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Falguni Nayar: Nykaa CEO Falguni Nayar; Meet India’s richest self-made female billionaire | India Business News

Falguni Nayar: Nykaa CEO Falguni Nayar; Meet India's richest self-made female billionaire | India Business News

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NEW DELHI: Fifty eight-year-old Falguni Nayar, CEO and founder of specialty beauty and personal care platform Nykaa, is now India’s richest self made woman billionaire.
She called it quits at the peak of her career as an investment banker and built her own beauty empire that today crossed Rs 1 lakh crore in market capitalisation on its listing debut.
FSN E-Commerce Ventures, Nykaa’s parent entity, is India’s first woman-led unicorn to hit the stock exchange.
Shares of Nykaa closed 96% higher on Wednesday, valuing Nayar’s wealth at $6.5 billion.
The Nykaa founder and CEO has joined only six other women billionaires in India.
Apart from Nayar, Kiran Mazumdar-Shaw (Biocon) and Divya Gokulnath (Byju’s) are the only other self-made billionaires.

She owns about 51 per cent stake in Nykaa, with her husband and their twin children. She will continue to own a majority stake along with her family after the IPO.
A graduate of the Indian Institute of Management, Ahmedabad, she spent over 18 years at Kotak Mahindra Capital Co. She left in 2012 when she was 50 to pursue her dream. At the time, her kids had gone to college in the US.
Capitalizing on the scope of beauty and skincare products online, she steered herself towards Nykaa, and out came a platform that created history with its arrival.
Nykaa was set up by April 2012. This was followed by a soft launch of the beta site in November 2012, and commercial marketing in April 2013. Nykaa is now India’s first profitable startup to have taken the IPO route.
Falguni Nayar has also served on the boards of various companies, including Tata Motors Limited and Aviva Life Insurance Company India Limited Presently, she serves as an independent on the boards of various companies including, Kotak Securities Limited, ACC Limited and Dabur India Limited.
She has won many awards, including ‘EY Entrepreneur of the Year 2019 – Start-up’ by Ernst and Young and ‘Businesswoman of the Year’ at the Economic Times Awards for Corporate Excellence, 2019.
Nayar was also listed as one of Asia’s Power Businesswomen, 2019 by Forbes Asia and named as ‘Business Person of the Year’, 2019 by Vogue India.
Nayar met her husband Sanjay Nayar at business school. He is now the CEO of global investment firm KKR India, and specialises in IPOs.
Anchit, her son who graduated from Columbia University in the US, runs the beauty e-commerce business, while daughter Adwaita, with an MBA from Harvard Business School, operates the fashion vertical.
The story of Nykaa is nothing short of phenomenal. The company has grown over 100% on a year-on-year basis for the last three years.
Today, Nykaa’s portfolio includes over 1,500 brands across makeup, skincare, hair care, fragrances, bath and body, luxury and wellness products for women andmen.
Seeing the potential for luxury beauty in India, Nykaa was the first to make luxury beauty brands available online.
Nykaa also led the Korean beauty phenomenon in India, launching leading K-Beauty brands.
It has set up Luxe stores as well as Luxe store mode on the app for luxury and prestige products. These bespoke services have caused several global luxury brands such as Charlotte Tilbury, Huda Beauty, Mario Badescu, Pixi and Tangle Teezer to allow Nykaa to import, launch and sell their products to consumers in India. The company has even opened 68 brick and mortar stores in the country.
Nykaa posted revenues of Rs 1,860 crore in FY20, making it possibly the only profitable unicorn that is going public.
Endorsements from social media influencers and celebrities has helped cement Nykaa’s popularity as it battles giants like Amazon and Flipkart.
Today Nayar positions Nykaa as a platform for women empowerment. Just last month, the company launched a new film campaign that celebrates uplifting stories of six women from varied backgrounds, each of them with their own challenges and struggles.



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irctc: IRCTC recovers after govt cancels revenue share plan

irctc: IRCTC recovers after govt cancels revenue share plan

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NEW DELHI: Shares of India’s top railway e-ticketing platform almost recovered from a record slump of 30% after the government canceled its proposal to share half of the state-run company’s convenience fee revenue.
The Indian Railway Catering and Tourism Corp’s shares traded 3.2% lower as of 11.20am in Mumbai, after plunging earlier in the session.
The development impacted some other state-run companies as well. Potential divestment candidate Container Corp fell as much as 3.9%, while Bharat Petroleum Corp dropped as much as 1.7%.
The uncertainty related to IRCTC can weigh on investors’ faith in Prime Minister Narendra Modi’s reform agenda, including his plans to divest national assets and carry out an initial public offering of insurance giant Life Insurance Corporation of India.
The government is not taking into account “interest of investors while taking business decisions,” said Deven Choksey, a strategist at KRChoksey Investment Managers Pvt in Mumbai. “They will invariably kill the wealth before creating it.”
While the stock has lost about a third of its value from a record high earlier this month, it is still up more than 900% since its market debut in October 2019 mainly because of its monopoly of online rail ticket bookings. The market value of IRCTC, which is not yet part of the MSCI India Index, was $9.77 billion at Thursday’s close, more than that of many members of the gauge, according to data compiled by Bloomberg.



