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<keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="261" meta.entityid="SpiceJet">SpiceJet</keyword>'s Chairman, <keyword id="19916067" type="General" weightage="20" keywordseo="Ajay-Singh" source="keywords">Ajay Singh</keyword>, is considering selling over 10 percent of his stake in the airline as part of a crucial <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> effort set to conclude by the end of September, a PTI report says. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is facing significant hurdles, including financial troubles, legal issues, and grounded aircraft, and is in urgent need of capital to meet its obligations. A source told PTI that Singh may sell as much as 15 percent of his stake, depending on market conditions. Another source told the news aggregator that Singh, who serves as both Chairman and Managing Director, will likely sell around 10 percent of his shares, though the amount could increase if necessary. SpiceJet is currently in talks with investors, both in India and abroad, for a Qualified Institutional Placement (QIP), with commitments already made for up to Rs 2,000 crore. These funds are expected to help the airline cover operational expenses and address its various liabilities. While no official statement has been made by SpiceJet, insiders expect the funding round to be wrapped up by the end of September. As of June 2024, Ajay Singh and the promoter group held just over 47% of the airline, according to data from the Bombay Stock Exchange (BSE). SpiceJet, which once had a fleet of 74 aircraft in 2019, now operates only around 20 planes. In a recent investor presentation, the airline announced plans to raise Rs 3,200 crore through QIP, warrants, and capital infusion by Singh. This cash will be used to bring grounded planes back into service, settle liabilities, acquire new aircraft, and cover other general expenses. The airline aims to secure Rs 2,500 crore through QIP and an additional Rs 736 crore from previously issued warrants and funds infused by Singh, as detailed in the presentation. Earlier this year, in January, SpiceJet raised Rs 1,060 crore through preferential issues, falling short of its initial goal of Rs 2,250 crore set in December 2023.

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> on Tuesday said its board will meet on Friday to consider options to raise funds as well as to convert certain outstanding liabilities into equity shares of the company. The no-frills airline, which has been grappling with multiple headwinds, including legal woes, is looking to raise fresh capital through issuance of eligible securities to qualified institutional buyers. Besides, the carrier plans to issue equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals, according to a filing to the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. Both plans will be taken up by the board of directors during its meeting scheduled for February 24. Specific details about the proposals could not be immediately ascertained. In December last year, SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> told shareholders that the company is engaged with investment bankers to raise up to USD 200 million in order to achieve its future plans. He had also said the increase in the <keyword id="9254513" type="General" weightage="50" keywordseo="emergency-credit-line-guarantee-scheme" source="Orion">Emergency Credit Line Guarantee Scheme</keyword> (ECLGS) to Rs 1,500 crore will go a long way in providing the much-needed stability to the sector. "The infusion of additional funds will help SpiceJet normalise its obligations, unground its fleet and induct new planes into our fleet... we have also completed a series of settlements with most of our major partners including manufacturers and lessors setting the stage for our seamless growth and expansion," he had said. On Tuesday, shares of the airline declined nearly 2 per cent to Rs 37.60 apiece in the afternoon trade on the BSE.

SpiceJet board will meet to consider fund raising funds, conversion of outstanding liabilities into equity

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

Bengaluru, <keyword id="6904948" type="UNKNOWN" weightage="20" keywordseo="Embassy-Office-Parks-REIT">Embassy Office Parks REIT</keyword> on Tuesday announced it has successfully completed a <keyword id="10475235" type="UNKNOWN" weightage="20" keywordseo="unit-capital-raise">unit capital raise</keyword> of $501 million through an institutional placement of units. The Securities Committee of the Board of Directors of Embassy Office Parks Management Services Private Limited, Manager to <keyword id="7428315" type="COMPANY" weightage="20" keywordseo="Embassy-REIT">Embassy REIT</keyword>, approved the issuance and allotment of over 11.13 crore new units through this institutional placement in a meeting held on Tuesday, the Embassy REIT said in a regulatory filing. Trading of these units is expected to commence on or around December 24, 2020 on NSE and BSE. "The institutional placement launched on December 15, 2020 and witnessed strong demand from both existing as well as <keyword id="10475234" type="UNKNOWN" weightage="20" keywordseo="new-institutional-investors">new institutional investors</keyword>, including global and domestic investors, pension funds, insurers, and alternative asset managers," it said. Mike Holland, Chief Executive Officer of Embassy REIT said: "The strong demand for our offering amidst market uncertainties and the ongoing pandemic is a testament to the confidence in Embassy REIT's inorganic growth strategy of owning quality office assets such as <keyword id="2223053" type="PERSON" weightage="20" keywordseo="Embassy-TechVillage">Embassy TechVillage</keyword>." The placement issue price of ₹331 per unit represents a discount of 4.99% to the applicable floor price of ₹348.38 per unit calculated in accordance with applicable SEBI regulations, said the filing. Embassy REIT proposes to use the proceeds from this placement to fund its proposed acquisition of Embassy TechVillage that it announced earlier on November 17, 2020, and for general purposes. Embassy REIT is acquiring ETV from the Embassy Sponsor, members of the Blackstone group and other selling shareholders, for a total enterprise valuation of $1.3 billion, subject to closing adjustments. The transaction is expected to close by end of December 2020. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Embassy REIT raises over $501 million through institutional placement of units

