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Posted On:
05-09-2024

Prestige Estates raises Rs 5,000 crore by selling equity shares via QIP

Realty firm Prestige Estates Projects Ltd has raised Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company had on August 29 launched its Qualified Institutional Placement (QIP) to raise funds. In a regulatory filing on Wednesday, Prestige Estates informed that a fundraising committee of the board approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors. The issue price was at a discount of 4.62 per cent on the floor price of Rs 1,755.09 per share fixed by the panel. In July, the company had taken approval of its shareholders to raise capital by way of public or private offerings including through a QIP to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 5,000 crore. Bengaluru-based Prestige Estates is one of the leading developers of the country, with a significant presence in the south Indian market.
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Posted On:
05-09-2024

IndiGo becomes 1st Indian carrier to adopt RNP AR for ops in Kathmandu

IndiGo Airlines has become the first Indian carrier to adopt the Required Navigation Performance Authorisation Required (RNP AR) flight procedure for operations in Kathmandu, which enables safer and more efficient landings at the Tribhuvan International Airport, which is nestled in a valley surrounded by the Himalayas. In an exclusive interview with ANI, Captain Rajiv Singh, Head of Training at IndiGo, claimed the air service provider to be the first amongst Indian carriers flying to Kathmandu to adopt the RNP AR flight procedure. "Fortunately, today was the day when we were able to do it (validation flight). We also are proud to say that we are the first airline from India to carry out this approach. So we are happy about it," Captain Rajiv Singh told ANI soon after the conduct of the validation flight in Kathmandu. The RNP AR technology is specifically designed for airports in geographically challenging and high-altitude regions, such as the Tribhuvan International Airport. The airport's table-top runway and surrounding terrain require pilots to exercise extra caution during take-off and landing.
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Posted On:
05-09-2024

SC asks Sahara Group to furnish list of top officials, properties for sale

The Supreme Court on Wednesday asked the Sahara Group to apprise it of its officials at the helm and the current shareholders besides the list of unencumbered properties which can be sold to realise Rs 10,000 crore. The amount has to be deposited in SEBI-Sahara refund account for returning the investors' money. In a series of directions on August 31, 2012, the top court had directed that Sahara Group firms Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to SEBI from the date of receipt of the subscription amount till the date of repayment within three months. A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the court has to find some practical solution for refunding the investors' money as the issue is pending for over a decade.
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Posted On:
07-09-2024

Nykaa appoints Sukhleen Aneja as business head to drive Kay Beauty

Nykaa on Friday announced the appointment of Sukhleen Aneja as Senior Vice President and Business Head for Kay Beauty. Kay Beauty is Nykaa's celebrity beauty brand launched in partnership with Katrina Kaif. Announcing Aneja's appointment, Nykaa, in a release, said her role will focus on propelling growth for Kay Beauty in international markets on the back of a successful launch in India. "Sukhleen will also hold responsibility for Nyveda, a brand based on the science of Ayurveda with a universal appeal in India and abroad, as well as provide strategic directions for a few of the young brands in wellness and personal care," the release added. With over two decades of sales and marketing expertise across Fortune 500 organisations like Unilever, L'Oreal and Reckitt Benckiser, Aneja was most recently the CEO of brands at Good Glamm. Launched in 2019, Kay Beauty is a celebrity makeup brand co-created by Nykaa and Katrina Kaif. "Reaching record sales of over Rs 150 crore annually, Kay beauty is extensively distributed across both online and offline channels, including 150 plus Nykaa stores and 450-plus selective beauty retail outlets across India," the release said.
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Posted On:
07-09-2024

Peak XV Partners sells 22% stake in Indigo Paints for Rs 1,557 crore

Peak XV Partners, formerly Sequoia Capital India and SEA, on Friday, divested a little over 22 per cent stake in Indigo Paints to investors like Morgan Stanley, Mercer and HDFC MF for Rs 1,557 crore via open market transactions. Venture capital firm Peak XV Partners through its two affiliates, Peak XV Partners Investments IV and Peak XV Partners Investments V, offloaded a total of 1.05 crore shares, amounting to a 22.04 per cent stake in Pune-headquartered Indigo Paints, as per the bulk deal data on the NSE. The shares were sold in the price range of Rs 1,475.96-1,489.35 apiece, taking the transaction value to Rs 1,557.05 crore. After the latest transaction, the shareholding of Peak XV Partners Investments IV has declined to 1.54 per cent from 12.14 per cent, while Peak XV Partners Investments V's stake has come down to 1.65 per cent from 13.09 per cent. Meanwhile, HDFC Mutual Fund (MF) acquired 10.04 lakh shares or 2.11 per cent of Indigo Paints, New York-based consulting firm Mercer purchased 3.18 lakh scrips of the chemical manufacturing company and Morgan Stanley bought 3.08 lakh shares of the firm.
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