt and equity capital market transactions, governance, reporting, compliance, operations & organisation building.
The Economic Times NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case
The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shridhar & Associates and Rs 50 lakh on Ajay Vastani, along with a 5-year ban on Vastani from undertaking audits. The penalties were issued following a report of suspected fraud and inadequate audit procedures by the auditors.
The Economic Times Anuj Rathi to take over as CEO of Flipkart-owned Cleartrip
Flipkart is seeing another set of top-deck changes, as it ropes in Anuj Rathi as the new CEO of its travel booking unit Cleartrip, while top executives Prabh Simran Singh and Sankalp Mehrotra are exiting the firm.
The Economic Times Small cities home to big dream jobs: Hiring scene in tier 2, 3 cities gets busy
Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and firms said. Escalating living costs and infrastructural challenges in metros are prompting executives to move to smaller cities. Companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities.
The Economic Times CCI to boost strength for better oversight of digital, other sectors
The regulator currently has 15 officers in its two anti-trust divisions, 10 in the combination wing, six each in the legal and research and trend analysis divisions, five each in economics and advocacy divisions and four in international cooperation division, among others, according to its website.
