NDTV to Raise ₹400 Crore via Rights Issue, Targets Growth and Debt Reduction

The Board of Directors of New Delhi Television Limited (NDTV), one of India’s leading entities in news broadcasting and digital journalism, at its meeting held on 2nd September 2025, approved the capital raise of up to INR 400 Crore through a Rights Issue to its eligible shareholders.

This proposed capital raising will mark a significant step in strengthening NDTV’s balance sheet and enhancing its financial flexibility. The additional resources will enable the Company to pursue its growth agenda with greater resilience, including expansion of distribution to widen its domestic and international presence, investment in brand-building, development of new intellectual properties, reduction of debt, and other general corporate purposes.

NDTV has an established track record of delivering news content in both English and Hindi, with a legacy of credible journalism. The Company is focused on digital-first growth through branded content, data-driven advertising, and partnerships with global platforms to expand its reach. It is also exploring opportunities in regional language news, international broadcasting through NDTV World, and live events.

‘This rights issue is a decisive step in strengthening NDTV and preparing it for its next phase of growth. With the resources we raise, we will expand our reach and deepen our impact while staying true to the kind of journalism we have always stood for - credible, trustworthy, and uncompromising. This investment will also help us explore new areas of growth, with the digital world opening up new possibilities and new audiences for us. Our vision is to build a stronger, future-ready NDTV that reflects the aspirations of a new India,’ said, Rahul Kanwal, CEO and Editor-in-Chief, NDTV.

About NDTV

NDTV operates as a division of AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises Limited. Incorporated in 1988, NDTV is engaged in the business of news broadcasting and digital journalism in India. The Company operates television channels and digital platforms with distribution in India and internationally. NDTV and its journalists have, from time to time, received national and international awards in recognition of their work in the field of journalism.

Adani Enterprises Announces ₹1,000 cr NCD Issue Offering up to 9.30% P.A.

Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and India’s largest listed business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, has announced the launch of its second public issuance of secured, rated, listed redeemable, non-convertible debentures. AEL’s first NCD issuance of ₹800 crore, launched in September last year, was fully subscribed on the first day.

“The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL’s debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group’s consistent delivery and financial robustness,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. “As the incubator of India’s most critical energy and transport utility platforms including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India’s journey toward a $5 trillion economy,” he added.

AEL is the only corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India’s infrastructure growth story. With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors. 

The proposed NCDs have been rated “Care AA-; Stable” and “[ICRA]AA- (Stable)”. CARE Ratings first upgraded the credit rating of AEL on 19 February 2025 and reaffirmed the rating on 18 June 2025. ICRA assigned ‘“[ICRA]AA- (Stable)’ rating on 28 March 2025 and reaffirmed it on 17 June 2025. Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

The base size issue is ₹500 crore, with an option to retain over-subscription up to an additional ₹500 crore (“Green Shoe Option”) aggregating up to ₹1,000 crore (“Issue” or “Issue Size”). The Issue will open on 9 July 2025, and close on 22 July 2025, with an option of early closure or extension.

The NCDs have a face value of ₹1000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be ₹10,000.

At least 75% of the proceeds from the issuance will be utilized towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the Company, and the balance (up to a maximum of 25%) for general corporate purposes.

Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.

The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series.

Series	I	II	III	IV*	V	VI	VII	VIII
Frequency of Interest Payment	Annual	Cumulative	Quarterly	Annual	Cumulative	Quarterly	Annual	Cumulative
Tenor	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories	8.95%	NA	8.85%	9.15%	NA	9.00%	9.30%	NA
Effective Yield (% per annum) for NCD Holders in all Categories	8.95%	8.95%	9.14%	9.14%	9.15%	9.30%	9.29%	9.30%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	₹ 1,000	₹ 1,187.01	₹ 1,000	₹ 1,000	₹ 1,300.70	₹ 1,000	₹ 1,000	₹ 1,560.30
Maturity/Redemption Date (from the Deemed Date of Allotment)	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Put and Call Option	Not Applicable
Face Value/ Issue Price of NCDs (₹/ NCD)	₹ 1,000
Minimum Application size and in multiples of NCD thereafter	₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter.
Mode of Interest Payment	Through various modes available
Nature of Indebtedness	Secured

*The Company shall allocate and allot Series IV NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.

Adani Enterprises to Raise ₹1,000 Crore via NCD Issue

Adani Enterprises has announced a public issue of non-convertible debentures (NCDs) to raise up to ₹1,000 crore. This includes a base issue size of ₹500 crore with a green shoe option for an additional ₹500 crore, all carrying a face value of ₹1,000. The draft prospectus has been filed with BSE, NSE, and SEBI. This fundraising is part of a broader ₹2,000 crore capital plan approved in October 2024.

While the draft offer document does not specifically earmark use of proceeds, the issuance aligns with Adani’s aggressive infrastructure investment strategy. The group is investing ₹15–20 billion annually across its energy, transport, and digital businesses. A major focus is its airport vertical, particularly the modernization of Mumbai International Airport (MIAL), under its subsidiary Adani Airports Holdings Ltd.

Recently, the company secured $1 billion in project finance for MIAL to support its capacity enhancement and sustainability initiatives. Key efforts include upgrading terminals and runways, integrating advanced digital systems to enhance passenger experiences, and achieving net-zero emissions by 2029.

The NCD issuance not only strengthens Adani’s financial flexibility but also reinforces its pivotal role in driving India’s infrastructure transformation. With growing emphasis on renewable energy, green mobility, and smart airports, this move positions Adani Enterprises at the forefront of the country’s next wave of development.

