Corporate Finance

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• Brookfield in talks with bankers to take Leela Hotels public

  Brookfield Asset Management is reportedly planning to list its luxury hotel chain, The Leela Palaces, Hotels & Resorts. The Canada-based asset manager had earlier committed to investing over '1,500 crore in the hotel chain, which was the largest-ever foreign investment in the Indian hospitality sector. The move comes as India's hospitality sector has rebounded strongly post-Covid-19, with a surge in demand for premium experiences. Other luxury operators like Marriott International have also seen a rise in deals, indicating a positive trend in the sector.

  

• Election season, so what? IPO floodgates to stay open in May

  May's IPO frenzy continues with companies raising funds despite election season volatility. Vodafone Idea FPO oversubscribed 7 times, Bharti Hexacom trading at a 52% premium. ICICI and Kotak remain positive. Ola Electric plans $1 billion IPO.

  

• India Inc's revenue growth likely moderated to 4-6% in March quarter, weakest since September 2021

  India Inc navigates a moderate growth trajectory with a 4-6 per cent revenue increase in the January-March quarter, as revealed by a recent Crisil report. While consumer discretionary sectors drive growth, margin expansion underscores a corporate focus on profitability amidst evolving market dynamics.

  

• India Inc's overseas bond listings treble amid rate cut uncertainty

  However, market participants anticipate a short-lived trend due to diminishing expectations of a US interest rate cut, dampening the demand for such bonds.

  

• Swiggy confidentially files draft IPO papers for $1.25 billion public listing

  Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.

  

• Startups raise $2 billion in Q4, 40% less than a year ago

  Funding in Oct-Dec 2023 and July-Sept 2023 hovered around the $2 billion range.

  

• AdaniConneX in talks with banks to raise $900-950 million

  This funding has been structured with an interest rate of 250-260 basis points above the Secured Overnight Financing Rate (SOFR) and a tenure of six years. SOFR is currently 5.3%, the person said. The proceeds will be used for expanding its data centre capacity.

  

• Q4 results today: RIL among 15 companies to announce quarterly earnings

  Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) is expected to report healthy numbers for the quarter ended March 2024, driven by robust O2C business and healthy growth in the consumer-facing businesses of Jio and retail.

  

• Ola Cabs plans $500 million IPO, to appoint banks soon: Report

  SoftBank-backed Ola is India's answer to Uber and plans to file papers for approval with the country's market regulator within three months, said the sources, who declined to be named as the matter is confidential.

  

• Promoters hike stake in over 200 companies on brighter prospects

  For instance, Adani Group increased its stake in Ambuja Cement from 63.15% to 66.70% in the March quarter by converting the warrants issued in October 2022. Aditya Birla Group increased its stake in Grasim by 31 basis points to 43.06% in the March quarter by subscribing to the rights issue.

  

• Kotak Mutual Fund files draft document with Sebi for special opportunities fund

  The minimum application amount for lumpsum, SIP, and additional purchase investments will be Rs 100, and any amount thereafter. The minimum redemption amount for all plans will be Rs 1,000 or 100 units or account balance, whichever is lower.