Allen Eyes Unacademy Buyout at $800M Valuation

• Indian markets faced challenges in maintaining recent gains during today’s session as investors exercised caution ahead of the RBI's monetary policy announcement.

• Although the session began on a positive note, frontline indices lost momentum and briefly turned negative. Nonetheless, robust buying in the banking sector provided essential support, allowing the indices to recover and end with modest gains.

• The RBI is expected to reduce the Cash Reserve Ratio (CRR) to enhance liquidity in the banking system and stimulate lending, which could benefit financial firms' profitability.

Rattanindia Enterprises +5.05%

• Shares surged over 5%, driven by strong November sales from its subsidiary, Revolt Motors. The company reported a remarkable 197% year-on-year increase in vehicle sales, with 1,994 units sold in November compared to 671 units in the same period last year. On a month-on-month basis, sales more than doubled from the 952 units sold in October.

Bajaj Auto (1.77%)

• Shares dropped nearly 2% after reports emerged that the company reduced prices for its Freedom 125, the world’s first CNG motorcycle, just five months after launch. UBS Securities noted that the entry-level Freedom 125 variant saw a price cut of ₹5,000, while the mid-level variant was reduced by ₹10,000.

• Additionally, prices for select Pulsar models were lowered following Diwali.

• Nomura predicts the RBI will cut rates by 100 bps this cycle. (ET)

• Banks rely on certificates of deposit to sustain lending. (ET)

• The RBI has raised the wallet limit for UPI Lite to ₹5,000. (HT)

• Vi's board will consider raising up to ₹2,000 crore ($236Mn) through a share issue. (ET)

• Captain Fresh, gearing up for its IPO, is seeking ₹846 crore ($100Mn) in fresh funding. (Inc42)

• Star Agriwarehousing has filed IPO papers with SEBI for a ₹450 crore ($53.1Mn) fresh issue. (MC)

• Property Share REIT IPO was fully subscribed on day three, but the institutional portion fell short. (MC)

This week’s mainboard IPO schedule

• Suraksha Diagnostic

  • Offering Period: 29 November - 03 December, 2024

  • Listing Date: 06 December, 2024

  • Issue Price: 420-441

  • Lot Size: 34

• Property Share REIT

  • Offering Period: 02 December - 04 December, 2024

  • Listing Date: 09 December, 2024

  • Issue Price: 10,00,000-10,50,000

  • Lot Size: 1

M&A / Investments

• Allen is in talks to acquire Unacademy at an ₹6,774 crore ($800Mn) valuation. (BT)

• ONGC and NTPC's green JV are set to acquire Ayana Renewable for ₹6,351 crore ($750Mn). (ET)

• UK's Vodafone Group plans to sell its remaining 3% stake in Indus Towers for ₹2,540 crore ($300Mn). (BS)

• Kotak Pre-IPO Opportunities Fund is set to acquire a 15% stake in Neuberg Diagnostics for ₹450 crore ($53.1Mn). (ET)

• SBI MF and Tata MF purchased Ratnamani Metals & Tubes shares worth ₹262 crore ($31Mn). (ET)

VC

• Abyro Capital has launched a ₹211 crore ($25Mn) fund to support startups in India and the US. (VCC)

• Antler India plans to invest ₹211 crore (25Mn) in 50 startups in 2025. (BS)