Credit Saison India Raises Record $300 Mn in Maiden ECB Issuance

• Raised maiden ECB of USD 300 million, reflecting growing investor confidence
• Syndicated facility of USD 200 million from leading Asian financial institutions, including the USD tranche from Axis Bank, DBS Bank, and JPY tranche from CTBC Bank; USD 100 million from a Public Sector Bank
• Aims to accelerate business expansion, support a growing customer base, and uphold financial resilience.

Credit Saison India, a leading non-banking financial company (NBFC), has secured USD 300 million through its maiden syndicated & bilateral External Commercial Borrowings (ECB) to drive growth. This milestone marks Credit Saison India's first external fund-raise to expand business operations, drive digital transformation, and enhance customer acquisition.

The multi-currency issuance – one of the largest borrowings for a first-time issuer – includes USD 200 million raised through a syndication deal with Axis Bank, DBS Bank and CTBC Bank, reflecting strong support from leading financial institutions. Additionally, a further USD 100 million ECB has been secured from a Public Sector Bank on a bilateral basis.

Credit Saison India was granted its NBFC license in 2019, marking the beginning of its journey in India’s financial sector. Initially focused on wholesale lending and strategic tech-driven partnerships with leading NBFCs and fintechs, the company quickly diversified into embedded finance, offering seamless credit solutions to consumers through platform partnerships. Alongside this, Credit Saison India expanded its direct lending operations to MSMEs, supported by a rapidly growing physical presence that now spans 60+ branches across the country.

In just five short years, Credit Saison India has achieved remarkable scale—building a portfolio of 2+ million active loans, an AUM about USD 2 billion, and a team of over 1,300 employees. This rapid growth is a testament to the strength of the company$B!G(Bs operations, the expertise of its management team, and the unwavering confidence of its investors.

Ms. Presha Paragash, Whole Time Director & CEO of Credit Saison India, said, "The successful ECB syndication highlights our robust growth and marks a pivotal step in our expansion journey. The capital will accelerate our India-focused strategy, driving growth in wholesale lending, co-lending partnerships, and direct lending products. We're doubling down on our presence by expanding beyond our 60+ branches to serve more customers nationwide, growing our secured lending portfolio for sustainable diversification and strengthening partnerships with fintechs and NBFCs. As a trusted lender, we remain committed to financial inclusion through innovation and responsible growth, reinforcing our position as a leading NBFC in India's underserved credit markets."

Kosuke Mori, CEO of Saison International, the international headquarters of Credit Saison, responsible for the global businesses of the group outside of Japan, said, "This latest ECB issuance, the first for Credit Saison India, marks a significant milestone in our global expansion journey and our commitment to grow our presence in India. It also reflects the rising confidence of leading financial institutions in our strategy for resilient, scalable growth across markets, and operational capabilities, with India in focus. We look forward to deepening our partnerships with our investors as we work toward our vision of being a global lender in underserved markets where access to capital can significantly drive financial inclusion at scale."

Mr. Anudeep Ganguli, Chief Treasury Officer of Credit Saison India, added, "BSecuring funding from top lenders underscores their trust and confidence in Credit Saison India$B!G(Bs business model and long-term strategy. By diversifying our funding sources, we are able to optimise and expand our loan book while ensuring a sustainable and cost-effective funding base as we continue our business growth. This multi-party, multi-currency transaction is a significant step towards further liability diversification and ensuring financial resilience."

The ECB funding is aimed to bolster Credit Saison India’s ability to scale the assets under management and further its mission of enhancing credit accessibility for underserved segments. This capital infusion aligns with the company$B!G(Bs long-term vision of becoming a leading, diversified lending franchise in India.

Tonbo Imaging Raises ₹175 Crore in Series D Pre-IPO Round to Advance Infrared Sensor Development and Directed Energy Weapon Platforms

Tonbo Imaging, a global leader in strategic defense technologies, has successfully closed its Series D pre-IPO funding round, securing ₹175 crore from Florintree Advisors, Tenacity Ventures and the Export-Import Bank of India. This investment will accelerate the development of next-generation infrared sensors, commercial deployment of high-power microwave technologies to counter modern battlefield threats and working capital support for global expansion ongoing programs.

The funding comes as Tonbo prepares to file for its IPO, a strategic move aimed to take advantage of both organic and inorganic opportunities in the fast growing and dynamic C4ISR market.

Inspired by nature’s most advanced visual predator, the Dragonfly, Tonbo Imaging designs cutting-edge sensing and processing systems that enhance situational awareness, targeting precision, and autonomous battlefield operations.

Having previously raised over ₹300 crore from investors such as Artiman, Qualcomm, Celesta, Edelweiss, and HBL Engineering, Tonbo is a trusted global supplier of battlefield-proven system ms. Its technology is deployed in over 30 countries by elite defense forces, including the Israeli Defense Forces (IDF), U.S. Navy SEALs, NATO, the Armenian Ministry of Defense, and the Indian Ministry of Defense. Tonbo’s innovations have played a critical role in major combat missions, including the URI surgical strike, IDF counterinsurgency operations, the modernization of India’s Arjun Main Battle Tank, Bharat Dynamics’ Anti-Tank Guided Missile (ATGM) program, and multiple active NATO deployments, reinforcing its position as a leading defense innovator.

Arvind Lakshmikumar, Founder and CEO of Tonbo Imaging, commented: 

Tonbo was founded with the vision of democratizing access to high-end defense technology. As the modern day battlefield evolves towards nimble, autonomous reconnaissance and targeting systems, the key technologies will be better sensors, low power computer vision and non-conventional munitions. This investment enables us to push the boundaries of innovation in infrared imaging and directed energy solutions while scaling our global footprint. Our focus remains on delivering cost-effective, cutting-edge battlefield intelligence and protection systems to modern defense forces worldwide.

Mathew Cyriac, Founder of Florintree Capital, added: "Tonbo Imaging represents the future of defense technology. With its deep expertise in imaging, artificial intelligence, and autonomous systems, the company is well-positioned to address emerging global security challenges. We are excited to partner with Arvind and his management team to scale the business and build a global defense tech business out of India."

