Morning Buzz: Torrent promoters may pledge stake in power arm, Yatra readies public offer to fund expansion, and more
Here are the top business headlines this morning to get your day started
Torrent Group's promoters own a 53.6 percent stake in Torrent Power Image: Shutterstock
Torrent promoters may pledge stake in power arm
Promoters of the Torrent Group are likely to pledge their stake in Torrent Power to raise money for an acquisition of Cipla. Bankers estimate that promoters would need about $7.3 billion to acquire a 33.5 percent stake and make an open offer for 26 percent as per Sebi rules. In addition, the promoters also expect to partially divest their stake in Torrent Pharma.(Business Standard)
TPG, Brookfield and Tepco in talks for JSW Neo Stake
TPG, Brookfield and Tokyo Electric Power company are in talks to buy a minority stake in JSW Neo Energy, the JSW Group’s renewable energy arm. JSW Neo had recently bought Mytrah, a renewable energy producer which was JSW Energy’s largest acquisition. Tepco already holds a stake in ReNew Power and has been looking to expand its portfolio. The JSW Group is looking to raise $500 million from the stake sale.(Economic Times)
Yatra readies public offer to fund expansion
Yatra plans to open its initial public offering on 15 September. The company had filed its draft red herring prospectus on March 24 and is looking to raise Rs602 crore through an offer for sale. The Rs602 crore issue is lower than the Rs750 crore the company had initially planned to raise. From the proceeds Rs150 crore will be spend on strategic investments, acquisitions and inorganic growth.(Economic Times)
FD rates may rise as loans growth outpaces deposit growth
Growth in bank credit has outpaced the growth in deposits in the first five months of the fiscal and this could result in a rise in deposit rates. The weighted average term deposit rates rose 27 basis points in April to August 2023. The growth in deposits during this period was 6.6 percent while bank credit grew at 9.1 percent. This gaps has so far been managed by surplus investments in government securities.(Times of India)
