Yes Bank Gainers Rs 4,500 Crore from Anchor Investors

July 15, 2020July 15, 2020

Yes Bank on Tuesday raised Rs 4,500 crore from anchor investors ahead of its Follow-on Public Offerings (FPO) that opens on Wednesday.
Earlier, Yes Bank has decided to raise up to Rs 15,000 crore this year as reported on 1 July, to support its growth and expansion, enhancing its solvency, capital adequacy ratio, and evolving regulatory requirement. Prashant Kumar, Chief Executive Officer of Yes Bank has said that if the bank raises Rs 15,000 crore there is no need for raising funds in the market for coming three years.
In a regulatory filing to stock exchanges, Yes Bank said, the company has decided to allocate 3,415,384,614 shares to anchor investors at Rs12 per share. The company has fixed a price band of Rs 12-13 per share for its FPO, which will be open for subscription from July 15-17.
Tilden Park, a multi-strategy fixed-income-focused alternative asset manager has invested Rs 2,250 crore in the lender’s anchor portion. The other investors who have received an allotment in the anchor book are Elara Capital, Hinduja Grup’s Leyland Finance, HDFC Life Insurance Company, RBL Bank and ICICI Prudential Mutual Fund.
The merchant bankers of the issue include Kotak Mahindra Capital Company, SBI Capital Markets, Axis Capital, Citigroup Global Markets India Private Limited, HSBC Securities, DSP Merrill Lynch and ICICI Securities, Capital Markets (India) Private Limited and YES Securities (India) Limited.

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ECONOMY INDIA

PM Modi Urges Steel Industry to Cut Import Reliance

Dhruva KulkarniApril 24, 2025April 24, 2025

April 24, 2025April 24, 2025

Prime Minister Narendra Modi said on Thursday that raw material security remains a major concern for India’s steel sector. Speaking at the India Steel 2025 event via video conference, he urged the industry to reduce reliance on imported coal and accelerate greenfield mining projects.

Calling steel the backbone of development, Modi said the sector is crucial to India’s $5 trillion economic vision. He highlighted India’s position as the world’s largest steel producer and one of the fastest-growing markets, emphasising the growing domestic demand driven by infrastructure, automotive, and defence sectors.

Citing the $1.3 trillion National Infrastructure Pipeline, Modi said the government’s development push is generating consistent steel demand. He also noted that Indian-made steel was used in the country’s first captive aircraft.

Looking ahead, the Prime Minister outlined goals of producing 500 million tonnes of steel by 2047 and exporting 25 million tonnes. He also called for manufacturing advanced ships in India and stressed the need for high-grade steel and stronger R&D efforts.

He urged collaboration between the public and private sectors to drive innovation and meet rising global standards.

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INDIA

PM Modi Cancels Kanpur Visit; Metro Phase 2 Inauguration Delayed

Dhruva KulkarniApril 23, 2025April 23, 2025

April 23, 2025April 23, 2025

Prime Minister Narendra Modi has cancelled his scheduled visit to Kanpur on 24th April following the Pahalgam terror attack, which took 26 lives, including one person from Kanpur.

The PM was expected to inaugurate Kanpur Metro Phase 2 and lay the foundation stone for projects worth over Rs 20,000 crore. As a mark of respect, officials postponed the event and deferred any celebratory public engagements.

Phase 2 of the Kanpur Metro includes a 7-km underground corridor between Chunniganj and Kanpur Central, adding five new stations: Naveen Market, Chunniganj, Bada Chauraha, Nayaganj, and Kanpur Central. The extension aims to serve over one lakh daily commuters, cutting travel time between IIT Kanpur and Kanpur Central to 15–20 minutes.

Completed ahead of schedule in just over three years, the Rs 2,000 crore project is expected to ease congestion and improve public transport access for office workers, students, legal professionals, and railway passengers.

Chief Minister Yogi Adityanath recently reviewed the metro project, praising its rapid construction. Residents have also welcomed the development, calling it a major relief for daily travel.

