Top headlines: Reliance Retail buys stake in Just Dial, DoT aid for telcos

Business Standard brings to you the top headlines on Saturday

Reliance Retail buys controlling stake in Just Dial for Rs 5.7k crore

Sharpening its e-commerce play, Reliance Retail Ventures Ltd (RRVL) is acquiring a controlling stake in 25-year-old search engine platform Just Dial for Rs 5,719 crore. RRVL will acquire 25.33 per cent in Just Dial through a preferential allotment at Rs 1,022.25 per share and take another 15.62 per cent from its founder VSS Mani at Rs 1,020 per share. Read more

In a breather to telcos, DoT may lighten debt burden by relaxing timelines

The government has decided to initiate consultations on relief measures for the highly stressed telecom sector. This comes in the backdrop of Vodafone Idea and its lenders seeking government intervention to avert a financial crisis. Read more

Zomato IPO subscribed 38 times, generates demand worth over Rs 2 trillion

Food delivery start-up Zomato’s initial public offering (IPO), the first by an Indian unicorn, drew bids worth Rs 2 trillion as it was subscribed more than 38 times on Friday. Zomato received bids for 27.5 billion shares against the 719 million on offer. Nearly three-fourths of the bids came from institutional investors, with the qualified institutional buyer (QIB) portion garnering 52 times subscription. Read more

Global surge in Covid-19 cases a warning for us: PM Narendra Modi

Prime Minister Narendra Modi said on Friday that the surge in Covid-19 cases in Europe, the US, and some of the neighbouring countries such as Bangladesh, Indonesia, and Thailand was a warning to the world as well as India that the coronavirus was still amidst us. Read more

Sebi holds PNB Housing board accountable for preferential pricing nod

The Securities and Exchange Board of India (Sebi) told the Securities Appellate Tribunal (SAT) on Friday that the board of directors of PNB Housing Finance had erred in approving the pricing for the preferential allotment of shares as it did not conform to the company's articles of association (AoA). Read more

Paytm files for India's largest IPO, eyes $25 bn-$30 bn valuation

One 97 Communications, owner of the country’s biggest digital payments provider Paytm, has filed the offer document for the biggest ever initial public offering (IPO) in the country. The IPO size is estimated at Rs 16,600 crore, half of which will be a fresh fund raise by the company. Read more