Rohit Razdan, co-founder of Tenacity Ventures noted on the rationale of the investment: "We have admired Tonbo for a while and are excited to get a chance to invest towards the next phase of growth. Tenacity was formed to support companies like Tonbo – best in class products rooted in deep technology and domain understanding. Tonbo products bring great software with high quality hardware that is seeing strong traction in domestic and global markets. We are confident that Tonbo will emerge as a significant India based global leader in this defence sector over the next several years."

OpenAI's Sam Altman May Visit UAE for Fundraising Discussion With Abu Dhabi Investment Group MGX

OpenAI CEO Sam Altman is planning to visit the UAE this week to discuss fundraising with Abu Dhabi's investment group MGX. The goal is to raise $40 billion to further AI development and compete with emerging alternatives like China's DeepSeek. This visit follows Altman's recent tour of Asia, where he announced a partnership with Japan's SoftBank for AI services.

This fundraising effort is part of a larger strategy to compete with emerging AI alternatives like China's DeepSeek.

The UAE is heavily investing in AI to position itself as a global leader in the technology. This visit follows Altman's recent tour of Asia, where he announced a partnership with Japan's SoftBank for AI services. The UAE's AI ambitions are led by state-backed entities such as G42 and MGX, with the $330 billion wealth fund Mubadala playing a significant role.

The fundraising round, if successful, could value OpenAI at $300 billion, making it one of the largest private investment rounds in history. The UAE's investment in AI is seen as a strategic move to diversify its economy and reduce reliance on oil.

SoftBank is leading the investment round with a potential investment of $15-25 billion. This would make SoftBank OpenAI's biggest financial backer. Discussions are ongoing with MGX for their participation in the fundraising.

Besides, Oracle is also part of the Stargate project, a joint venture with OpenAI and SoftBank to invest in AI infrastructure. The Stargate Project is a joint venture involving OpenAI, SoftBank, and Oracle, aiming to invest up to $500 billion in AI infrastructure in the U.S.

This fundraising effort is unprecedented in Silicon Valley history and signals the vast sums needed to build and maintain cutting-edge AI technology.

Further, OpenAI has also announced a strategic collaboration with Kakao, South Korea's tech company, to develop AI services in Korean.

Very recently, Altman has also visited India and met IT Minister Ashwini Vaishnaw and discussed the country's plan for creating a low-cost AI ecosystem.

Nazara Raises ₹ 495 Cr from Existing Investors Arpit Khandelwal and Mithun Sacheti Led Entity, Stake Increase to Trigger Open Offer

• To work closely with Nazara Promoters, Vikash & Nitish Mittersain, to propel Nazara into Global Gaming Leadership.

Arpit Khandelwal, Founder & Managing Partner of Plutus Wealth Management LLP and Mithun Sacheti, tech entrepreneur and Founder of Caratlane, have announced a strategic partnership with Nazara Technologies Limited and its promoters, Vikash & Nitish Mittersain. The transaction involves a significant investment of INR 495 crores by Axana Estates LLP, with the stake increase triggering a mandatory open offer and reinforcing the collective vision of accelerating Nazara in its path to becoming a global leader in gaming and digital entertainment.

Key Details of the Transaction

1. Preferential Issue: Axana Estates LLP, whose designated partners include Arpit Khandelwal and Mithun Sacheti, will infuse INR 495 crores into the Company to acquire ~5.40% stake through a preferential issue of equity shares at a price of INR 990 per share. This transaction has been approved by the Company’s board and is subject to shareholder and regulatory approvals. The issued shares will comply with SEBI (ICDR) Regulations, 2018, including lock-in requirements.

2. Open Offer: Plutus Wealth Management LLP and Axana Estates LLP, along with PACs, will launch a public open offer to acquire an additional 26% stake in Nazara, as per SEBI (SAST) Regulations, 2011. This is subject to regulatory approvals and completion of the open offer process.

3. Post-Transaction Shareholding: Assuming full acceptance of the open offer, the total shareholding of Acquirers and PACs, along with the existing promoters (Vikash & Nitish Mittersain) and promoter group, is expected to be ~61.5% of the Company.

Strategic Benefits and Leadership Continuity

This partnership brings together complementary expertise and resources, creating a powerful alliance enabling Nazara to access new markets, leverage cutting-edge technologies, and enhance operational efficiencies.

Nazara will continue to operate independently under the leadership of its Chairman & Managing Director Vikash Mittersain along with Jt. Managing Director & CEO Nitish Mittersain.

The investment will be directed toward accelerating organic growth, strategic acquisitions, and expansion into new markets.

Nitish Mittersain, Jt. Managing Director and CEO of Nazara Technologies, said:

Nazara is set for global growth, and we are excited to partner with Arpit & Mithun, who share our vision. Their belief in our potential and expertise will help us scale new heights, positioning Nazara as a unique global gaming company from India.

Arpit Khandelwal, Founder & Managing Partner of Plutus Wealth Management LLP, added:

We are excited to deepen our investment in Nazara, a company with a proven track record of capitalizing on global gaming trends. This consolidation of ownership will provide growth capital and bring strategic expertise to support Nazara, its promoters & team in the journey of becoming a world-leading gaming and entertainment brand.

Mithun Sacheti, Designated Partner of Axana Estates LLP & Founder of Caratlane said:

Gaming is the new consumer play, blending entertainment, technology, and community to create unmatched engagement. It has become a powerful platform to connect with audiences and shape consumer behaviour in real time. We are thrilled to partner with Nazara to unlock its immense potential and drive global growth and look forward to unlocking the Company’s full potential in collaboration with its exceptional management team.

