After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.
Investors tendered nearly 269 million shares in the TCS buyback. The company had said it plans to buy back 40.1 million shares at a price of Rs 4,150 per share. With the high number of shares tendered, the acceptance ratio is likely to be 28 percent for investors, with shares worth less than Rs 2 lakh. This is the second largest buyback of TCS, with Rs 17,000 crore worth of shares to be bought by the company. In 2022 the company had bought back Rs 18,000 worth of shares. (Business Standard)
Fintechs go slow on small loans
The increase in risk weights for unsecured loans has caused fintechs to go slow on small-ticket lending. On Wednesday, Paytm said it plans to go slow on loans that are less than Rs 50,000. It will expand distribution in the Rs 3-7 lakh loan segment. As a result, its loan growth will fall from Rs 3,000 crore this year to Rs 1,500 crore. Large NBFCs like Aditya Birla Capital and Poonawala Fincorp have said they will no longer provide capital to fintechs for buy-now-pay-later loans. (BusinessLine)
SpiceJet plans to raise fresh capital
SpiceJet, which is battling a cash crunch, has decided to raise money through the issuance of fresh equity or convertible securities. The board is expected to meet on December 11. On November 30 a SpiceJet aircraft flying to Dubai was seized by lessors when it landed. The seizure was confirmed by a SpiceJet spokesperson. (Economic Times, Financial Express)
Bain, KKR, Advent set to take stake in Sai Life Sciences
Global PE funds Bain, KKR and Advent are in talks for a stake in Sai Life Sciences, a Hyderabad-based pharmaceutical contract research and development manufacturing firm. PE firm TPG Capital had invested Rs 900 crore in 2018 and currently owns 43.4 percent stake in the company. The three PE firms are expected to submit final bids this month. (Mint)