Rapido Achieves $1 Billion Valuation With New Funding Round

• The Sensex and Nifty 50, closed in the red on Thursday, September 5, with major stocks like Reliance Industries and Bharti Airtel leading the declines.

• The market sentiment remained subdued due to the absence of new catalysts and weak global signals. Investors are now turning their attention to the upcoming US monthly jobs report, set to be released later today. It will play a key role in shaping expectations regarding the Federal Reserve's future rate cuts.

Sona Blw +1.79%

• The stock jumped by over 4 percent on September 5 after the company announced its plans to launch a Rs 2,400 crore Qualified Institutional Placement (QIP).

• The company has set a floor price of Rs 699.01 per share for the QIP and may offer an additional 5 percent discount at its discretion.

Prestige Estates Project (4.48%)

• The stock price decreased by over 4 percent yesterday after the company announced that it raised Rs 5,000 crore through a QIP yesterday.

• Sebi employees protest outside the HQ, demanding the resignation of chairperson Madhabi Puri Buch. (BT)

• Diesel demand drops in India and China pressures crude oil prices. (ET)

• Transport Minister Nitin Gadkari states that EV makers no longer need subsidies. (bt)

• Ola Electric plans to launch a three-wheeler soon. (EN)

• India's car dealers face a double whammy: rising inventory and growing demand for discounts. (ET)

• Prestige Estates raises Rs 5,000 crore ($596Mn) through a QIP of equity shares. (BS)

• Baazar Style Retail shares are expected to debut at a 15% premium over the IPO price today. (MC)

• Reliance Industries' board approves a 1:1 bonus share issue. (BS)

This week’s mainboard IPO schedule

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

• Gala Precision Engineering

  • Offering Period: 02 September - 04 September, 2024

  • Listing Date: 09 September, 2024

  • Issue Price: 503 - 529

  • Lot Size: 28

M&A / Investments

• Reliance plans to invest Rs 3,900 crore ($465Mn) in its FMCG arm to strengthen its market position. (BS)

• Max Financial Services' promoter sells a 3.18% stake for Rs 1,218 crore ($145Mn). (BS)

• Drip Capital raises Rs 947 crore ($113Mn) to expand trade finance and increase disbursals. (YS)

• Bharat Value Fund invests Rs 150 crore ($17.9Mn) in Marudhar Rocks. (BS)

• Britannia is negotiating to acquire Kishlay Foods to expand its presence in the Northeast. (BS)

• Tork Motors is considering selling a stake to survive amid a funding crunch. (YS)

Debt

• Adani Group is negotiating with global banks to sell Rs 12,572 crore ($1.5Bn) in dollar bonds. (BS)

• Data InvIT raises nearly Rs 8,381 crore ($1Bn) in a rare bond deal to finance the acquisition of ATC India. (BS)

VC