In addition to this strategic partnership, Nazara is bolstering its mobile gaming portfolio with the acquisition of two popular game IPs from ZeptoLab.

The Nazara board today approved the acquisition of the intellectual property rights of two popular mobile gaming titles, ‘CATS: Crash Arena’ and ‘King of Thieves’ from Barcelona-based game developer and publisher ZeptoLab for a total consideration of USD 7.7 million (~INR 67 cr). Through this acquisition, Nazara will own the game IPs and will also publish the games under the “Nazara Publishing” banner further strengthening its position in the global mobile gaming market.

Nazara is India’s only listed gaming and Esports Company, with majority ownership of several leading gaming and esports brands with presence in India, the US, and other global markets. In esports, Nazara has India’s leading esports platform NODWIN Gaming and Sportskeeda/Pro Football Network in the sports media space. Nazara’s offerings in the interactive gaming segment include gamified early learning ecosystems like Kiddopia and Animal Jam, interactive story games within Fusebox Games, India’s most popular cricket simulation franchise, World Cricket Championship (WCC), and a wide portfolio of casual games distributed through telco partnerships in many emerging markets. Additionally, Nazara controls Datawrkz, a digital ad tech company supporting its portfolio companies and external clients with demand-side user acquisition and supply-side ad monetization services.

Vedanta Resources Raises $1.1 Bn Through a New Dual Tranche Bond Issuance

• Marquee investors from the United States, EMEA and Asia amongst major investors.
• Bonds are expected to be rated ‘B’ by S&P Global and ‘B2’ by Moody’s Ratings
• Moody's upgraded VRL corporate family rating (CFR) to B1 from B2 on back of recent moves.
• VRL has raised $3.1bn in USD bonds since September 2024.

Vedanta Resources has raised $1.1 billion through a new dual tranche issuance in international debt capital markets, the company said in a Singapore exchange filing.

As per the exchange filing, the bond issuance consists of two tranches – a $550mn tranche of 5.5 years tenor at 9.475% interest rate and a $550mn tranche of 8.25 years tenor at 9.850% interest rate. Both tranches garnered strong investor demand with the bonds receiving final orders of $3.4 bn from over 135 accounts, representing an oversubscription of 3.1x, the company said. The net proceeds will be used to prepay VRL’s outstanding bonds and pay any related transaction costs.

The final bonds allocation included 61% from Asia, 30% from EMEA, and 9% from US for the 5.5-Year Tranche and 54% from Asia, 30% from EMEA, and 16% from US for the 8.25-Year Tranche.

Ajay Goel, Chief Financial Officer said

The latest transaction marks the complete refinancing of Vedanta’s restructured bonds. The strong interest in the series of transactions reflects significant investor confidence in the several strategic steps that Vedanta has taken over the last several quarters in terms of delivering record production, cost rationalization and deleveraging.

VRL has refinanced $3.1bn in US dollar bonds since September 2024 through four successive international bond transactions. The total quantum of USD bonds raised by Vedanta marks the largest amount raised by an Indian issuer since 2022. The issuance marks an important step for VRL which has reduced it's debt by $4.6 billion over the past 3 years, bringing it to its lowest level in a decade.

Two major agencies, Moody’s and S&P Global upgraded VRL's and its instruments’ ratings citing recent developments. On January 13, Moody's said it had upgraded VRL’s corporate family rating to B1 from B2 and that on the senior unsecured bonds guaranteed by VRL to B2 from B3, a one notch upgrade, while maintaining a stable outlook. Moody’s has assigned a B2 rating to VRL's proposed senior unsecured bond issuance.

S&P Global too assigned a preliminary rating of ‘B’ on VRL’s senior unsecured notes on January 13. This is one notch upgrade from the current one. It has placed the rating on credit watch positive.

Greaves Electric Mobility Files DRHP With SEBI; Aims to Raise Rs. 1000 Crore via Fresh Issue

Greaves Electric Mobility Limited, an EV manufacturer known for its Ampere, Eltra and Ele brands and offering a complete suite of vehicles across electric two-wheeler (E-2W) and three-wheeler (3W) segments catering to both B2C and B2B customers for personal and commercial purposes, has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).

According to the draft red herring prospectus, the Initial Public Offering of the company consists of a Fresh Issue of equity shares aggregating up to Rs. 1000 crores and an Offer for Sale of up to 18,93,98,200 Equity Shares (18.9 crore shares) by the Selling Shareholders. Under the offer for sale component, Greaves Cotton Limited, the Promoter Selling Shareholder will divest 5.1 crore equity shares and Abdul Latif Jameel Green Mobility Solutions DMCC, the Investor Selling Shareholder will divest 138,398,200 Equity Shares (13.8 crore shares).

The company, in consultation with the BRLMs, may consider a Pre-IPO placement aggregating up to Rs. 200 crores, prior to the filing of the Red Herring Prospectus. If the Pre-IPO placement is completed, the fresh issue will be reduced to the extent of such Pre-IPO placement.

Greaves Electric Mobility Limited (GEML) which was established in 2008 proposes to utilize the Net Proceeds of the Fresh Issue towards investment for:

• Product & technology development and enhancing capabilities at its Technology Centre in Bengaluru (Rs. 375.2 crores); 
• Development of in-house battery assembly capabilities (Rs. 82.9 crores);
• Funding expansion of the manufacturing capacity of Bestway Agencies Private Limited (wholly owned Material Subsidiary) (Rs. 19.8 crores); funding expansion of the manufacturing capacity of MLR Auto Limited (a Material Subsidiary) (Rs. 38.2 crores); 
• Increasing company’s stake in MLR through acquisitions (Rs. 73.6 crores); increase digitization and deployment of information technology infrastructure (Rs. 27.8 crores); 
• Funding inorganic growth through unidentified acquisitions and general corporate purposes.

