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The Indian subsidiary of South Korean major LG Electronics on Friday filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India to raise Rs 15,000 crore through an Initial Public Offering (IPO). This comes within two months of the Indian unit of South Korean automobile major Hyundai going for a Rs 27,870-crore IPO—the largest ever in India. The LG Electronics India IPO is an offer for sale and is likely to offload up to 101.8 million equity shares amounting to a 15 % stake. This DRHP comes at a time when South Korea is in turmoil after its President Yoon Suk Seol declared emergency marital law, which was reversed hours later.
In order to attract more capital inflows, the RBI has decided to increase the interest rate ceilings on FCNR(B) deposits. These are foreign currency term deposits that non-resident Indians can open with Indian banks. Effective from Friday, banks are permitted to raise fresh FCNR(B) deposits of 1 year to less than 3 years maturity at rates not exceeding the ceiling of overnight Alternative Reference Rate (ARR) plus 400 bps as against 250 bps at present. “Similarly, for deposits of 3 to 5 years maturity, the ceiling has been increased to overnight ARR plus 500 bps as against 350 bps at present. This relaxation will be available till March 31, 2025,” the RBI said.
Roto Energy Systems Ltd., a subsidiary of Roto Pumps Ltd., has secured over 400 orders for its newly launched Solar Submersible Pumping Systems under the brand name "Roto Rudra". This further reinforced its position as a key player in sustainable water management globally. The orders span Australia (100 units for agriculture), South Africa (100 units of advanced Helical Rotor and Centrifugal Pumps), as well as Indian states including Chhattisgarh (100 units) and Maharashtra for supporting agriculture, irrigation, and renewable energy initiatives. The orders underscore Roto's ability to deliver tailored solutions that meet diverse operational requirements, combining cutting-edge technology with reliability.
One97 Communications, parent company of Paytm is set to sell its $250 million (approximately Rs 2,000 crore) stake in PayPay to SoftBank as part of its strategy to divest non-core assets and focus on expanding its payments business. Paytm’s involvement with PayPay started in 2018, when the company teamed up with PayPay Corporation in a joint venture between SoftBank (its major shareholder at the time), and Yahoo Japan (Z Holdings) to launch QR-code-based cashless payments in the region. In October, Paytm received approval from the National Payments Corporation of India (NPCI) to onboard new UPI users, lifting the entire previous restrictions. Meanwhile, earlier in 2024, the company sold its entertainment ticketing business, Paytm Insider, to Zomato for Rs 2,048 crore.