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>, which is facing headwinds, on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise USD 200 million, which is around Rs 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. In continuing woes for the carrier, aviation watchdog DGCA on Wednesday deregistered two more <keyword id="6357957" type="General" weightage="50" keywordseo="boeing" source="Orion">Boeing</keyword> 737 planes of SpiceJet, following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries from today and like the previous month, "salary will be credited in a graded format". Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern". On Wednesday, the airline also said that its Chief Financial Officer Sanjeev Taneja has resigned. The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment. "Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release. The airline, which had delayed its March quarter and FY2022 earnings, saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period. For the full fiscal year 2021-22, the net loss surged 73 per cent to Rs 1,725 crore from Rs 998.30 crore in the comparable period. According to the airline, business was severely impacted by the third wave of the coronavirus pandemic and high fuel prices in the March quarter. SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> said the industry has been witness to one of the most severe operating environment in the recent past, which impacted the progress and recovery made in the third quarter of FY2022. In the June quarter, jet fuel prices rose 105 per cent on a year-on-year basis and 40 per cent on a sequential basis, the airline said. "We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said. The airline's cargo arm <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> was in black during the first quarter of the current fiscal. It reported a net profit of Rs 18 crore. Cargo revenues rose 74 per cent to Rs 1,944 crore in FY2022. "We will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023," Singh said. Meanwhile, certain concerns have been flagged in the independent auditor report of the company's quarterly results. "... the group has an incurred net loss (after other comprehensive income) of Rs 7,827.82 million during the quarter ended 30 June 2022 and, as of that date, the group's accumulated losses amounts to Rs 67,471.11 million, which have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 67,719.67 million as at 30 June 2022," it said. According to the report, these conditions and other matters indicate the existence of a material uncertainties that may cast significant doubt about the Group's ability to continue as a going concern. Singh said that despite the complex operating environment and highest-ever input costs, SpiceJet has been able to sustain its operations. "Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners, including manufacturers and lessors setting the stage for our seamless growth and expansion. "As we move ahead, we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel-efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes," he added. In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airfares-may-get-costlier-this-festive-season-as-theres-no-cap-ticket-prices-from-now/articleshow/93917729.cms">Airfares may get costlier this festive season as there's no cap ticket prices from now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

SpiceJet net loss widens to ₹789 crore, CFO resigns

Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> will operate a special flight to Budapest, Hungary to evacuate stranded Indians. The airline will operate a special evacuation flight to bring back stranded Indians, who managed to find their way out of the hostilities between Russia and Ukraine. Hungary shares a land border with Ukraine, many Indian nationals, including students have made their way to the border. The airline will use its Boeing 737 MAX aircraft for this special flight. "The aircraft will fly to Budapest from Delhi and the return fight will operate via Kutaisi, Georgia," the airline said in a statement. "SpiceJet is planning to operate more evacuation flights and is in discussion with concerned authorities." Till now, Tata Group-led Air India has been operating flights to Bucharest, Romania and Budapest, Hungary. These flights being are operated as special government charters to bring back stranded Indians. Earlier, Air India operated direct special flights to Kiev but it had to stop these operations due to a NOTAM (Notice to Airmen) issued over the closure of Ukrainian air space. One of Air India's flight bound for Kiev from New Delhi returned to the national capital's IGI Airport after NOTAM was announced at Kiev airport on last Thursday. Last Tuesday, the airline had carried out the first of its special flight operations ferrying Indian citizens from Ukraine. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/business/startups/news/indian-startups-like-dunzo-swiggy-dealshare-raised-8-billion-in-january-and-february-2022/articleshow/89890583.cms" data-type="tilCustomLink">Indian startups raised around $1 billion a week in January and February</a> <a href="https://www.businessinsider.in/stock-market/news/sensex-falls-sharply-on-worsening-russia-ukraine-war-hdfc-bank-axis-bank-eicher-motors-among-biggest-losers/articleshow/89886018.cms">Markets remain worried as energy rich Russia faces harsh sanctions from western countries</a>

