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Negotiations have been underway to determine the stake that existing shareholders will retain or whether they will exit entirely, with Kotak Mahindra advising TCPL on this matter. The original asking price was almost $1.5 billion (Rs 12,442 crore), but it has since decreased.
With a firm commitment to tackling real-world health issues, The Good Bug has secured $3.5 Mn Series A funding from Fireside Ventures.
Lenders to Bansi Mall Management Co Pvt Ltd (BMMCPL), which owns SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover their dues totalling Rs 571 crore.
The investor upped its stake in the Indian retail giant as Walmart and Amazon duke it out for dominance in the 1.4-billion consumer market.
PNB, along with Union Bank of India, also has a secondary charge over the company's assets because they together lent ₹350 crore to a group company, Future Brands, with lease rental discounting of BMMCPL as collateral. "These two banks have secondary charge over the assets and will receive their dues only after Canara and PNB recover their principal and interest," a person familiar with the matter said.