GEML’s vehicle portfolio caters to a diverse customer base, with its offerings spanning E-2W across all three segments - High Speed e-Scooters, City Speed e-Scooters and Low Speed e-Scooters, with models for B2C and B2B use cases, and 3Ws which includes products across the entire spectrum of 3W mobility, which includes electric three-wheelers, internal combustion engine three-wheelers (diesel or CNG) and e-rickshaws, with models for cargo and passenger use cases.

As of September 30, 2024, GEML operated three manufacturing facilities in strategic locations in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh) and Toopran (Telangana). The company’s revenue from operations as of Fiscal 2024 was Rs. 611.8 crores and Rs. 302.2 crores for the six months ended September 30, 2024.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited and JM Financial Limited are the book running lead managers to the issue.

Blackstone Backed Ventive Hospitality Ltd Raises ₹ 719.55 Cr from 26 Anchor Investors at the Upper End of the Price Band at ₹643 Per Equity Share

Blackstone backed Ventive Hospitality Limited, has allotted 1,11,90,513 Equity Shares to 26 anchor investors and raised ₹ 719.55 Crores ahead of company’s proposed IPO at the upper end of the price band at ₹ 643 per equity share (including premium of ₹ 643 per equity shares) with face value of ₹ 1 per equity share. The anchor has received a 2X subscription.

Out of the total allocation of 1,11,90,513 Equity Shares to the Anchor Investors, 48,21,122 Equity Shares(i.e. 43.08% of the total allocation to Anchor Investors) were allocated to 4 domestic mutual funds through a total of 8 schemes.

The anchor received strong demand from mutual funds, insurance companies, long only funds, sovereign funds and domestic wealth funds. It is an optimum mix of domestic and foreign investors.


Few of the marquee investors include Government Pension Global Fund, Allspring Global Investment LLC, Tata Absolute Return Fund, Quant Mutual Fund, Aditya Birla India Fund, SBI General Insurance Company Limited, SBI Life Insurance Company Limited, Nuvama, JM Financial Mutual Fund and 360 One Income Opportunities Fund.

The total offer size of equity shares (face value of Rs. 1 each) aggregating up to Rs. 16,000 million comprises a Fresh Issue of aggregating up to Rs. 16,000 million (“Total Offer Size”). The Company proposes to utilize the Net Proceeds towards funding the following objects – the repayment/prepayment, in part or full, of certain of borrowings availed by the Company including payment of interest accrued thereon.

JM Financial Limited, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.

Vodafone Idea Plans Rs 2,000 Crore Fundraising via Equity Shares or Convertible Securities

Vodafone Idea has announced plans to raise Rs 2,000 crore through the issuance of equity shares or convertible securities on a preferential basis to entities within the Vodafone Group. The company's board is scheduled to meet on December 9, 2024, to discuss this proposal.

The funds will help Vodafone Idea address its financial challenges and support its operations.

Vodafone Idea had previously announced a larger fundraising plan of Rs 25,000 crore, but it has been delayed due to issues related to Adjusted Gross Revenue (AGR) dues.

Vodafone Idea owes Rs 2,03,430 crore to the government as of March 31, 2024. In this, Rs 1,33,110 crore is Deferred Spectrum Payment Obligations and Rs 70,320 crore in AGR Liability.

Following the fundraising announcement, Vodafone Idea's shares saw a slight increase, closing 2.6% higher at Rs 8.42.

The company is also seeking to raise Rs 10,000 crore through debt funding.

Among 22 analysts tracking the company, four maintain a 'buy' rating, five recommend a 'hold,' and 13 suggest 'sell,' according to Bloomberg data.

The Department of Telecommunications (DoT) is considering a proposal to waive bank guarantees for past spectrum auctions, which would primarily benefit Vodafone Idea.

The Supreme Court widened the definition of AGR to include all revenues except termination fee and roaming charges. Recently, the Supreme Court rejected Vodafone Idea's curative petitions to re-compute the AGR dues. The company's financial strain has been exacerbated by the AGR dues, leading to delays in fundraising and network expansion plans.

The government has provided some relief through a four-year moratorium on spectrum and AGR dues, but the financial challenges persist.

Vedanta Resources Raises $800 Mn from Global Investors Through New Bond Issue

• 1.5x oversubscription, strong demand from US, EMEA & APAC regions.
• Proceeds to be used to prepay Vedanta’s outstanding bonds.
• The issue is expected to be rated B- by Fitch Ratings & CCC+ by S&P Global Ratings.

Vedanta Resources Finance II PLC (VRF) said in a Singapore exchange notification that it has raised US$800 million by issuing new bonds. The issue comprises two tranches of bonds– one with an aggregate principal amount of US$300 million of 10.25% Bonds due 2028 and the other involving an aggregate principal amount of US$500 million of 11.25% Bonds due 2031.

The bonds are expected to be rated “B-” by Fitch Ratings Ltd. and “CCC+” by S&P Global Ratings and will be listed on the electronic platform of Singapore Exchange Securities Trading Limited (SGX-ST). VRF will use the net proceeds from the issuance of the new bonds to prepay Vedanta’s existing bonds.

The bond issue received final combined orders of US$1.19 billion, indicating an oversubscription of 1.5X. The bids were received from existing as well as new set of investors across Asia Pacific (APAC), Europe the Middle East and Africa (EMEA) and US with more than 90% participation from asset / fund managers across both the tranches. As per VRF’s stock exchange notification, the final allocation of the Bonds includes 32% from Asia, 36% from EMEA, and 32% from US for the bonds due in 2028. For the bonds due in 2031, the allocation includes 35% from Asia, 23% from EMEA, and 42% from US.

