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IIFL Home Finance to raise nearly ₹3,000 crore through bond issue: Report | Mint

LivemintLivemint · 12m ago
IIFL Home Finance to raise nearly ₹3,000 crore through bond issue: Report | Mint
Medial

- IIFL Home Finance plans to raise approximately ₹3,000 crore through a public issue of bonds. - The lead managers for the bond issue are Trust Investment Advisors and IIFL Securities, both rated AA by Crisil and India Ratings. - The details of the bond issue have not been finalized yet. - IIFL Finance is aiming to raise ₹10,000 crore through debt between October and March to recover from the RBI's ban on issuing gold loans. - The RBI recently lifted the ban on IIFL Finance's gold loan business, resulting in a surge of over 12% in the company's shares. - HSBC upgraded IIFL Finance stock to 'hold' from 'reduce' after the RBI's decision, with a higher target price of ₹540, and increased its earnings per share estimates.

Ola Electric’s 2W market share declines to 24.5% in November

EntrackrEntrackr · 9m ago
Ola Electric’s 2W market share declines to 24.5% in November
Medial

India's electric two-wheeler market recorded a 29% year-on-year growth in November, with total sales exceeding 118,000 units. However, on a month-on-month basis, the segment registered a nearly 15% decline compared to October, according to Vahan data. Ola Electric retained its position as the market leader with 29,191 units sold, which accounted for 24.54% of the EV two-wheeler market. The Bhavish Aggarwal-led company’s market share has seen fluctuations over the past six months. In October, its market share rose to 30% from 27% in September. However, this remains lower than its earlier shares, which were 32% in August, 39% in July, and a peak of 49% in June. TVS Motor and Bajaj Auto remained in close competition in November with sales of 28,200 and 27,400 units, respectively. The two companies also closed the gap with Ola Electric, capturing 23% and 22% of the market share, respectively. Ola Electric’s arch rival Ather Energy secured the fourth position with 15,800 units, while Hero MotoCorp's electric division recorded 3,300 units. Ather, which is also on the verge of listing on the stock exchange, controls 11% share in EV two wheelers space. Similar to its performance in the EV two-wheeler market, Ola Electric’s share price has also seen fluctuations in recent months. In November, its shares were trading at Rs 72.72, nearly 54% lower than their peak of Rs 157.53 in mid-August. However, last week, the stock surged by nearly 30% following the announcement of a new scooter range. This new range, designed primarily for commercial use in commerce and deliveries, is expected to boost the company’s sales in the coming months. In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1,214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.

CCI approves majority stake acquisition in Nazara by Mithun Sacheti’s Axana and others

EntrackrEntrackr · 4m ago
CCI approves majority stake acquisition in Nazara by Mithun Sacheti’s Axana and others
Medial

The Competition Commission of India (CCI) on Tuesday approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. In January this year, Axana Estates, Plutus Wealth Management, and Junomoneta Finsol had made an open offer to acquire up to a 26% stake in Nazara Technologies from its stakeholders. In the same month, the Mumbai-based company also raised $60 million led by Axana Estates against a 5.4% stake. Axana Estates LLP lists Arpit Khandelwal and Mithun Sacheti as its designated partners. Khandelwal is the founder and managing partner of Plutus Wealth Management, while Sacheti is the founder of CaratLane, now owned by Titan. Both Khandelwal and Plutus Investments hold stakes in Junomoneta. Plutus Wealth entities previously held a 13.3% stake in Nazara. Following this transaction, Axana Estates and Plutus Wealth will collectively hold a 27.2% stake in the 26-year-old company. As of March 2025, Nazara founder Nitish Mittersain holds an 8.75% stake in the company along with Mitter Infotech, while Plutus Wealth Management and Arpit Khandelwal command 11.54% and 7.87%, respectively. SBI Mutual Fund and Rekha Jhunjhunwala (on behalf of the late Rakesh Jhunjhunwala) hold 8.52% and 7.06% shares, respectively, in the company. In November last year, Nazara raised $100 million through a preferential issue for expansion in the gaming and sports media sector. Since then, the company and its subsidiaries have acquired majority stakes in multiple gaming firms such as Curve Games, TJRWrestling, ITRWrestling, King of Thieves and CATS, Trinity Gaming, and Funky Monkey. Although Nazara has not yet released its Q4 FY25 results, its operating revenue surged 67% in Q3 FY25 to Rs 535 crore from Rs 320 crore in Q3 FY24. However, its profit declined 53.6% year-on-year during the same period to Rs 13.7 crore. On Wednesday, Nazara founder Nitish Mittersain revealed that the company will have Rs 700 crore in cash on its balance sheet. Moreover, Nazara also secured the rights to Bigg Boss in India and plans to launch the game in the coming months. The company is currently trading at Rs 1,279 (as of 12:30 PM) with a total market capitalization of Rs 11,229 crore or approximately $1.3 billion.

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