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Will this ₹7,000-crore rescue plan save Go First?

Livemint

Livemint · 1y ago

Will this ₹7,000-crore rescue plan save Go First?

SpiceJet chairman Ajay Singh and Busy Bee Aviation have put forward a joint ₹7,000 crore rescue plan for bankrupt airline Go First. The proposal was discussed by the committee of creditors, along with a rival bid from Sharjah-based aviation company Sky One. The joint offer is said to be higher, and the decision regarding the bids will be announced in 15 days. Go First has been grounded since May 2023 and has been undergoing an insolvency process. The airline owes ₹6,521 crore to lenders and its land assets are estimated to be worth around ₹10,000 crore.

Related News

Bajaj Housing Finance is bankable, but not a bank

Livemint

Livemint · 1y ago

Bajaj Housing Finance is bankable, but not a bank

Bajaj Housing Finance, India's second-largest housing finance company, has filed a draft offer document to go public, aiming to raise about ₹7,000 crore. Of this, ₹3,000 crore worth of shares will be sold by its parent company, Bajaj Finance, while the remaining ₹4,000 crore will come from new shares to expand its housing-finance business. However, the company faces challenges from bank competition and the structural disadvantage of higher funding costs. Despite being a strong performer with low non-performing assets, Bajaj Housing's market share in the prime segment has declined steadily due to the lower cost of funds for public-sector banks.

Go Digit’s IPO: Valuation cut by 25% to $3 bn

The Arc Web

The Arc Web · 1y ago

Go Digit’s IPO: Valuation cut by 25% to $3 bn

Go Digit will launch its Rs 2,615 crore ($313 million) IPO next week, valued at Rs 25,000 crore ($3 billion). The price range is Rs 258-272, a 25% discount from its previous Rs 33,800 crore valuation. This makes Go Digit the first Indian unicorn to IPO below private valuation. The offering includes Rs 1,125 crore in primary capital, reduced from Rs 1,250 crore, and 54.8 million shares in the offer for sale.

CheapGPT.

The Verge

The Verge · 9d ago

CheapGPT.

OpenAI has introduced a budget-friendly ChatGPT Go plan, positioned between its free access and the Plus Plan priced at ₹1,999 (approximately $23) monthly. The company aims to expand the availability of the Go plan to more countries and regions. This initiative provides users with a cost-effective option to access enhanced features of ChatGPT, making it more accessible to a broader audience around the globe.

The road to enter bankruptcy court is now 7,000 companies long

Livemint

Livemint · 1y ago

The road to enter bankruptcy court is now 7,000 companies long

Approximately 7,000 companies are awaiting a decision from the National Company Law Tribunal (NCLT) on whether to admit them for bankruptcy resolution, which is over three times the number of ongoing resolution cases. Inadequate staffing and a Supreme Court order have made it more challenging for creditors to initiate bankruptcy rescue proceedings. These companies primarily operate in manufacturing, real estate, and trading, signaling areas of stress in the economy. The government has been filling vacancies in the NCLT, but delays in starting the resolution process can hamper value maximization and resource retrieval.

Pixxel-led consortium makes ‘suicide bid’ at zero for EO PPP, to bear Rs 1,200-crore cost - The Economic Times

Economic Times

Economic Times · 15d ago

Pixxel-led consortium makes ‘suicide bid’ at zero for EO PPP, to bear Rs 1,200-crore cost - The Economic Times

A Pixxel-led consortium won a government contract to create India's first indigenous commercial Earth Observation satellite constellation by bidding at zero cost, opting out of ₹350 crore government support. The consortium, including SatSure and Dhruva Space, will bear a ₹1,200 crore investment cost. Over four years, they plan to deploy 12 satellites for agriculture, urban planning, and disaster management. This initiative highlights the private sector's confidence in space opportunities.

Bengaluru startup joins Silkyara tunnel rescue mission with drones for area mapping

Economic Times

Economic Times · 1y ago

Bengaluru startup joins Silkyara tunnel rescue mission with drones for area mapping

Bangalore-based startup, Squadrone Infra and Mining, has joined the rescue operations at the Uttarkashi tunnel site in Uttarakhand. The company will deploy advanced drones equipped with geophysical and Emesent hovermap technology to map the area and assess the probabilities for a safe rescue. The drones are equipped with cutting-edge SLAM technology and AI capabilities, enabling comprehensive data generation for tunnel and mine geotechnical disturbances. Squadrone's team will work with a backend team in Bengaluru, providing real-time feedback and coordination for the rescue mission.

Jeff Bezos sells Amazon shares worth $4 billion in 4 trading days

Livemint

Livemint · 1y ago

Jeff Bezos sells Amazon shares worth $4 billion in 4 trading days

Amazon founder Jeff Bezos has sold 24 million of his company shares, making over $4 billion in the process. This is the first time Bezos has sold shares since 2021, and follows his announcement of a plan to sell up to 50 million shares in the next year. The sale comes after Amazon's stock price saw a 13% increase earlier this year, but slipped 2.2% following the last day of Bezos' share sales. Bezos' decision to move from Washington state to Florida, which does not impose a capital gains tax, could help him save an estimated $288 million in taxes.

A91, Peak XV-backed Go Digit lists at a 10% premium

The Arc Web

The Arc Web · 1y ago

A91, Peak XV-backed Go Digit lists at a 10% premium

General insurance company Go Digit saw its shares listed on the market on Thursday. Early trading saw the shares reach Rs 303, a 10% premium to its initial public offering (IPO) price. Go Digit's IPO raised approximately Rs 2,615 crore, giving it a market capitalization of Rs 27,584 crore. However, this marks a discount of around 20% compared to its previous private-market valuation. Notably, it is the first unicorn to list at a discount to its private market valuation.

Unicommerce promoters increase shareholding in the Softbank-backed company

YourStory

YourStory · 5m ago

Unicommerce promoters increase shareholding in the Softbank-backed company

Unicommerce promoters Kunal Bahl and Rohit Bansal have increased their stake in the Softbank-backed SaaS firm by acquiring 93,500 shares for approximately Rs 1 crore, bringing their total share to 10.85%. Unicommerce, serving over 7,000 global customers, reported a 62% YoY rise in Q3 net profits and a 16.2% revenue increase for FY25's first nine months. Recent acquisitions include Shipway, enhancing shipping and marketing automation solutions.

Ice popsicles maker Go Desi raises $5 million in funding led by Aavishkaar Capital

Economic Times

Economic Times · 1y ago

Ice popsicles maker Go Desi raises $5 million in funding led by Aavishkaar Capital

Bengaluru-based packaged foods startup Go Desi has raised Rs 41 crore ($4.9 million) in equity investment from Aavishkaar Capital. This funding will be used to expand the business geographically, increase product variety, and strengthen capacity. Go Desi, founded by Vinay and Raksha Kothari in 2018, offers regional-focused treats for the Indian market. The company's bestselling products include Desi Popz, ice lollies available on various platforms. Go Desi aims to grow its business from Rs 3.5 crore to about Rs 9 crore in monthly revenue over the next 18 months.

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