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OTHERS

Warburg Pincus to Invest Rs 1,500 Crore in MedPlus

Warburg Pincus is in advanced talks to invest Rs 1,500 crore ($203 million) in MedPlus, India’s second-largest pharmacy retailer, through a mix of debt and equity, for a significant minority stake to pay off existing lenders such as Goldman Sachs and Edelweiss and provide an exit to minority shareholders.
PremjiInvest, currently the largest shareholder in the company, will continue to remain invested with around 18% stake and may also participate in this round while Warburg will become the single-largest shareholder. MedPlus founder and CEO Madhukar Gangadi will continue to run the business releasing his share pledges with the investments.
Warburg is believed to have trumped rivals such as Temasek that were also keen to invest in the company, the people said. The final documentation is underway and is expected to get signed this coming week.
Meanwhile, US-based GoldenTree Asset Management and Pacific Investment Management Co (Pimco) have likely joined a consortium led by investment firm Oak Hill Advisors, which is in talks to provide a $2 billion (Rs 14,720 crore) credit line to Vodafone Idea.
The expansion of the lender consortium will fill up the sizeable funding requirement quickly with the distribution of risk exposure across a larger pool of financiers, one of the persons said.
The telco had in September announced a Rs 25,000 crore fundraising plan via a mix of debt and equity. The $2 billion credit line it is negotiating with the consortium is part of that plan.
The expanded consortium may get to a binding term sheet by mid-January, it was learned.

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OTHERS

License of Deccan Urban Co-Operative Bank Nullified, Says RBI

Aniruddh Shrivastava

Co-operative Banks do not have adequate capital and earning prospects, the Central Bank (RBI) claims. On Thursday, the Reserve Bank of India announced that the license of Deccan Urban Co-operative Bank in Karnataka had been cancelled as the lender does not hold ample capital and earning prospects. As per the recent study submitted by the bank, more than 99% of the depositors are permitted to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC) in a release. The cooperative bank terminates to continue their banking business, effecting from the close of business on Thursday.

“The bank does not have adequate capital and earning prospects,” the RBI said while proclaiming the cancellation of the license. It also added that the Vijayapur-based bank, with its current-going financial position, would be incapable of paying its existing depositors in full.

The RBI has requested the Commissioner for Co-operation and Registrar of Co-operative Societies, Karnataka, to issue an order for winding up the bank, followed by appointing a liquidator.


On liquidation, every depositor is eligible to receive deposit insurance claim amount of their deposits up to five lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC), besides paying Rs 13.07 crore of the total insured deposits as on 06th August 2022.

In another release of RBI, officials said that it has imposed a penalty of Rs 593,000 on Obopay Mobile Technology India Private Limited for non-compliance in assigning certain points of norms on Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC).

The central bank added that the forfeit is based on deficiencies in supervisory compliance, not intending to articulate upon the validity of any transaction or agreement made by the firm with its customers.

OTHERS

PhonePe Raises Rs 150 Crore From Parent Company

Amrita Chakravorty

PhonePe has received Rs 150 crore from PhonePe Pvt Ltd, Singapore in funding, as per regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 198,755 shares and the total amount paid was Rs 150 Crore.
On December 3, Flipkart had announced a “partial spin-off” of PhonePe. The e-commerce major had said PhonePe is raising USD 700 million (about Rs 5,172 crore) in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors, led by Walmart.
Flipkart will own 87 per cent majority share in the hived-off entity with US-retail giant Walmart owning 10 per cent and existing investors, including Tiger Global Management, holding the remaining 3 per cent stake
Binny Bansal, Flipkart’s co-founder will join PhonePe’s board of directors along with the fintech company’s co-founders Sameer Nigam and Rahul Chari. Flipkart was acquired by Walmart, and PhonePe was also part of the transaction.
PhonePe claimed to have more than 250 million registered using its app to send and receive money, recharge mobile, DTH, data cards, pay at stores, and more. According to Walmart, Flipkart and PhonePe, which saw ‘all-time high’ monthly active users, helped its international businesses post $29.6 billion in net sales in Q3 ended October 31, according to a statement. “Flipkart and PhonePe had strong results for the quarter. The number of monthly active customers for these platforms is at an all-time high,” Walmart President, CEO, and Director C Douglas McMillon had said during an earnings call.

OTHERS

PM Modi Wishes Sonia Gandhi on Her Birthday

Neha Verma

PM Narendra Modi greeted Indian National Congress President Sonia Gandhi on her birthday today. “Birthday greetings to Smt. Sonia Gandhi Ji. May God bless her with a long and healthy life,” PM Modi tweeted.
Union Minister Nitin Gadkari also wished Sonia Gandhi on her birthday by wishing her long life and good health. “Birthday greetings to the President of the Indian National Congress party Smt. Sonia Gandhi Ji. May you be blessed with good health and long life,” Gadkari tweeted. Political leaders and have also wished Congress chief Sonia Gandhi on her birthday for her long and healthy life.
According to the Congress party, all the leaders and state party heads have communicated keeping in view of the disruption caused by the Covid-19 pandemic across the country and the ongoing protest of Farmers against the new agriculture bills, Sonia Gandhi has decided not to celebrate her birthday this year. Further, Congress General Secretary KC Venugopal in a letter asked all the party chiefs of Congress to avoid all sorts of celebrations on Sonia Gandhi’s birthday.

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