Life is not a template and neither is mine. Like several who have worked as journalists, I am a generalist in my over two decade experience across print, global news wires and dotcom firms. But there has been one underlying theme in each phase; life gave me the chance to observe and tell a story -- from early days tracking a securities scam to terror attacks and some of India's most significant court trials. Besides writing, I have jumped fences to become an entrepreneur, as an investment advisor -- and also taught the finer aspects of business journalism to young minds. At Forbes India, I also keep an eye on some of its proprietary specials like the Rich list, GenNext and Celebrity lists. An alumnus of Xavier Institute of Communications and H.R College of Commerce and Economics in Mumbai, I have worked for organisations such as Agence France-Presse, Business Standard, The Financial Express and The Times of India prior to this.
State Bank of India is looking to raise Rs10,000 crore through additional tier 1 (AT1) bonds.
Image: Niharika Kulkarni/NurPhoto via Getty Images
SBI seeks to raise Rs10,000 crore in tier-I bonds
State Bank of India is looking to raise Rs10,000 crore through additional tier 1 (AT1) bonds. This is likely to take place this week, tentatively on July 13. The main purpose will be to bring in capital for growth and replacing bonds which are going to mature. Bank officials have said that of the total bond issuances planned for FY24, nearly half would be AT1 bond offerings. (Business Standard)
Investment in Indian startups in H1 2023 lowest in the last four years: PwC report
Funding in Indian startups in the first half of this year has been the lowest seen in the past four years, a PwC startups report says. The funding in H1 this year was $3.8 billion through 298 deals, compared to $5.9 billion for the corresponding period, last year. Fintech, SaaS and D2C businesses were the most funded. A pickup in investments could start being seen in the next 8-12 months. (Times of India, Economic Times, Business Standard, Mint)
Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in four years
Billionaire Gautam Adani has raised $1.38 billion ( Rs11,330 crore) from stock sales in three group firms, bringing the total amount raised over the past four years to $9 billion. This is part of the larger capital raising plans which the group had indicated, first in 2016, and could be both in the form of debt-equity. (Mint, Economic Times)
Financial due diligence underway at IDBI Bank
The government’s divestment plan is taking shape as planned. Financial due diligence is underway at the IDBI Bank, by the bidders who are keen to acquire a majority stake in the company. This process is expected to conclude by September and the final bids could come in by December this year. Kotak Mahindra Bank and Canadian billionaire Prem Watsa-led Fairfax India Holdings have shown interest in buying the bank. Other investors could be Sumitomo Mitsui Financial Group and Emirates NBD. (Hindu Businessline)
Consumer firms say sales/ demand recovered in the June ended quarter of FY24
Some consumer facing companies such as Dabur, Godrej Consumer Products, V-Mart Retail, Titan and Avenue Supermarts have reported improved sales in the June-ended quarter. This could be due to improved consumer spending in recent months as inflation has moderated, but it is too early to say if the demand is likely to sustain into the coming quarters. Much will depend on how the erratic monsoon activity and resultant crop output is impacted. (Moneycontrol)