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Top 10 biz headlines: Airtel Africa IPO, Adani offer for Jaypee, and more

rbi, reserve bank of india
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1. RBI turns down small finance banks’ request to dilute listing norms

The Reserve Bank of India (RBI) has put its foot down and told small finance banks (SFBs) that it will not relax listing norms for them.

2. India’s m-cap lags as Sensex scales new highs on post-election euphoria

The benchmark indices logged fresh record highs for a third day in a row on Tuesday even though the country’s market capitalisation is yet to cross its previous peak registered nine months ago.

3. Combined debt of state-run OMCs hits five-year high of Rs 1.62 trillion

The combined consolidated borrowing of oil-marketing majors Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) touched a five-year high of Rs 1.62 trillion at the end of March 2019.

4. Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech

The Adani group has again entered the race for debt-ridden Jaypee Infratech by making a non-binding offer of Rs 500 crore as upfront payment to lenders, employees and operational creditors.

5. Airtel Africa plans to list on LSE, may use proceeds to cut $ 2-bn debt

Bharti Airtel on Tuesday said its Africa unit (Airtel Africa) planned an initial public offering (IPO) and list on the London Stock Exchange, and that might fetch the company close to $1 billion.

6. 100-day agenda: Commerce ministry pushes for separate logistics department

In a bid to bring all regulatory powers over the logistics sector under its wing, the commerce and industry ministry has pushed for the creation of a separate department for logistics.

7. GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans

GMR Group’s Warora Thermal power project in Maharashtra appears to be on the verge of defaulting on its long-term loans of over Rs 3,000 crore due to deterioration in liquidity.

8. Flipkart rejigs fashion arm Myntra, brings Jabong employees into its fold

In the last leg of the restructuring process, Walmart-owned fashion retailer Myntra has announced plans to create a unified workforce by bringing all of Jabong’s employees into its fold.

9. Under IBC, 378 companies owing Rs 2.5 lakh crore sent for liquidation

Under the Insolvency and Bankruptcy Code (IBC), as many as 378 companies with total creditor claims of Rs 2,57,642 crore have so far been sent into liquidation, reported Economic Times.

10. Piramal Capital offloads Rs 2,000-cr loan exposure in Lodha to Goldman Sachs unit

Piramal Capital and Housing Finance Ltd has sold its Rs 2,000-crore loan exposure to Mumbai-based Lodha Developers Ltd to a unit of Goldman Sachs.

Source: Business Standard