A spokesperson for Vedanta Resources said “We are delighted by the tremendous response to Vedanta’s $800 million bond issuance. With this, Vedanta has successfully refinanced $2 billion worth of outstanding bonds in the past few months. The huge confidence and trust of the global investor community in Vedanta is reflected in the significant geographical spread and marquee names who have participated in these issuances.

Our commitment towards attaining a balanced capital structure through deleveraging our balance sheet remains our top priority. We have also achieved optimisation of costs on the entire $2 billion, represented by a saving of ~3% p.a. for the Company. We are confident of continuing to deliver substantial value to our global and domestic investors in the years ahead, and we will continue to evaluate all financing options going forward.”

This new issue comes as Vedanta has been gradually deleveraging its balance sheet, improving its capital structure, and lowering its financial costs by tapping bond markets as part of its liquidity management exercise. It is redeeming bonds with higher interest rates and issuing newer ones with a comparatively lower interest rate. Vedanta Resources has reduced its net debt by ~ $1 bn in the first half and refinanced bonds of over US$ 1.2 billion in the current fiscal.

In September, Vedanta raised US$900 million, the company’s first dollar bond issue in more than two years, to prepay existing bonds. The US$ 900 million raise was at a coupon rate of 10.875 percent in a five-year US dollar-denominated bond. Following this, VRF exercised a tap option on its September bond issuance, raising a further US$ 300MN.

Swiggy Reduces IPO Valuation by 25%, BlackRock & CPPIB To Invest

Swiggy has reduced its IPO valuation to $11.3 billion, which is 25% lower than its initial target of $15 billion. This decision was influenced by market volatility and the underwhelming debut of Hyundai India.

Despite the cut, BlackRock and the Canada Pension Plan Investment Board (CPPIB) are set to invest in Swiggy's IPO, which is expected to be one of the largest stock offerings in India this year.

Swiggy's IPO is scheduled to open on November 6, 20242. The company plans to raise funds through a fresh issue of equity shares and an offer-for-sale of existing shares.

Swiggy's IPO is one of the largest public issues in India this year and is seen as a significant step for the company as it aims to achieve profitability and expand its services.

The food delivery company aims to raise around ₹11,300 crore through the IPO. This includes a fresh issue of equity shares worth ₹3,750 crore and an offer-for-sale (OFS) of up to ₹6,800 crore.

The proceeds from the upcoming IPO will be used for technology and cloud infrastructure, expanding its presence through its subsidiary Scootsy, branding, business promotion, and general corporate purposes.

Recently, Swiggy Instamart has introduced a "Shopping List" feature after receiving user feedback on X (formerly Twitter).

Adani Group in Advance Talks to Raise $1 Bn for Its Airports Division

The Adani Group is in advanced discussions with a Middle Eastern sovereign fund to raise up to $1 billion for its airports division, said a report by Economic Times. This funding will support the expansion of Adani Airport Holdings and enhance its infrastructure.

Additionally, Adani Enterprises has launched a qualified institutional placement (QIP) to raise up to $500 million, with a greenshoe option for an additional $500 million. The group has scaled back its initial target from $2 billion due to global market fluctuations.

Citing a source, the report further said that the company is also aiming for the flexibility to raise part of the funds next year for its airports business, which is fully owned by Adani Enterprises.

Funds from the QIP will also be used to repay certain debts of its subsidiaries, primarily those of Adani Airport Holdings Limited.

Late last month, Adani Airport Holdings successfully raised ₹195 Crore (approximately $232.72 million) through a domestic bond issue.

Adani Airports, which operates seven airports and is constructing another in Navi Mumbai, has planned an investment of $21 billion over the next decade, according to group CFO Jugeshinder Singh, as mentioned by the report.

Adani plans to raise capital for Adani Airport Holdings in two phases, with the first round likely to be secured from the sovereign fund by the end of this quarter, though the fund’s name has not been disclosed, said the report.

A Middle Eastern sovereign fund refers to a state-owned investment fund that manages a country's reserves. These funds are typically used to invest in various assets, including stocks, bonds, real estate, and infrastructure projects, both domestically and internationally.

Some of the most prominent Middle Eastern sovereign funds include Abu Dhabi Investment Authority (ADIA), Public Investment Fund (PIF) of Saudi Arabia and Qatar Investment Authority (QIA).

ADIA has been a significant investor in the Adani Group, providing substantial capital for various projects. QIA has also backed the Adani Group with investments in different Ventures.

Adani Airport Holdings Raises ₹ 195 Crores via Bond Issues

Adani Airport Holdings has successfully raised ₹195 Crore (approximately $232.72 million) through a domestic bond issue. The bonds, rated A+, will pay a monthly coupon of 9.35%. This marks the largest bond issue by the company since the Hindenburg Research report in January 2023.

The funds raised will be used to repay investments made by the Airports Authority of India in six airports before they were acquired by the Adani Group. Anchor investors include SBI Equity Hybrid Fund, Aditya Birla Finance, and Aditya Birla Sunlife Mutual Fund.

Raising ₹19.5 billion (195 crores) helps Adani Airport Holdings manage its debt and improve liquidity, which is crucial for maintaining financial stability and investor confidence.

The funds will be used to repay investments made by the Airports Authority of India in six airports, facilitating smoother operations and potential future expansions.

Moreover, successfully raising such a substantial amount through bonds, especially after the scrutiny from the Hindenburg Research report, demonstrates strong market confidence in Adani Group’s financial health and business prospects.

This move aligns with Adani Group’s broader strategy to expand its footprint in the airport sector, enhancing its infrastructure capabilities and competitive edge.

Through a concession agreement with the Airports Authority of India, Adani Airport has acquired six airports — Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore, and Thiruvananthapuram.

