Discover the top business headlines that are trending across the world today!
Adar Poonawalla, billionaire CEO of the Serum Institute of India, is set to acquire a 50% stake in Karan Johar's Dharma Productions and Dharmatic Entertainment for Rs 1,000 crore. This investment values the company at Rs 2,000 crore. Dharma Productions has been actively seeking investment opportunities and has engaged in talks with major players, including Sanjiv Goenka's Saregama, Reliance Industries, and Jio Cinema. Poonawalla will make this investment privately through Serene Productions. Karan Johar will retain the remaining stake and continue as Executive Chairman and creative head, while Apoorva Mehta remains the CEO. Currently, Johar owns 90.7% of Dharma, with his mother, Hiroo, holding 9.24%. Insiders indicated that a key factor in this partnership was Johar's ability to maintain creative control while collaborating with a well-established and financially robust family.
Deepinder Goyal, co-founder and CEO of Zomato, has launched a new venture named "Continue," dedicated to health tracking and mental wellness. As reported by Moneycontrol, this startup aims to establish itself as "The Ultimate Health Tracker," although it remains in stealth mode with limited publicly available information. Incorporated in April 2023 under the name Upslope Advisors Pvt Ltd, Goyal is listed as the Director alongside Zomato employees Akriti Mehta and Simrandeep Singh as Additional Directors.
Continue reflects Goyal's growing passion for longevity and enhancing human life, especially through mental health solutions. While specific features of the health tracker are not disclosed yet, it is expected to encompass nutrition tracking, sleep monitoring, and preventive healthcare. Ultimately, the platform may develop into a holistic wellness solution addressing both mental and physical health. Zomato clarified that Continue is a personal venture for Goyal, while the company continues to focus on its core operations across its various business segments.
In a notable turnaround, the grey market premium (GMP) for Hyundai's IPO has surged to 5%, rebounding from a previous dip of -3%. This sharp increase indicates a shift in investor sentiment regarding the upcoming IPO, suggesting a potentially positive listing. Currently, Hyundai shares are trading at Rs 2,067 in the grey market, reflecting a Rs 101-107 premium over the issue price of Rs 1,960.
If this trend persists, Hyundai's stock may debut with gains when it lists on October 22. However, it's crucial to note that grey market premiums are subject to volatility and only indicate demand in the unlisted market. The Rs 27,870 crore IPO, the largest in India's history, initially experienced lackluster demand but was fully subscribed on the final day, driven by strong interest from non-institutional investors. Analysts widely agree that subscribing to the Hyundai IPO is a solid opportunity for long-term investors in the expanding passenger vehicle market.
Bhartia brothers, Shyam and Hari, of the Jubilant Bhartia Group, are in discussions with alternative asset managers, mutual funds, and international banks to raise up to Rs 12,500 crore for acquiring a 40% stake in Hindustan Coca-Cola Beverages (HCCB). This potential acquisition of Coca-Cola’s Indian bottling subsidiary could represent the largest investment for the group's diverse interests, spanning from food to pharmaceuticals, as reported by The Economic Times.
They are in talks with firms such as Apollo Global Management, Ares Management, Bain Capital, and Kotak Alternate Asset Managers to secure approximately Rs 4,000-Rs 5,000 crore. Coca-Cola’s intention to list HCCB, similar to PepsiCo’s asset-light model, is a crucial aspect of the deal. The stake sale is anticipated to aid in price discovery ahead of a future IPO for HCCB. Furthermore, the deal may not carry traditional debt features, and security linked to shares of the group’s listed entities is unlikely.
