IPO-bound OYO to become public ltd firm

City gas volumes may surge on cost advantage over petrol, diesel

As vehicular traffic and industrial activity rebound, volumes in the city gas distribution space are seen jumping 25-27% on year in 2021-22 (Apr-Mar), thanks to the price advantage of natural gas over dearer conventional liquid fuels like petrol, diesel, and furnace oil, according to CRISIL Ratings. As per the agency’s estimates, such strong growth is expected to help city gas distributors sustain robust operating margins of around 28%.

India for early start of free-trade agreement review with ASEAN

India and the 10-member ASEAN bloc should strive to announce the review of the free trade agreement (FTA) between them before the year-end, Minister of State for Commerce and Industry Anupriya Patel suggested on Tuesday. The issue came up for discussion during the 18th ASEANIndia Economic Ministers Consultations. The ASEAN-India Trade in Goods Agreement was signed on August 13, 2009. It came into force on January 1, 2010.

Singapore may lose good investments and jobs on tighter restrictions: FM

Singapore could lose good investments and jobs if it imposes tighter restrictions on global companies' ability to employ the talent they need, Finance Minister Lawrence Wong said on Tuesday. Speaking in Parliament that is debating Opposition tabled motions on free trade agreements, singling out the Comprehensive Economic Cooperation Agreement (CECA) with India, Wong said with strict policies global companies would find it rough to operate in Singapore.

ToneTag completes Reserve Bank's first cohort for retail payments

Voice-based financial transaction is soon going to become a reality as the Reserve Bank has given approval to ToneTag, a hardware-agnostic sound wave tech solutions provider, for such payments. ToneTag has completed the first cohort under the Reserve Bank of India (RBI) sandbox for retail payments, the company said on Tuesday.

Kotak Equities upgrades Zee Ent, raises price aim by 25%

Kotak Institutional Equities has upgraded shares of Zee Entertainment Enterprises Ltd and has raised its target price by 25% following the company's largest shareholder seeking the ouster of three directors of the company, including Managing Director and Chief Executive Officer Punit Goenka. "This turn of events is likely to result in an end to governance concerns, improvement in cash generation and a possible change in management," the brokerage said.

Yes Bank, six others settle case with Sebi; pay Rs 1.65 crore

Private sector lender Yes Bank and six persons on Tuesday settled with Sebi a case pertaining to alleged selective disclosure of asset quality, after paying Rs 1.65 crore towards settlement amount. Apart from the bank, the six persons who settled the case are -- Ashish Agrawal, Niranjan Banodkar, Sanjay Nambiar, Devamalya Dey, Rajat Monga and Shivanand Shettigar.

Sebi levies fine on Titan Company employee for disclosure lapses

Markets regulator Sebi on Tuesday levied monetary penalty on an employee of Titan Company Ltd for disclosure lapses, in violation of insider trading norms. Sebi received a letter from Titan wherein the company intimated about contravention of Prevention of Insider Trading (PIT) regulations and company's code of conduct for the prevention of insider trading by some of its designated persons/employees.

11 states meet Q1 capex target, get to mobilise Rs 15,721 crore

Eleven states have achieved the capex target set by the finance ministry in the 1st Quarter of 2021-22 thereby getting permission to borrow an additional amount of Rs 15,721 crore as an incentive. The 11 states include Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand.

CarTrade launches one-stop services platform to buy, sell pre-owned cars

Multi-channel auto platform CarTrade Tech has launched a tailor-made one-stop service for hassle free buying and selling pre-owned cars across nine cities. The newly-launched offline and online retail platform 'CarWale abSure' also offers customers services such as free home car inspection, loan closure assistance, guaranteed ownership transfer and assured payments within 24 hours post-inspection.

Govt asks investors from US to invest in road, highway sector

Terming road and highway projects in India "gold mine", Union Minister Nitin Gadkari on Tuesday asked investors from the US to invest in the sector. Stating the India's road network is doing excellently, the Road Transport and Highways Minister said the country is developing industrial clusters, roadside amenities and therefore the income from the sector would also increase.

Pandemic fails to dent investors’ interest in India: Survey

India remains an attractive destination for investments for multinational corporations, scoring highly for its skilled workforce and prospects for economic growth, a Deloitte global survey has found. The survey -- India's FDI Opportunity -- conducted during the peak of the second wave of the pandemic in India this year, found that a large proportion of international business leaders remain confident in India's short- and long-term prospects.

‘IRDAI's move to risk policyholder's data privacy, create data monopoly’

The data of millions of Indian policyholder's -- life and nonlife -- is to be transferred to the Insurance Information Bureau of India (IIB), a society registered under the Andhra Pradesh Societies Registration Act as per the regulations proposed by the insurance regulator. But, the industry experts are not in favour of Insurance Regulatory and Development Authority of India's (IRDAI) move as it may impinge on data privacy.

Chinese tycoon's companies pay $539 million in US securities case

Three companies linked to a Chinese businessman who is a prominent critic of his country's ruling Communist Party have agreed to pay USD 539 million to settle charges they conducted an illegal securities offering, according to regulators. The New York- and Arizona-based companies linked to Guo Wengui raised USD 487 million from 5,000 investors who bought stock in GTV Media Group Inc. and a digital asset called G-Coins or G-Dollars, the Securities and Exchange Commission said Monday.

Srei Infra CEO Rakesh Bhutoria resigns; salary issues persists

Struggling to retain its staff, Srei Infrastructure Finance has suffered yet another blow as its CEO Rakesh Kumar Bhutoria resigned even as the company is going through the debt resolution process with the lenders, sources said on Tuesday. The pandemic induced lockdown severely dented the finances of the Kolkata-based NBFC, leading to an asset-liability mismatch.

NEW DELHI: Shareholders of Oravel Stays Pvt Ltd, the parent company of hospitality firm OYO, have approved the conversion of the company from a private limited company to a public limited company, according to a regulatory filing.

Subject to receipt of any necessary approvals from any government, statutory or regulatory authority, the name of the company be and is hereby changed from Oravel Stays Private Limited to Oravel Stays Ltd, as per a Registrar of Companies (RoC) filing by the company.

The company intends to list its equity shares on one or more stock exchanges to enable shareholders with a formal marketplace for dealing with equity shares.

For this purpose, the company proposes to undertake an initial public offering, it added.

"In order to undertake the offer, the status of the company is required to be changed from a private company limited by shares to a public company limited by shares," it said.

This seems to be the last significant permission from the Ministry of Corporate Affairs, to enable OYO to apply to markets regulator Sebi an application for public listing.

Last week, the board of Oravel Stays Private Limited had approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.