Pakistan signs 5-year syndicate financing facility for $1 billion

Announcement: Pakistan signs landmark financing deal with Middle Eastern Banks backed by ADB - back into global markets after 2.5 years!
- Pakistan Secures $1 Billion Landmark Financing with ADB-Backed Guarantee and Strong Middle Eastern Banks' Support.
- Govt of Pakistan…

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Time of India

2 hours ago

• Time of India

Nuvoco Vistas Acquisition: Nuvoco Vistas completes ₹1,800 crore payment for Vadraj Cement acquisition, ET Infra

PNB, Union Bank among key lenders Advt Capacity expansion By , ETInfra Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. Nuvoco Vistas Corp, part of the Nirma Group, has completed the ₹1,800 crore payment to lenders for the acquisition of Vadraj Cement . As per The Economic Times, the payment, made on Saturday, clears dues owed to financial creditors led by Punjab National Bank (PNB) and Union Bank of India , two people familiar with the matter said."The money came to lenders on Saturday and has been distributed. There were some delays due to some litigation but now that everything is settled, the company transferred the money well ahead of the June 24 deadline," one of the persons cited which holds about 25 per cent of the over ₹8,000 crore debt, will receive ₹431 crore. Union Bank is expected to get ₹345 crore, according to ET's calculations. The payment allows banks to write back their provisions in the current ₹1,800 crore bid, made through its subsidiary Vanya Corp, had outbid the Adani Group in the auction conducted under court-monitored corporate insolvency . Adani Group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund in its bid for the Gujarat-based cement Cement, earlier owned by ABG Shipyard, operates a 6 million tonne per annum grinding unit in Surat. The asset will be added to Nuvoco Vistas' existing 25 MTPA capacity, taking the total to around 31 MTPA. This is Nuvoco's third acquisition after Lafarge Cement and Emami acquisition was approved by the National Company Law Tribunal's Mumbai bench in April. According to the resolution plan, Vanya Corp will be merged with Vadraj Cement, which will become a wholly-owned subsidiary of Nuvoco the ₹1,800 crore offered, ₹1,725 crore will go towards financial creditors, while the remainder will cover operational creditors, employee dues, and insolvency resolution process costs.

Time of India

3 hours ago

• Time of India

Meesho concludes reverse flip process; likely to file DRHP in 2–3 weeks

Ecommerce marketplace Meesho has concluded its reverse flip process and moved its domicile to India, said people in the know. Documents filed with the Registrar of Companies and seen by ET confirm the development. "Meesho's board met late on has approved the merger and share allotment to investors of the US entity. It is now a fully Indian company," one of the persons said, adding that the company is expected to file the draft prospectus for its upcoming initial public offering in the coming two to three weeks. The SoftBank-backed company had on May 27 received approval from the National Company Law Tribunal (NCLT) to go ahead with the reverse flip. The company is expected to pay $280–300 million tax in the US for its flipback. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo A Meesho spokesperson did not respond to queries sent by ET. With this, Meesho joins Groww, Razorpay, Dream Sports, Zepto and PhonePe , which have already shifted their domiciles to India. Live Events Meesho, on the lines of other Y Combinator-backed startups such as Groww and Razorpay, was originally incorporated in the US to facilitate easier access to global capital. However, with plans to go public on Indian stock exchanges, these companies have been relocating their registered offices to India. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Meesho had applied to the NCLT for approval of its reverse merger in January. Meanwhile, it closed a $550 million funding round that saw new investors such as Tiger Global, Mars Growth Capital and Think Investments join its cap table. This transaction, which was largely a secondary deal, valued the company at around $3.9-4 billion, at a slight discount from its peak valuation of $5 billion. Meesho has appointed Kotak Mahindra Capital, Citi, JP Morgan, and Morgan Stanley as merchant bankers for its public issue. The company's ecommerce rival, Walmart-owned Flipkart, is also working on redomiciling from Singapore to India ahead of a planned IPO in 2026. In March, Meesho released its annual report, saying it recorded 34% year-on-year growth in orders during the April-December 2024 period, at 1.3 billion. This equalled the number of orders it clocked over the whole of fiscal year 2024. As of December 31, the company had 187 million unique annual transacting users — a 26% increase from the same period in the previous year. A March report by brokerage CLSA noted that Meesho is currently at a gross merchandise value (GMV) run rate of $6.2 billion, and is estimated to grow at a compound annual growth rate (CAGR) of 26% over the next six years. The research note had estimated Meesho's market share at 37% in terms of the number of orders for calendar year 2024. However, in terms of GMV, its market share was around 8.5%, CLSA said.

Business Standard

3 hours ago

• Business Standard

Trent rallies 9% in 2 days to five-month high; brokerages see more upside

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