Burmans acquired a 14.3% stake in Eveready Industries through an open offer
The Burmans of the Dabur group acquired a 14.3% stake in Eveready Industries via open offer. This takes their stake in Eveready Industries to 38.3%. The Khaitan’s have already ceded management control of the company to the Burmans about 3 months back. This makes the Burman family the dominant owners of Eveready Industries, a company it had rescued when creditors were selling promoter pledged shares. The open offer was made at Rs320 per share. Burmans intend to keep Eveready separate from Dabur’s business.
China lockdown impacts Tata Motors; Revlon files for bankruptcy
The biggest revenue unit of Tata Motors, Jaguar Land Rover (JLR), is up against major headwinds in the form of lockdowns in China amidst rising COVID cases. China is not only a major market for JLR but also a key link in the supply chain of JLR. Tata Motors expects these problems to intensify in the year FY23. However, the shortage of semiconductors is expected to ease during the year. JLR has confirmed that the lockdowns had also forced several dealerships in China to shut down, which could have an impact on sales.
Zomato has postponed its Board meeting on the Blinkit acquisition by one week.
In a move that could impact sentiments, Zomato postponed its board meeting to approve the acquisition of quick commerce (Q-Commerce) player Blinkit. The board meeting will be held after a week. Zomato will first take the large stakeholders into confidence. It is also likely that the valuation of Blinkit may come down from the originally stated $700 million. The deal was to be executed via stop swap in the ratio of 1 share of Zomato for every 10 shares of Blinkit. This may, however, change with a change in valuations.
The first tranche of 2022-23 gold bonds will go on sale in June 2022
The first series of Sovereign Gold Bonds for FY23 will open for subscription on 20th June and close on 24th June. These SGBs will be sold through commercial banks, SHCIL, CCIL, designated post offices, and the NSE and BSE platforms. The tenor of the SGB will be for 8 years with premature redemption available after the fifth year. The price of the issue is yet to be fixed and it is normally linked to the price of gold. It will continue to carry an interest of 2.5% per year, payable half-yearly. SGBs held up to maturity of 8 years are tax-free.
RBI lifts restrictions on Mastercard, allows onboarding of new customers
Nearly one year after barring Mastercard India from onboarding new domestic customers, RBI has eased the business restrictions. Mastercard and Visa are the two principal card franchisees in the world. RBI noted that Mastercard had shown satisfactory compliance with the RBI circular on the storage of payment systems data. Over the last year, Mastercard had not been allowed to onboard new customers, which had benefited Visa in a big way in India. Earlier, American Express and Diners Club had also been banned.
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