SpiceJet to operate special flight to Budapest to rescue Indians amidst Russia-Ukraine conflict

<ul><li><keyword id="14552996" type="General" weightage="20" keywordseo="crypso" source="Orion">Crypso</keyword> has raised $3 million in seed funding. </li><li>Launched in 2022, the platform already has 50000 active users. </li><li>The platform lets you engage with your friends on crypto trends and aims to simplify crypto trading. </li></ul>Indian community-led investing platform for cryptocurrencies, Crypso announced on Tuesday that it has raised $3 million in seed funding from Hashed Emergent, Athera Venture Partners (formerly Inventus), Better Capital, Whiteboard Capital, Polygon founders Sandeep and Jaynti, Kunal Shah of CRED, and other prominent angel investors. This investment in Crypso comes amid a crash in the value of cryptocurrencies. The crypto market has seen over $2 trillion in value wiped off since January 2021, with Indian crypto exchanges witnessing a corresponding drop in trade volumes. Crypso will use the fresh round of funding to grow its user base and increase the breadth of product offerings and technology, it said. “We like the fact that they are building for the young Indian users who will potentially be the early ones to adopt Crypto in India as we have seen across the globe,” said Tak Lee, CEO and managing partner of Hashed Emergent. According to <a href="https://go.chainalysis.com/rs/503-FAP-074/images/Geography-of-Cryptocurrency-2021.pdf">Chainalaysis report 2021</a>, India has the second highest number of crypto users in the world. Crypso has registered over 50,000 users within one month of the application going live on Android. This is despite the fall in trading volumes on Indian crypto exchanges after new tax laws came into force in July 2022. Launched in January 2022 by Suraj Kalwani, Ravi Chirania, and Rakesh Raman, Crypso is a community-focused platform that enables crypto users to learn and discover the latest crypto trends and invest via one-click trade signals on various altcoins generated by crypto experts. “Crypto is fundamentally a social asset class and young Indian users actively engage with peers, influencers, and investment communities for crypto updates, analysis, and investment signals. We are providing a one-stop-shop for all crypto analysis needs,” said Co-founder and CEO Kalwani. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zomato-must-have-acquired-swiggy-than-blinkit-to-avoid-bloodbath-ashneer-grover/articleshow/93133708.cms">Zomato must have acquired Swiggy than Blinkit to avoid bloodbath: Ashneer Grover</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dgca-gives-clean-chit-to-spicejet-says-no-safety-violation-found/articleshow/93133139.cms">DGCA gives clean chit to SpiceJet, says no safety violation found</a>

Crypto investing platform Crypso raises $3 million in seed funding in crypto winter