PM Modi launched Phase 1 of the Kanpur Metro on 28th December 2021, which runs 9 km from IIT Kanpur to Moti Jheel.

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AUTO INDIA

Renault Opens Largest Design Centre Outside Europe in India to Accelerate Local Launches

Dhruva KulkarniApril 22, 2025April 22, 2025

April 22, 2025April 22, 2025

Renault inaugurated its largest design centre outside Europe in India on Tuesday, located within the Renault Nissan Technology & Business Centre in Chennai. The facility currently hosts 32 designers, with plans to expand to 40 soon.

Laurens van den Acker, Renault’s Chief Design Officer, expressed satisfaction with India’s design and development capabilities, noting that the studio had previously focused on vehicles for the European market.

The centre will design and support engineering for five Renault models to be launched in India over the next five years at an accelerated pace.

Venkatram Mamillapalle, Country Managing Director and CEO of Renault India highlighted that India’s automotive market is expected to grow faster than the global average, with the Total Industry Volume (TIV) projected to rise from 4.3 million to 10 million. The new design centre will help Renault expand its footprint in India, focusing on customer needs and preferences for SUVs.

The centre’s location and time zone offer efficiency, enabling design work to continue while other global operations are offline. India’s strong engineering and design talent pool is essential for speeding up design-engineer-build cycles.

A few weeks ago, Renault announced its plan to acquire Nissan’s 51% stake in their Indian joint venture, with the transition expected to be completed within two months.

Renault is also developing an electric vehicle for India, though widespread EV adoption is still a few years away. EVs currently make up less than 2% of the market but are expected to account for 10–12% in the next 5–7 years.

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INDIA

Maharashtra’s Water Crisis Deepens: 18% Drop in Dam Storage Since March

Dhruva KulkarniApril 21, 2025April 21, 2025

April 21, 2025April 21, 2025

Maharashtra is in a severe water crisis, with water levels in 32 major dams falling by 18% over the past month.

According to the latest data from the Central Water Commission, storage in these reservoirs has declined to just 32.10%, well below the national average of 36.16% and last year’s levels for the same period.

Of the 32 key dams, 20 have less than 50% water; several are on the verge of drying up with storage below 10%. Ujani Dam in Solapur is among the worst-hit, holding just 1.97% of its capacity. In contrast, Pune’s Manikdoh Dam is at full capacity, and the Ghod Dam is in better shape with 60.92% storage.

Back in March, the average storage across these dams was 50.32%. Since then, the sharp 18% decline has raised serious concerns as the state enters the peak summer months, heightening the risk of shortages for drinking water, agriculture, and industry.

Experts have called for urgent action from the state government and the Water Resources Department. Efficient water management, prioritising drinking water supply, and launching conservation efforts are critical to handling the crisis ahead.

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INDIA

PM Modi, Elon Musk Discuss Deepening Tech & Innovation Ties

Dhruva KulkarniApril 18, 2025April 18, 2025

April 18, 2025April 18, 2025

Prime Minister Narendra Modi spoke to Tesla CEO Elon Musk today, discussing opportunities for collaboration in technology and innovation. The interaction builds on their earlier meeting in Washington, DC, this year.

Sharing the update on X, PM Modi said their conversation touched on many subjects, including potential partnerships in emerging sectors. “Spoke to Elon Musk and discussed various issues, including the topics we covered during our meeting in Washington DC earlier this year. We discussed the immense potential for collaboration in the areas of technology and innovation,” he posted.

Modi added that India is committed to strengthening its partnerships with the U.S. in transformative sectors.

In February, the two discussed enhancing collaboration between Indian and U.S. entities in innovation, space exploration, AI, and sustainable development. Their conversation also covered entrepreneurship and good governance.

Tesla’s long-awaited India entry could begin as early as this month, with the company reportedly exploring imports from its Berlin plant. Tesla is also expected to introduce an EV priced under $25,000 and has reportedly started hiring in India.

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