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Govt expedites asset sales with regional airline on block

Govt expedites asset sales with regional airline on block

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NEW DELHI: The government plans to sell Air India’s regional arm separately, days after Tata Sons emerged as the highest bidder for the parent carrier in an auction that didn’t include the unit, underscoring Prime Minister Narendra Modi’s attempts to steer the state away from involvement in private-sector business.
The sort of market Alliance Air services is distinctly different from that of its parent and the government therefore took a decision to exclude it from the sale process, Tuhin Kanta Pandey, the top bureaucrat at department of investment and public asset management, told reporters in New Delhi on Tuesday.
The administration expects to complete the Air India sale by December, with a ground-handling unit being hived off first, he said.
India is targeting to raise as much as Rs 1.75 lakh crore ($23.2 billion) in the year through March 2022 to make up for a pandemic-linked drop in tax revenue.
The broad proposals include an initial public offering by Life Insurance Corp of India — which could be the country’s largest — as well as selling stakes in companies including Bharat Petroleum Corp.
Alliance Air operates 18 ATR-72 turboprop planes to 47 destinations, connecting the likes of capital New Delhi and financial hub Mumbai to smaller towns across the nation, according to its website.
Market leader IndiGo, operated by InterGlobe Aviation, also operates a fleet of ATR aircraft to connect so-called tier-2 and tier-3 regional hubs.
The government is currently working on the valuation for Life Insurance Corp, an exercise it aims to complete by December, before the IPO happens during the first three months of next year, Pandey also said Tuesday.



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tata: Amit Shah-led panel of ministers to take final call on AI sale in a week’s time

tata: Amit Shah-led panel of ministers to take final call on AI sale in a week’s time

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NEW DELHI: State-run carrier Air India could be headed back to its founder Tata group, which has outbid the other contender, a consortia comprising of SpiceJet promoter Ajay Singh. Final approval for the keenly awaited sale is likely to come from a panel of senior ministers led by Union home minister Amit Shah within a week, sources said on Friday.
A panel of secretaries that met earlier this week had fixed the reserve price for the sale and the Tata group is learnt to have emerged as a front-runner.
“They (the Tata group) bid aggressively. A final call will be taken by the Air India specific alternative mechanism,” a source said, referring to the panel of ministers that will decide the winner, but did not elaborate.
Efforts are on to get the meeting convened within a week and the sale is likely to be wrapped within this month, the first privatisation of a state-run entity almost 20 years since the Atal Behari Vajpayee government pushed ahead with a raft of such transactions. The other members of the panel of ministers are finance minister Nirmala Sitharaman, commerce & industry minister Piyush Goyal and civil aviation minister Jyotiraditya Scindia.
Several attempts have been made to sell off the loss-making Air India in the past 20 years but those attempts had to be aborted due to a string of factors, including lack of interest from investors for the cash-guzzling airline. Almost 21 years ago, an attempt to sell a stake in the airline had to be abandoned by then disinvestment minister Arun Shourie after Singapore Airlines, which bid with the Tata group for a 40% stake in the airline, pulled out of the consortium.
Earlier on Friday, finance ministry officials said the winner will be shortly decided, while terming media reports of having approved any party’s bid as “incorrect.”
“Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the government decision as and when it is taken,” department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey said on Twitter.
In the last one week, the government has set the reserve price for AI, which is learnt to be in the range of Rs 15,000-20,000 crore. Tata bid is learnt to be higher than the reserve price and much more than Ajay Singh-led consortia’s bid.
The airline was nationalised in 1953 and if the sale goes through, it is now looking at a home-coming to the Tata group after almost 68 years. On October 15, 1932, J R D Tata had flown the first-ever flight of Tata Air Services from Karachi’s Drigh Road Aerodrome to Mumbai’s Juhu Airstrip via Ahmedabad on a single engine De Havilland Puss Moth carrying 25 kg of 4-anna airmail letters. Tata Aviation Service was the forerunner to Tata Airlines and Air India.
The winner will get AI’s intangible assets like 4,400 domestic and 1,800 international landing and parking slots at Indian airports; and 900 slots at airports abroad. The winner will also get AI Express and AI’s 50% stake in AI-SATS ground handling company.
AI had a total debt of Rs 60,074 crore as on March 31, 2019. The buyer will need to take on debt of Rs 23,286.5 crore. The remaining amount will be transferred to an SPV, Air India Assets Holding Ltd (AIAHL). The SPV will monetise AI’s assets like property and land bank and use those funds to pay off the debt.
The sale of Air India is expected to spur the government to put other stake sales such as BPCL, Shipping Corporation of India, Concor, BEML on the fast track.
It is also expected to bring in greater urgency to accelerate work on the privatisation of two state-run banks and an insurance company. Work is on in full swing for the mega initial public offer (IPO) of state-run insurance behemoth LIC. The government has set a target of raising Rs 1.75 lakh crore from disinvestment of state-run firms for the current fiscal year and also has a wider agenda of privatisation in the pipeline. In addition, it is also working on a Rs 6-lakh crore asset monetisation pipeline over the next fours years to raise much needed funds to shore up infrastructure across the country.