OpenAI in Talks to Raise Massive $7 Bn, Valuing It More Than SpaceX, Uber and Goldman Sachs

OpenAI is reportedly in discussions with the UAE's investment fund MGX for a significant fundraising round. The aim is to raise up to $7 billion, which would potentially value OpenAI at $150 billion. This funding is part of OpenAI's broader strategy to enhance its AI capabilities and infrastructure, including developing its own AI processors.

MGX Investment Fund is a UAE-based investment fund involved in significant financial activities. It is a significant investment fund launched by Abu Dhabi, aimed at accelerating the development and adoption of artificial intelligence (AI) and advanced technologies.

MGX is backed by Mubadala Investment Company and G42, a global AI and cloud computing firm.

This influx of capital will likely be used to further develop OpenAI’s AI models and infrastructure, enhancing their capabilities and expanding their applications across various industries.

The potential $7 billion funding from the UAE’s MGX investment fund could significantly impact AI research in several ways. OpenAI could invest in more advanced computing infrastructure, including developing its own AI processors. This would enable faster and more efficient AI model training and deployment.

With increased funding, OpenAI can attract top talent from around the world, fostering innovation and accelerating research in AI.

OpenAI’s potential valuation of $150 billion places it among the most valuable tech companies globally.

ByteDance, the parent company of TikTok, is valued at around $225 billion, making it one of the highest-valued private tech companies. Elon Musk’s SpaceX is valued at approximately $150 billion, similar to OpenAI’s potential valuation. Besides, OpenAI’s valuation would surpass that of Goldman Sachs, which is valued at around $120 billion. OpenAI’s valuation would also be higher than Uber’s, which is valued at about $90 billion.

About MGX, it is a foundational partner of Mubadala, which has been a significant investor in AMD, helping to transform it into a leading semiconductor company.

Global Foundries, one of the world’s top semiconductor manufacturing companies, is another major investment by Mubadala.

The fund is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, with a board that includes prominent figures like Khaldoon Khalifa Al Mubarak and Peng Xiao.

MGX aims to surpass $100 billion in assets under management, making it one of the largest AI-focused funds globally.

Tata Consumer Products Raises Rs 3,000 Cr Additional Capital Through Rights Issue

Tata Consumer Products Ltd (TCPL) recently closed its rights issue, successfully raising Rs 3,000 crore, the company said in a regulatory filing. The issue was open from August 5 to August 19, 2024.

It was in January this year when the company's MD and CEO Sunil D'Souza announced that TCPL is set to announce a ₹3,500 crore rights issue after seeking board approval to fund its recent acquisitions of Capital Foods and Organic India figured at ₹7,000 crore.

The meeting of the capital raising committee of the board of the company held on July 23, 2024, approved the terms of the issuance of equity shares face value of Re 1 each by way of rights issue for an amount aggregating up to Rs 2,997.77 crore, it added.

This capital will support the company's growth and expansion plans, including acquisitions of stakes in Capital Foods Pvt Ltd and Organic India Pvt Ltd.

The funds will also support the expansion of their existing brands and the introduction of new products in both domestic and international markets.

A rights issue is a way for companies to raise additional capital by offering existing shareholders the right to purchase additional shares at a discounted price, usually in proportion to their current holdings. This method allows companies to generate funds without taking on debt. Shareholders can choose to exercise their rights, sell them, or let them expire.

Tata Consumer Products Ltd's stock is currently trading at Rs 1,177.4, reflecting a slight decrease of 0.87% today. Over the past year, the stock has shown impressive growth, reaching a 52-week high of Rs 1,253.42 and a low of Rs 818.08. The company's market capitalization stands at approximately Rs 1.17 trillion.

The company has reported consistent revenue growth, driven by strong performance in both domestic and international markets. Their focus on health and wellness products has resonated well with consumers.

Gruner Renewable Energy Raises $60 Mn to Expand Compressed Biogas (CBG) Plants Across India

Gruner Renewable Energy, a leader in sustainable biogas solutions in India, has announced that it has secured US$ 60 million in funding. This investment will enable Gruner Renewable Energy to further expand its presence in the green energy domain as it moves ahead to establish new Compressed BioGas (CBG) plants across the country.

The company is committed to enhancing its research and development (R&D) efforts as it aims to make substantial contributions toward Prime Minister Narendra Modi's vision of energy independence and sustainability for India.

"Establishing CBG plants in India is crucial for fostering a self-reliant and sustainable future. By promoting clean energy production and reducing dependence on imported compressed natural gas (CNG), we contribute significantly to India's vision of energy independence. The Union Budget 2023-24 announcement to establish 500 new waste-to-wealth plants under the GOBARdhan initiative has been a major boost for the sector. With 113 functional CBG plants, 667 in development, and 171 under construction, the growth is substantial. These policy enablers promote a circular economy and sustainable development. This investment in Gruner from like-minded partners will be essential for driving this transformation," said Utkarsh Gupta, Founder & CEO, Gruner Renewable Energy.

Gruner plans to utilize this funding to significantly enhance its operations and market presence. With a primary aim of introducing breakthrough technology and highly efficient processes in the biogas industry, a substantial portion of the investment will be allocated to advancing research and development (R&D) initiatives, focusing on increasing energy efficiency and the accuracy of biogas production, targeting a projected substantial increase in energy output efficiency. Additionally, the funds will support business expansion, including establishing new biogas plants across India, scaling up CNG retail outlets, and exploring new business verticals such as sustainable aviation fuel (SAF) and green hydrogen. This strategic investment is expected to exponentially increase Gruner's market share over the next five years.

"As the Modi 3.0 government has taken charge, the biofuels industry anticipates policy reforms that will facilitate the expansion of new CBG projects nationwide. Biofuels will be essential in helping the country achieve its net zero ambitions. Government subsidies, tax credits, and substantial funding for R&D will be crucial in leveraging the opportunities inherent in CBG projects. This vision aligns with the goal of 'Viksit Bharat' (Developed India), where sustainable and self-reliant energy solutions drive economic growth and environmental stewardship,” added Utkarsh.