<ul><li>The sudden demise of founder <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> raised questions over the future of <keyword id="11911527" type="General" weightage="20" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>.</li><li>However, CEO Vinay Dube has emphasised that Akasa Air’s future and operations are secure.</li><li>It is India’s seventh airline along with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways.</li></ul>Akasa Air is well-capitalised to induct 72 aircraft over the next five years thanks to the visionary role played by Rakesh Jhunjhunwala, the newly launched airline’s CEO Vinay Dube said on Wednesday. He noted that the company’s financial platform was strong enough to allow Akasa to place a much larger aircraft order in the next 18 months. Akasa Air was the latest venture of stock market mogul Rakesh Jhunjhunwala, who passed away on Sunday morning. The airline took its maiden flight on <a href="https://www.businessinsider.in/india/news/akasa-air-takes-to-the-skies-flagged-off-by-civil-aviation-minister/articleshow/93420016.cms">August 7</a>, exactly a week before his death. “In simple terms, our growth is secure,” Dube said on Tuesday, taking delivery of Akasa Air’s third aircraft. The sudden demise of Akasa Air’s founder Jhunjhunwala raised questions over the future of the airline. However, Dube has repeatedly emphasised that Jhunjhunwala demise was not going to have an impact on the airline’s operations and future. “We are also thankful that Mr. Jhunjhunwala supported us in recruiting some of the best aviation talent in the country. He wanted us to have a top-notch leadership team that made all day-to-day decisions at the airline without having to fall back on him or any other investor. Anyone that saw him on our inaugural flight on August 7th knows how proud he was of each Akasa employee and partner,” Dube said. READ MORE: <a href="https://www.businessinsider.in/thelife/personalities/news/rakesh-jhunjhunwala-the-man-beyond-the-trader/articleshow/93592898.cms">Life and times of Rakesh Jhunjhunwala — the man behind the trader</a> He noted that Jhunjhunwala recognised India’s potential to be one of the fastest-growing aviation markets in the world. “Akasa Air will honour Mr. Jhunjhunwala’s legacy, values, and belief in us by striving to run an extraordinary airline,” he concluded. The airline received<a href="https://www.google.com/search?q=Akasa+air+business+insider+rakesh+aOC&amp;rlz=1C1CHBD_en__960__960&amp;ei=5rv8YoXxEPydseMPnNCA6AE&amp;ved=0ahUKEwiF_PnQzs35AhX8TmwGHRwoAB0Q4dUDCA4&amp;uact=5&amp;oq=Akasa+air+business+insider+rakesh+aOC&amp;gs_lcp=Cgdnd3Mtd2l6EAMyBQghEKABMgUIIRCgAToHCAAQRxCwAzoKCAAQRxCwAxDJAzoFCAAQogQ6BwghEKABEApKBAhBGABKBAhGGABQ9AJY1AdgngpoAXAAeACAAakCiAGqB5IBAzItNJgBAKABAcgBCMABAQ&amp;sclient=gws-wiz"> its Air Operator Certificate (AOC) </a>from the civil aviation regulator Directorate General of Civil Aviation (DGCA) in July this year. It is India’s seventh airline along with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/news/rakesh-jhunjhunwala-the-man-beyond-the-trader/articleshow/93592898.cms">Life and times of Rakesh Jhunjhunwala — the man behind the trader</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/news/after-netflix-indian-regional-platform-aha-pins-its-hope-on-advertising-to-bring-in-revenue-and-profitability/articleshow/93587302.cms">Aha takes the Netflix way to reach out to subscribers from small towns</a> <a href="https://www.businessinsider.in/stock-market/news/markets-to-continue-its-gaining-streak-ahead-of-us-fed-policy-outcome/articleshow/93606421.cms">Markets to continue its gaining streak ahead of US Fed policy outcome</a>

Akasa Air has enough capital to induct 72 aircraft thanks to Rakesh Jhunjhunwala’s visionary role, says CEO

Sequoia Capital-backed <keyword id="3903861" type="PERSON" weightage="20" keywordseo="Indigo-Paints">Indigo Paints</keyword> has received capital markets regulator Sebi's approval to raise about Rs 1,000 crore through an initial public offering. The IPO comprises fresh issuance of shares aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, through its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, according to the draft red herring prospectus (DRHP). Indigo Paints, which filed its preliminary IPO papers with Sebi in November, obtained its observation on December 31, an update with the capital markets watchdog showed on Monday. Sebi's observation is very necessary for any company to launch public issues, including initial share-sale, follow-on public offer and rights issue. Proceeds from the fresh issuance of shares would be used for expansion of the existing manufacturing facility at Pudukkottai in <keyword id="20154" type="PERSON" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, purchase of tinting machines and gyro shakers, and repayment/prepayment of borrowings. According to market sources, the initial public offering (IPO) is expected to fetch Rs 1,000 crore. <keyword id="106209" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Capital-Company">Kotak Mahindra Capital Company</keyword>, <keyword id="6364901" type="DOMAIN" weightage="20" keywordseo="Edelweiss-Financial-Services">Edelweiss Financial Services</keyword> and ICICI Securities are the book running lead managers to the issue. The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country. As of September 30, 2020, the company has three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms" data-type="tilCustomLink">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms" data-type="tilCustomLink">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

Sequoia Capital-backed Indigo Paints gets green light from SEBI for ₹1,000 crore IPO

<keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword>, Practically, a product of 3rdFlix Visual Effects Pvt Ltd, on Tuesday announced that it has raised $4 million in a pre-Series B round. The round was led by Siana Capital, a deep tech investor, with participation from existing investors <keyword id="6696110" type="COMPANY" weightage="20" keywordseo="YourNest-Venture-Capital">YourNest Venture Capital</keyword> and <keyword id="2787926" type="COMPANY" weightage="20" keywordseo="Exfinity-Ventures">Exfinity Ventures</keyword>. The company had previously raised Series A funding of $5 million in 2019. The funds will be invested in expanding the operations of Practically, the Hyderabad-based start-up announced. Practically is an intelligent, interactive and immersive learning app for students of classes 6-12 with a focus on STEM learning. It is the <keyword id="10545782" type="UNKNOWN" weightage="20" keywordseo="only-experiential-learning-app">only experiential learning app</keyword> that brings learning alive through immersive videos, interactive augmented reality and 3D simulations. "This pre-Series B funding showcases the extreme faith our investors have reposed on Practically. The tremendous response that we are seeing for Practically from schools, administration, faculty, parents and students validates our model. Our progress so far is in-line with our strategic growth plans and we are very well placed to tap the accelerated growth that the <keyword id="1464841" type="COMPANY" weightage="20" keywordseo="Edtech">EdTech</keyword> industry is witnessing today," said Subbarao Siddabattula, Founder &amp; CEO, Practically. Practically is an outcome of deep-rooted insights based on several man-years of study around children's learning and <keyword id="10545781" type="UNKNOWN" weightage="20" keywordseo="retention-modes">retention modes</keyword> leading to the innovative use of new-age tech tools such as AR to provide an immersive learning experience for children. "The recent round of funding will be utilised strategically to expand the market for Practically beyond Telangana and Andhra Pradesh. Our expansion plan includes establishing a footprint pan-India in the next 12 months. We are also aiming to expand operations in the Middle East and set foot into the US market in the near future," said Charu Noheria, Co-Founder &amp; COO, Practically. Practically offers an edge over other learning apps by enhancing conceptual understanding and improving retention of concepts with features like life-like video content, hands-on learning, experiential learning, 24x7 seek help with access to subject experts for doubt resolution, live classes, Proton - the AI assistant and study buddy and Coding++. Over 3 lakh students have already benefited from the engaging content on Practically. The Practically School Solution, a B2B2C offering, gives schools and its teachers access to the Practically teacher app free of cost. Teachers can access more than 3000 videos and 1000 Simulations/AR and features like virtual classes, test-prep, assessments, analytics, and assigning homework, etc. The app covers universal curriculum across Math and Science for 6th to 12th grades. Over 130 schools across India are already using Practically to enable online classes during the pandemic. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/india/news/bharat-biotech-sees-rivals-conspiracy-in-all-the-criticism-for-the-approval-for-covaxin/articleshow/80099818.cms">Bharat Biotech sees rivals’ conspiracy in all the criticism for the approval for Covaxin</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-mi-10i-mobile-with-108mp-primary-camera-snapdragon-750g-launched-in-india-starting-at-20999/articleshow/80111586.cms">Xiaomi Mi 10i with 108MP primary camera, Snapdragon 750G launched in India starting at ₹20,999</a> <a href="https://www.businessinsider.in/business/news/karan-bajwa-journey-from-ludhiana-to-cisco-microsoft-ibm-to-now-google-cloud-head-in-india/articleshow/74690287.cms">Karan Bajwa’s journey from Ludhiana to Cisco, Microsoft, IBM to now, Google Cloud head in India</a>

Hyderabad-based edtech startup Practically bags a $4 million cheque from Siana Capital

