India-related SPAC raises $170mn on Nasdaq
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India-related SPAC raises $170mn on Nasdaq
TNN / Jun 15, 2021, 05:49 IST
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BENGALURU: Private equity veteran Rohan Ajila and Manipal Technologies chairman Gautham Pai’s consumer sector focused SPAC (special purpose acquisition company) has raised $170 million in an IPO in the US. This probably marks the first fund raise by an India-related SPAC.
The SPAC, called Global Consumer Acquisition Corp (GCAC), is listed on Nasdaq. SPACs, also known as blank-cheque companies, are shell companies that launch IPOs with a promise to invest in or acquire a company within a set timeline – normally18 to 24 months. SPACs have become extremely popular among investment firms and startups over the past two years.
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Manipal Technologies to help UP rural women to provide banking services
February 21, 2021
It inks pact with the UP Government to train 8,000 women from SHGs as banking correspondents. The Uttar Pradesh State Rural Livelihood Mission (UPSRLM) has engaged Manipal Technologies Limited (MTL) to train and onboard 8,000 women from self-help groups (SHGs) as banking correspondent (BC) Sakhis.
A company statement said on Sunday that this project is part of UPSRLM’s mission to train and onboard around 58,000 rural women as BC Sakhis or banking agents across 75 districts of the state. Of the 58,000 BC Sakhis, 8,000 will be trained and onboarded by MTL.
MTL signed the agreement with the UP Government in the presence of Rajendra Pratap Singh, UP Minister for Rural Development, recently.