According to Utkarsh, encouraging the cultivation of energy crops through direct subsidies and financial incentives for farmers is essential. This approach not only supports the agricultural sector but also ensures a steady supply of feedstock for biogas production. By providing these incentives, the government can promote sustainable farming practices and contribute to the growth of the renewable energy sector. This strategy will help build a self-reliant and sustainable future for India.

A reflection of its commitment towards a cleaner and greener future for India, Gruner Renewable Energy is also establishing Asia's largest CBG plant in Navsari, Gujarat.

Established in February 2023, Gruner Renewable Energy has quickly become a premier provider of sustainable energy solutions, dedicated to reducing carbon footprints and achieving sustainability objectives. Leveraging advanced German technology, the company offers end-to-end solutions encompassing the entire plant setup process. Gruner Renewable is a proud member of the Indian Biogas Association, driven by a vision to revolutionize India's energy industry.

Revolutionizing Biogas Production

Gruner Renewable excels in installing top-tier biogas plants known for their affordability and user-friendliness. Headquartered in Noida, the company has achieved remarkable success in a short period, surpassing a turnover of INR 40 crores within just five months of its inception and currently managing over 50 projects. Starting with a team of four, Gruner has grown into a conglomerate with 200 employees.

Gruner Renewable Energy is committed to paving the way for a greener and more sustainable future. Their expertise in biogas production aims to mitigate environmental impact while promoting renewable energy sources. The company's strategic approach to using high-yield, cost-effective feedstocks ensures the production of high-quality biofuel, addressing significant waste disposal challenges and contributing to a cleaner environment.

Adani Energy Solutions Plans Raising ₹50 Billion via QIP

Gautam Adani's power transmission unit, Adani Energy Solutions Ltd. (AESL), is considering raising at least 50 billion rupees (approximately $597 million) through a qualified institutional placement (QIP), said a report by Bloomberg. This move marks the Indian conglomerate's first entry into public equity markets since a scathing short-seller's report significantly impacted shareholder value.

Citing people privy to the development, the Bloomberg report further said that Adani Energy is looking to bring in more institutional investors, including some from the US, through the share sale. Such an expansion of investor base is also an attempt to draw more research analysts to cover the firm.

AESL operates over 21,100 circuit kilometers (ckm) of transmission lines and has a target of ramping up to 30,000 ckm by 2030 through both organic and inorganic growth opportunities. Despite challenges, this QIP represents a powerful vote of investor confidence in the Adani Group and its recovery from the Hindenburg attack.

In May, Adani Energy Solutions Ltd. received board approval to raise up to ₹12,500 crore through various modes. This capital infusion is part of their strategic growth plans and recovery efforts following the Hindenburg attack.

Adani Group's return to public fundraising represents a significant milestone in their recovery journey. It reflects investor confidence and resilience following the Hindenburg attack.

The Hindenburg attack refers to a critical report published by the short-selling firm Hindenburg Research in June 2021. The report targeted the Adani Group, specifically its power transmission companies, including Adani Transmission and Adani Energy Solutions.

The report significantly impacted the Adani Group's market value, erasing up to $153 billion from the Indian conglomerate's valuation. However, it's interesting to note that Hindenburg's financial gains from this were relatively small, totaling just over $4 million. Since then, shares and bonds of Adani Group companies have swung wildly but have gradually recovered ground. As of now, the group's market value stands at approximately $205 billion, which is about $30 billion short of its pre-Hindenburg level.

The recent share sale by AESL, via QIP, represents the Group's efforts to recover from the impact of the Hindenburg attack.

However, it is to be noted that details of the fundraising, including size, could still change as the fundraise efforts are ongoing.

Adani Energy Solutions Board Approved Fundraise of Up to Rs 12,500 Crore ($1.50 Billion)

Adani Energy Solutions Limited (AESL) has approved a significant fundraise. The board has given the green light to raise up to Rs 12,500 crore (approximately $1.50 billion). This fundraising is planned to be executed through various permissible modes, which may include a Qualified Institutional Placement (QIP) or other methods.

The company has stated that this move is subject to receiving the necessary approvals at the upcoming Annual General Meeting (AGM), which is scheduled for June 25, 2024. It's a substantial step for Adani Energy Solutions, reflecting their strategic financial planning and growth initiatives.

After the corporate announcement, shares of Adani Energy settled 0.17% lower at Rs 1,104.05. This slight decline indicates that investors are closely monitoring the situation.

The Adani Group's power distribution company, in a notice to BSE last week, said its board will meet on Monday to consider and approve the fundraise proposal. While the specific reasons for this fundraise have not been explicitly stated, there are several potential factors that could contribute to the decision.

Adani Energy Solutions may be planning to expand its operations, invest in new projects, or enhance its existing infrastructure. The funds raised could support these growth initiatives.

The company might require additional capital for capital expenditure (CapEx) related to energy projects, including setting up new power plants, transmission lines, or distribution networks.

In another possible reason, companies often raise funds to repay existing debt or refinance high-cost debt. Adani Energy Solutions may use part of the proceeds to reduce its borrowings.

The funds could also be earmarked for strategic investments in related sectors or technologies. For instance, investing in renewable energy sources or exploring new business opportunities.

Adequate working capital is crucial for smooth operations. The company may allocate a portion of the funds to meet short-term operational requirements.

Besides all, a substantial fundraise can enhance the company's financial position, improve credit ratings, and boost investor confidence.

In a nutshell, while the specific reasons remain undisclosed, Adani Energy Solutions' fundraise aligns with its growth strategy, financial needs, and market dynamics. The upcoming Annual General Meeting (AGM) on June 25, 2024 will provide further clarity on the utilization of these funds.