Forbes India 15th Anniversary Special

Morning Buzz: Gangwal family to sell Indigo Airlines shares; Mobile gaming companies face tax demand, and more

Here are the top business headlines this morning to get your day started

Samar Srivastava
Published: Aug 16, 2023 09:33:14 AM IST
Updated: Aug 16, 2023 09:37:09 AM IST

Morning Buzz: Gangwal family to sell Indigo Airlines shares; Mobile gaming companies face tax demand, and moreThe Gangwal family has been reducing its stake in IndiGo Airlines since June 2022. Image: Francis Mascarenhas / REUTERS

Gangwal to sell Rs3,730 crore worth IndiGo shares

Rakesh Gangwal’s family plans to sell 4 percent of its existing outstanding shares in IndiGo Airlines. This is part of a plan to bring down his holdings in the company. The shares will be offered at Rs2400 or a 5.8 percent discount to the closing price on Monday. IndiGo’s promoters hold 67.7 percent of the company, out of which Gangwal’s stake was 29.72 percent. Post the stake sale, it will come down to 25.72 percent.
(Business Standard, Mint, Financial Express)

India’s per capita income to rise to Rs14.9 lakh in 2047

India’s per capita income is expected to rise seven times to Rs14.9 lakh in 2047—the 100th year of independence. In dollar terms, per capita income is expected to rise from $2,500 to $12,400 in the same period. The projections are based on a rise in the working-age population as well as rising tax collections, as shown by income tax return filings.
(Mint, Business Standard)

Mobile gaming companies face Rs45000 crore tax demand

Online gaming companies will have to make good an additional tax outgo of Rs45,000 crore. This is on account of the fact that companies have been paying 18 percent tax on games of skill. The rate has now been revised to 28 percent. With this, the difference between games of skill and games of chance has come to an end. The Directorate General of GST Intelligence has started the process of issuing notices.
(The Economic Times)

SME IPOs gain traction on listing gains

Initial Public Offerings (IPOs) on the SME Exchange have been seeing massive oversubscription as well as listing gains. Oriana Power saw bids worth Rs7,000 crore on an issue side of Rs60 crore. The shares debuted at Rs302 against an issue price of Rs118. Similarly, other companies seeing massive oversubscription include Crayon Advertising, Vasa Denticity, and Shri Techtext. These companies attract subscriptions from AIFs and family offices in addition to HNI investors.
(BusinessLine)

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