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LIC IPO: India likely to block Chinese investment in insurance giant LIC’s IPO: sources | India Business News

LIC IPO: India likely to block Chinese investment in insurance giant LIC's IPO: sources | India Business News

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NEW DELHI: The Indian government wants to block Chinese investors from buying shares in insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.
State-owned LIC is considered a strategic asset, commanding more than 60% of India’s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country’s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.

Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.
“With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed),” said one of the government officials, adding that Chinese investment in companies like LIC could pose risks.
The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made.

India’s finance ministry and LIC did not respond to Reuters emailed requests for comment. China’s foreign ministry and commerce ministry did not immediately respond to requests for comment.
Aiming to solve budget constraints, Prime Minister Narendra Modi‘s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March. The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.
Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC’s offering.
Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said.
They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India’s security but not deter overseas investors.
A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market.
Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.



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Government likely to block Chinese investment in insurance giant LIC’s IPO: Report

Government likely to block Chinese investment in insurance giant LIC’s IPO: Report

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New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

State-owned LIC is considered a strategic asset, commanding more than 60% of India’s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country’s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.

Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.

“With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed),” said one of the government officials, adding that Chinese investment in companies like LIC could pose risks.

The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made.India’s finance ministry and LIC did not respond to Reuters emailed requests for comment. China’s foreign ministry and commerce ministry did not immediately respond to requests for comment.

Aiming to solve budget constraints, Prime Minister Narendra Modi’s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March. The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.

Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC’s offering.

Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said.

They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India’s security but not deter overseas investors.

A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market.

Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.

($1 = 73.8200 Indian rupees)

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LIC IPO news: In a 1st, LIC looks to split mega IPO into 2 offerings | India Business News

LIC IPO news: In a 1st, LIC looks to split mega IPO into 2 offerings | India Business News

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MUMBAI: The initial public offering (IPO) for life insurance behemoth LIC, through which the government is planning to mobilise about Rs 1 lakh crore, could be split into two consecutive offerings with a gap of a few months since it’s believed that the market may not have the capacity to absorb the entire issue of such mammoth size in one go.
If this plan fructifies, this will be the first of its kind move. The current Sebi rules say that promoters cannot dilute their stake to below 20% within 18 months of an IPO. It also stipulates that the promoter of a large company with a market capitalisation of Rs 1 lakh crore can take up to two years to dilute holding to 10%.

Among the options being talked about for LIC is that of cornerstone investors, marquee asset managers who could put in large funds ahead of the IPO, which is expected to be the largest in the country’s history.
Usually, government-owned companies don’t opt for any type of share placement with investors before an offer, which includes selling to cornerstone investors, pre-IPO placement to large institutions or selling part of the IPO to anchor investors a day before the issue opens.

Sources said that officials involved in the IPO process believe that with so many offers already closed and several others in the pipeline till the LIC offer comes to the market, a large amount of investors’ funds will already be absorbed.
So far in 2021, over 25 IPOs have garnered nearly Rs 70,000 crore. Paytm, the tech-enabled money transfer entity, has also filed for an IPO to mop up about Rs 16,600 crore. This would make the Paytm IPO the biggest Indian offering. Currently, Coal India’s Rs 15,475-crore IPO in 2010 is the largest.

“All the options are on the table (to make the LIC offer a success),” an official close to the transaction told TOI, without elaborating about the options. International institutions, including sovereign wealth funds and private equity funds, are seen as potential investors.
Some potential investors have reached out to get an idea of the embedded value (EV) and the EV multiple that the government is looking for in pricing.

