Jio-BlackRock Gets SEBI Nod to Launch Mutual Fund Business

• Ending a two-day winning streak, Indian equity benchmarks—the Sensex and Nifty 50—closed with sharp losses on Tuesday, May 27, as weak global cues triggered profit-booking among investors.

• Concerns over the widening US fiscal deficit, following President Donald Trump’s tax-cut proposal, weighed on major Asian markets including Japan’s Nikkei and South Korea’s Kospi.

• The index once again failed to decisively break past the 25,000 resistance level, reflecting a lack of strong positive triggers.

• Large-cap stocks underperformed, impacted by muted foreign institutional investor activity and underwhelming earnings from key companies. In contrast, mid- and small-cap segments outperformed, supported by stronger-than-expected Q4 results and a correction in previously stretched valuations.

Mazagaon Dock Shipbuilders +2.39%

• Shares of Mazagon Dock and Garden Reach Shipbuilders & Engineers (GRSE) rose up to 3.5% on May 27, following reports that the Indian Navy may soon receive orders worth ₹44,000 crore.

• According to a Times of India report citing defence ministry sources, the proposal for procuring 12 advanced minesweepers or mine countermeasure vessels (MCMVs), estimated at ₹44,000 crore, is expected to be presented shortly to the Rajnath Singh-led Defence Acquisition Council for the grant of “Acceptance of Necessity” (AoN).

Interglobe Aviation (2.08%)

• Shares of InterGlobe Aviation, the parent company of IndiGo Airlines, declined over 2% after co-founder Rakesh Gangwal sold 2.26 crore shares—representing 5.8% of his stake—via a block deal worth ₹11,928 crore.

• The transaction is part of Gangwal’s continued move to gradually exit his holdings in the airline.

• RBI tightens default loss guarantee rule; NBFCs to exclude cover on fintech-sourced loans. (KNN)

• India to restore tax refund benefits for exporters from June to boost trade. (BS)

• Jio BlackRock gets Sebi nod to launch mutual fund operations in India. (BS)

• OYO targets 51-60k crore($6–$7Bn) valuation, preps for third IPO attempt. (YS)

• HDFC Bank’s HDB Financial nears SEBI approval for ₹12,764 crore ($1.5Bn) IPO. (MC)

• Fusion CX files draft papers with SEBI to raise ₹1,000 crore ($117Mn) via IPO. (MC)

• Scoda Tubes mops up ₹66 crore ($7.6Mn) from anchor investors ahead of IPO. (MC)

• Leela Hotels IPO subscribed 17% on Day 2; retail portion booked 41%. (MC)

• Aegis Vopak Terminals IPO gets subscribed 35% on day 2. (MC)

• Prostarm Info Systems IPO subscribed 3.5x on Day 1; NII portion booked 7x. (MC)

This week’s mainboard IPO schedule

• Schloss Bangalore

  • Offering Period: 26 May - 28 May, 2025

  • Listing Date: 02 June, 2025

  • Issue Price: 413-435

  • Lot Size: 34

• Aegis Vopak Terminals

  • Offering Period: 26 May - 28 May, 2025

  • Listing Date: 02 June, 2025

  • Issue Price: 223-225

  • Lot Size: 63

• Prostarm Info Systems

  • Offering Period: 27 May - 29 May, 2025

  • Listing Date: 03 June, 2025

  • Issue Price: 95-105

  • Lot Size: 142

• Scoda Tubes

  • Offering Period: 28 May - 30 May, 2025

  • Listing Date: 04 June, 2025

  • Issue Price: 130-140

  • Lot Size: 100

M&A / Investments

• BAT to sell 2.3% stake in ITC worth ₹11,613 crore ($1.3Bn). (Mint)

• Myntra Design receives ₹1063 crore ($125Mn) from parent entity. (EN)

• CRED in talks to raise ₹638 crore ($75Mn) in internal round. (YS)

• Marwadi Chandarana to buy 75% stake in TruCap Finance for ₹207 crore ($24.3Mn). (BS)

• Sanlam invests ₹105 crore ($12.3Mn) in Shriram AMC, entering the Indian AMC sector. (BS)

Debt

• Jio Credit raises ₹1,030 crore ($121Mn) through 3-year bonds at 7.08% cut-off. (BS)

VC/Funds

• PE firm Multiples announces close of ₹3,659 crore ($430Mn) continuation fund. (YS)

• US VC firm Expert Dojo’s cohort to invest ₹8.5 crore ($100k) each in 10 Indian startups. (YS)