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Deals Buzz: Fino Payments Bank partners with ICICI Bank

LiveMint logoLiveMint 18-07-2017 Kavya Kothiyal

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

HDFC Life to proceed with IPO before merger with Max Life Insurance

HDFC Standard Life Insurance Co. Ltd’s board on Monday approved a proposal to sell as much as 20% of the insurer through an initial public offering (IPO) even as it reiterated its commitment to a potential merger with Max Life Insurance Ltd at a later date, reports Mint.

Mint had reported in June that HDFC Standard Life had informally reached out to a few domestic and foreign investment banks for its IPO plans after the insurance regulator earlier that month rejected the original three-step merger plan, citing legal violations. Read more

Flipkart sends revised buyout offer of $850m to Snapdeal

Online retail firm Flipkart has sent a revised buyout offer to Snapdeal of roughly $850 million, reports Mint, citing two people familiar with the matter. The board of Snapdeal (Jasper Infotech Pvt. Ltd) decided the offer when they met on Monday night. Flipkart has offered to pay $650-700 million in stock immediately and another $150 million at a later date, the people said. Read more

Gujarat HC dismisses Essar steel plea against RBI’s bankruptcy code

The Gujarat high court on Monday terminated Essar Steel Ltd’s petition challenging the initiation of bankruptcy proceedings against the company and further cleared the way for the Reserve Bank of India (RBI) to press ahead with the bad loan resolution process, reports Mint. Read more

Fino Payments Bank announces partnership with ICICI Bank

Fino Payments Bank (FPB), which launched its operations on Monday with 410 branches, has announced a partnership with ICICI Bank. The agreement includes having ICICI Bank ATMs in the new bank’s branches, reports The Times of India. FPB will also sell products of ICICI group like home loans, life and general insurance. Read more

Paytm invests in Mobiquest

Fintech start-up Paytm (One97 Communications Ltd) has informed that it has invested in Mobiquest Mobile Technologies, a Noida-based company that lets brands create loyalty programmes, reports Mint.

“This association will power Paytm-partnered merchant network to leverage Mobiquest’s data analytics and precision marketing solution in acquiring, engaging and rewarding customers,” Paytm said in a statement. Read more

Deloitte tops the list for acquiring BMR advisors’ corporate tax practice

Deloitte India has emerged as the front runner for acquiring BMR Advisors’ corporate tax practice even as KPMG and PwC remain in the race while the deal has gone to the wire, reports Mint.

“The internal announcement was made by Deloitte (India) chief executive officer N. Venkatram,” said a person aware of the development, requesting anonymity. Read more

KKR acquires 49% stake in Radiant Life Care

Global alternative investment management firm KKR & Co. Lp has acquired a 49% stake in hospital chain Radiant Life Care Pvt. Ltd for $200 million, KKR said in a statement on Monday, reports Mint.

KKR had previously supported Radiant by funding its growth, while continuing the firm’s partnership. KKR will make a proposed investment from its KKR Asian fund. Read more

IIFL AMC raises $216m for category-II alternate investment fund

IIFL Asset Management Co. Ltd said on Monday that it has raised around $216 million for its Category-II alternative investment fund (AIF) that was launched in May. The fund, IIFL Special Opportunities Fund-Series 2, was launched soon after its last fund, IIFL Special Opportunities Fund I closed at $250 million, reports Mint. Read more

SBI life files DRHP for its IPO to raise Rs7,000 crore

SBI Life Insurance Co. Ltd on Monday filed the draft red herring prospectus (DRHP) for its initial public offering (IPO), joining several other insurance companies headed for the stock market, reports Mint. In an offer for sale, SBI and BNP Paribas will sell 80 million and 40 million shares respectively, for a combined stake of 12%. SBI Life is not raising any primary capital. Read more

Greenko raises $1b via overseas bond issue

India’s leading clean energy company Greenko has raised $1 billion on Monday via an overseas bond issue, making it Asia’s largest green bond till date. It will also be the largest high-yield corporate bond by a privately held company in the whole world, reports The Economic Times. Read more

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