<ul><li>The country’s airlines are set to lose nearly $2 billion in 2018-19, according to CAPA, a consultancy, owing to rising costs and low fares. </li><li>The Ministry of Civil <keyword id="31907" type="COMPANY" weightage="20" keywordseo="Aviation">Aviation</keyword> is working on a relief package to ease the cost pressures on the country’s struggling carriers. This could involve a reduction in <keyword id="4869" type="PERSON" weightage="20" keywordseo="Fuel">fuel</keyword> taxes by bringing aviation turbine fuel under the GST regime. </li><li>The government also wants to build 100 new airports within the next 15 years. </li></ul>A relief package has been a long time coming for the world’s third largest aviation market. While India’s airlines have expanded their business rapidly over the past decade, as indicated by surging passenger traffic, much of this has come with high capital costs and minimal profits. And now? Airlines are recovering from one of the worst years so far in recent memory. The rupee’s depreciation is expected to raise costs for airlines, most of which are denominated in dollars like leasing expenses and ground handling charges overseas, by a third. Fuel costs, which comprise 40% of overall costs, have risen dramatically amid a rebound in oil markets and heavy domestic duties. Fares have stayed low in the face of a intense competition in order to keep passenger volumes robust. The losses are mounting. For the first quarter of the current financial year, <keyword id="6358200" type="DOMAIN" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> and <keyword id="6358032" type="DOMAIN" weightage="20" keywordseo="SpiceJet">Spicejet</keyword> and reported net losses of ₹13.2 billion and ₹380 million, respectively, while <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword>, which has usually been the country’s most profitable airline, saw a 97% drop in its net profit to ₹280 million. The country’s airlines are set to lose <a href="https://timesofindia.indiatimes.com/business/india-business/indian-airline-losses-could-reach-1-9-billion-this-year-capa-india/articleshow/65666776.cms">nearly $2 billion </a>in 2018-19, according to CAPA, a consultancy, and will need a $3 billion capital injection to clean up their balance sheets. A lifeline from the government The government has taken notice of the problems faced by the sector. According to the civil aviation secretary, RN Choubey, the Ministry of Aviation is working on a rescue programme for the country’s struggling carriers. While the details of the package have not been announced, the aviation ministry has been working with the finance ministry to ease some of the cost pressures on airlines. The package will likely focus on two things- high fuel prices and the problem of the rising rupee, especially in relation to leasing costs. For the former, the aviation ministry plans to bring aviation turbine fuel (ATF) under the GST regime as opposed to the current system, whereby states impose different taxes on top of a national excise duty of 14%. No discussion of the industry’s problems is complete without mentioning the travails of Air India. The loss-making, indebted state carrier is also slated to receive a minor reprieve from the government in order to stay afloat in the short-term. The Indian government has extended a credit facility <a href="https://www.businesstoday.in/sectors/aviation/govt-to-infuse-rs-2100-crore-into-air-india/story/281976.html">of ₹21 billion</a> to Air India for working capital purposes, following an equity infusion of ₹8.6 billion. The government is also planning to invest heavily in airports infrastructure. Earlier this week, the Minister of Aviation, <keyword id="6356597" type="PERSON" weightage="20" keywordseo="suresh-prabhu">Suresh Prabhu</keyword>, announced that the government would finance the construction of 100 airports in the country over the next decade and a half, to add to India’s 130 existing airports. The programme is expected to cost around $60 billion.

The Indian government is planning a rescue package for the aviation sector as the losses pile up

Fresh clarifications have been sought from <keyword id="6354706" type="CITY" weightage="100" keywordseo="Indigo">IndiGo</keyword> on its proposed Rs 2500 crore initial public offer (IPO) by the capital market regulator <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>. 

	Without disclosing the details of clarifications sought, the Securities and Exchange Board of India (Sebi) has said it is awaiting response from lead manager for the proposed public offer. 
 

	According to the latest weekly update on the processing status of draft offer documents filed with Sebi, the market regulator has said clarifications are awaited on IndiGo's IPO as of July 31, 2015. 
 

	The next update will be uploaded on Sebi's website on August 10. 
 

	The market watchdog said it might issue observations on draft offer document within 30 days after receiving a satisfactory reply from the lead merchant banker regarding the clarification or additional information sought from it. 
 

	Sebi had earlier this month also sought clarification from InterGlobe Aviation, which runs the country's biggest airline by market share under IndiGo brand. 
 

	The regulator received last communication from the merchant banker on July 29. Indigo had filed its draft offer document with Sebi on June 30, 2015. 
 

	As per the draft papers, the company has offered to issue fresh shares worth Rs 1,272 crore. An equivalent amount can be raised through sale of up to 3.01 crore shares by its existing shareholders. 
 Citigroup, JPMorgan India, Morgan Stanley, Barclays, UBS Securities India and <keyword id="106209" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Capital-Company">Kotak Mahindra Capital Company</keyword> are managers for the share sale. 

	IndiGo is one of the two profit-making domestic airlines. The only other profitable airline is GoAir. 
 The already-listed airlines in the country include <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> and SpiceJet while trading in long-grounded <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> has been suspended for a long time due to penal reasons. Last month, Sydney-based aviation think-tank <keyword id="109712" type="ORGANIZATION" weightage="100" keywordseo="Centre-for-Asia-Pacific-Aviation">Centre for Asia Pacific Aviation</keyword> (CAPA) had said IndiGo is estimated to have recorded a profit of USD 150-175 million in 2014-15. 

	The low-cost model using a single type of narrow-body planes is one of the contributing factors for IndiGo's profitability. 
 

	IndiGo was founded in 2006 by travel entrepreneur Rahul Bhatia and US Airways former chief executive Rakesh Gangwal.

	 
	 
	(Image credits: Indiatimes)

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