Published By: Sayan Paul

The Buzz in Business: Top News of the Day (Nov 23)

Discover the top business headlines that are trending across India today!

Adani Group US Indictment; Company's CFO Speaks

Recently, the United States Department of Justice (DoJ) filed charges against Indian businessman Gautam Adani and other executives from his conglomerate, the Adani Group, alleging their involvement in a massive $250 million bribery scheme. The charges include defrauding American investors and impeding investigations, along with creating major legal and reputation-related challenges. Simultaneously, the Securities and Exchange Commission (SEC) has filed a civil suit against the two Adanis and a third individual.

Now, Adani Group CFO Jugeshinder Robbie Singh clarified in a statement that none of the conglomerate's portfolio of 11 public companies are subject to indictment, adding that none of the issuers are accused of any wrongdoing. He wrote in a post on X, "This specifically relates to one contract of Adani Green which is roughly 10% of the overall business of Adani Green (there is a lot more precise and comprehensive detail of this which we will elaborate in an appropriate forum)."

Credit: NDTV

NTPC Green Energy IPO Highlights: Issue Subscribed 2.40 Times on Final Day

The NTPC Green Energy IPO, valued at ₹10,000 crore, opened for subscription on November 19 and closed on November 22. On the final day, the IPO was subscribed 2.42 times, with retail investors subscribing to the issue 3.44 times the shares originally offered. Also, the QIBs (qualified institutional buyers) are booked 3.42 times, while the NIIs are booked 81%.

Notably, NTPC Green Energy secured around $469 million through anchor share allotment on Monday, led by global money managers such as Goldman Sachs, the Capital Group, and T. Rowe Price Group Inc., along with the Singapore government and Abu Dhabi Investment Authority.

Credit: IPO India

The IPO consists of fresh issues of new equity shares, with no segment designated for an offer-for-sale (OFS).

FM Sitharaman Speaks at India Ideas Conclave, Calls for 'Brand Bharat'

Speaking at the 8th India Ideas Conclave organized by the India Foundation, Union Finance Minister Nirmala Sitharaman emphasized the importance of developing “Brand Bharat” as an epicenter of innovative solutions and opportunities. In her words, "India is setting standards in pharmaceuticals. As US FDA Standards are useful for exports, can we, in India, not have the Bharat Food and Drug Administration (FDA) which can give global standards and benchmarks? We need to focus on that."

Credit: Nirmala Sitharaman Office

She further said, “Our gig economy start-ups, quick commerce, for instance, are truly one-of-a-kind innovations only India has. That’s not to say that brick-and-mortar retail is not doing fine. I recognize they are being challenged by quick commerce, and we need to handhold and support them, but use this to brand India as a destination of innovative solutions to modern urban leagues.”

Bank Of India Set to Raise Up to Rs 5,000 Crore via Infra Bonds

According to the latest reports, the Bank of India is now planning to raise Rs 5000 crore via infrastructure bonds next week. Spanning 10 years, the bonds will have a base size of Rs 2,000 crore and a greenshoe option of Rs 3,000 crore. Also, reports suggest that these are expected to be issued at around 7.40-7.45% rate.

Notably, back in July this year, the bank raised Rs 5,000 crore through 10-year infra bonds at a coupon of 7.54%. Also, it has a loan pipeline of over Rs 70,000 crore, including an infrastructure pipeline of around Rs 15,000 crore.

Founded in 1906, the Bank of India has been government-owned since nationalization in 1969. As reported in December 2023, its total business stands at ₹1,272,887 crore, and has 5,139 branches worldwide.