MUMBAI, WEDNESDAY, JANUARY 19, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL. LXII NO. 16, 14 PAGES, `7.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 60,754.86 ▼ 554.05 NIFTY: 18,113.05 ▼ 195.05 NIKKEI 225: 28,257.25 ▼ 76.27 HANG SENG: 24,112.78 ▼ 105.25 `/$: 74.58 ▼ 0.34 `/€: 84.98 ▼ 0.17 BRENT: $87.33 ▲ $0.85 GOLD: `47,943 ▼ `40 ON THE WAY DEVAS-ANTRIX DEAL Fighting to save taxpayer money: Govt IN THE NEWS EPF sops for new jobs to stay in FY23 THE GOVERNMENT is likely to extend by a year the tenure of the Aatmanirbhar Bharat Rojgar Yojana (ABRY), a provident fund subsidy scheme, aimed at incentivising new recruitment by businesses, reports fe Bureau in New Delhi. Offline players confront e-tailers at DPIIT meet STARK DIFFERENCES between offline traders/retailers and e-tailers resurfaced on Tuesday at a virtual meet held by the DPIIT, with traders seeking action against players like Amazon & Flipkart for violating FDI rules, reports fe Bureau in New Delhi. CY21: Indian tech start-ups pocket record $42 billion INDIAN TECH start-ups broke all funding records in CY2021, raising around $42 billion in total funding volume, making it the highest ever in the segment, an Inc42 report said, reports fe Bureau in Bengaluru. Devas deal a fraud on India, says FM after SC verdict FE BUREAU New Delhi, January 18 A DAY AFTER the Supreme Court held that Bengalurubased Devas Multimedia be wound up, even though it had obtained favourable international arbitral awards worth a tidysumagainstIsro’scommercial arm Antrix Corporation, finance minister Nirmala SitharamanonTuesdayaccused the then UPA government of entering into a‘fraudulent and scandalous’ deal with Devas in 2005,which led to allocation of the defence department’svaluable S-band spectrum to the firm for‘pittance’. Addressing a press conference here, the FM said the Narendra Modi government is Delhivery gets Sebi nod for `7K-cr IPO 2005: Bengaluru-based Devas Multimedia inks 'fraudulent' deal with Isro armAntrix, involving allocation ofvaluable S-band spectrum for 'pittance' 2011: Deal is cancelled 2015: Devas shareholders get multiple arbitral awards worth $1.3 bn against Antrix abroad; trying to attach Indian assets 2021: NCLT& NCLATorder winding up of Devas 2022: SC upholds tribunals' stand, rejects Devas plea against winding up order FM says govt fighting court cases to ensure taxpayer money not lost nowfightingtherelevantcases in multipleforatosavetaxpayers’money. Continued on Page 2 IPO comprises fresh issue of `5,000 cr & OFS worth `2,460 cr FE BUREAU Bengaluru, January 18 LOGISTICS START-UP DELHIVERY on Tuesday received the Securities and Exchange Board of India’s (Sebi) approval to raise `7,460 crore through an initial public offering (IPO). Thecompanyhadfileditsdraft prospectusinNovember2021. The IPO consists of a fresh issue of shares worth `5,000 crore andan offerforsale (OFS) by existing investors amounting to `2,460 crore,according tothe company’s draftredherring prospectus (DRHP). CarlyleGroup,whichownsa 7.42% shareholding in the company,isexpectedtooffload shares worth `920 crore,while SoftBank,whichowns22.78%, will offload shares worth `750 crore.China Moment Fundwill also sell shares worth `400 crore and Times Internet will offload another `330 crore ■ Delhivery seeking a valuation of around ■ Founders Kapil Bharati, Mohit Tandon and Suraj $5-5.5 bn Saharan to in proposed IPO expected sell shares worth `62 crore ■ Carlyle Group, SoftBank & China Moment Fund to offload shares Delhivery turned unicorn in 2019 with $413-million funding led by SoftBank through the OFS. Delhivery founders Kapil Bharati, Mohit Tandon and Suraj Saharan are also expected to sell shares worth `62 crore in the proposed IPO. Kotak Mahindra Capital, Morgan Stanley India, BoFA Securities and Citigroup are the book running lead managers for the offering. Continued on Page 2 ● 54% STAKE BUY Reliance invests $132 million in robot maker Addverb PRESS TRUST OF INDIA New Delhi, January 18 MUKESH AMBANI-LED Reliance Retail has acquired a 54% stake in domestic robotics companyAddverb for$132 million (about `983 crore), a senior official of the robotic firm said Tuesday. Addverb Technologies cofounder and CEO Sangeet Founded in 2016, Addverb Tech expects to close current financial year with 100% growth in revenue Post the Reliance investment, Addverb Tech to continue to operate independently, says CEO Kumar said the company will continue to operate independently and will use the funds ■ Funds to be used to expand business overseas, set up robotic manufacturing facility in Noida received from Reliance to expand business overseas as well as set up one of the biggest roboticmanufacturingfacilities in Noida.The company already has a manufacturing plant in Noidawhereitproducesaround 10,000 robots perannum. “With this investment, Reliancewillhold around 54% stake inAddverb.Theybecome the largest shareholder in the company,”Kumar said. Continued on Page 2
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.