In 2021, the Rs 9,375-crore IPO for tech-enabled food delivery services major Zomato has been the largest. The issue was subscribed over 38 times. However, the Rs 5,000-crore offer for Nuvoco Vista Copr, the cement maker run by the founders of Nirma detergent, which also happened to be the second largest IPO in 2021, struggled. It closed on August 11 with the issue subscribed just 1.7 times.
In recent times, to help the LIC offer sail through smoothly Sebi has changed some of the rules for IPOs. For example, Sebi in February said that if a company can get a post-IPO market capitalization of Rs 1 lakh crore, it could reach 10% public shareholding in two years and 25% level in five years.

Till then any company with a post-IPO market value of Rs 4,000 crore had to offer 10% of equity in the offer and reach 25% public holding in three years. The rule was perfectly in sync with the finance minister’s statement that the government will hold at least 75% in LIC up to five years post its IPO which will eventually fall to 51%.



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Government plans to wrap up selloff of Air India, BPCL this fiscal

Government plans to wrap up selloff of Air India, BPCL this fiscal

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NEW DELHI: The Centre hopes to complete stake sales in Air India, BPCL and clutch of state-run companies, that have been identified, in the current financial year and expression for interest for sale in logistics firm Concor is expected shortly after the land lease policy is finalised, DIPAM secretary Tuhin Kanta Pandey said on Wednesday.
He said the government expects Rs 50,000 crore in dividends from public sector companies in the current financial year and is also working on a Rs 6 trillion asset monetisation plan and hopes to come out with plans for GAIL pipelines soon.
“The disinvestment agenda has been put on fast track through the unveiling of the new PSE (public sector enterprises) policy, notified on February 4, 2021, which is expected to be an important policy for the next five years and will result in increase in privatisation in the economy”, Pandey told an interaction at the annual session of CII.

He said the major disinvestments in pipeline this year as underlined in the Union Budget, include Air India, BPCL, Shipping Corporation of India, BEML, Pawan Hans and Neelachal Ispat Nigam and in all these enterprises, the government has got sufficient interest from bidders, who are now at the second stage of due-diligence.
“After 17 years, the country will actually see privatisation, since the last time in 2003-04 in the then NDA government,” said Pandey. He also reiterated that the government aims to list state-run insurance behemoth LIC by year-end. “A mega listing in LIC is planned this year, which will be the biggest of its kind in history of Indian stock market.”
The Centre has set a target of raising Rs 1.75 lakh crore from privatisation of state run enterprises in the current fiscal and Pandey said the process had been significantly impacted by the second Covid-19 wave, although it was back on track now.
“A big asset monetisation pipeline is in place where the government looks forward to private sector participation. The government is also talking about closure of enterprises quite openly for the first time, in case it cannot be disinvested. In the non-strategic sectors, the direction is that either we privatise or close. Hence, apart from NCLT, there will also be a lot of assets on offer from the public sector.”



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Centre to list LIC by end of current fiscal, says government official

Centre to list LIC by end of current fiscal, says government official

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NEW DELHI: The government expects to list state-owned Life Insurance Corp (LIC) by the end of the current fiscal year (2021-22), and collect around Rs 50,000 crore as dividends from state-run companies, a senior finance ministry official said on Wednesday.
“We are looking at the fourth quarter and work on several fronts is progressing for the (LIC) IPO,” Tuhin Kanta Pandey, secretary, department of investment and public asset management (Dipam) stated.
The government also expects to complete selling state-owned refiner Bharat Petroleum Corp Ltd (BPCL) and national carrier Air India in the current fiscal year that runs through March 2022, he added.
Last month, the Union Cabinet had approved the IPO of LIC, which is set to be the biggest initial public offer ever.
Dipam secretary Pandey said the panel headed by finance minister Nirmala Sitharaman will decide on the exact quantum of share sale. He said the department of financial services was working on fulfilling other requirements for the IPO.
The LIC Act of 1956 has been amended and Pandey said the rules have been notified. He said the draft prospectus for the IPO would also be filed soon. The Dipam secretary said discussions with the stock market regulator was on for complying with other requirements for the IPO.
LIC is the biggest insurer in the country and is wholly owned by the government.



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LIC IPO update | IPO Updates | Stock Market News in Hindi

LIC IPO update | IPO Updates | Stock Market News in Hindi



Lic Ipo news and updates.

Note – I am not a SEBI registered analyst, broker or adviser, my views in the video are personal and for educational purpose. Viewers are advised to use their own discretion before any action.

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