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Fintech firm set to increase offer size by Rs 1,700 crore to Rs 18,300 crore after Sebi approval

This is a rare instance where RIL has formally submitted an expression of interest for a bankrupt company that is undergoing the corporate insolvency and resolution process (CIRP), said a lender. The only other instance where it submitted a bid was for Alok Industries in partnership with JM Financial ARC. It subsequently acquired that company.

The main features of such a framework could include relaxations in ownership and management criteria for these banks to make room for a wider pool of bidders such as nonbanking finance companies (NBFCs) that are owned by corporate groups.

Citi is expected to start bilateral negotiations and announce a formal winner in the next one-two months. None of the bidders have offered stocks, and have submitted all-cash bids. The first two are the most aggressive bidders and are the frontrunners.

The core radio business recorded a strong 50% growth rate, while the solutions business witnessed a 51% jump. With a bounceback in revenues and a cost-control initiative in place, the company also turned Ebitda positive and posted an operating profit of ₹8.9 crore for the quarter ended September.

According to sources, the government has negotiated the pricing of the vaccine which is "much lower than what the manufacturers had demanded but more than what the government is paying for Covaxin and Covishield".

"The company is looking at formalising a succession plan and a chief executive who will report to Berry, who may take up larger responsibilities," an executive directly aware of the development said on condition of anonymity.

ITC, L&T, Maruti Suzuki, Titan, Adani Enterprises, Adani Ports, SBI Life, Bajaj Auto, IndusInd Bank, United Spirits, PNB, Lupin and Dalmia Bharat are among the companies that will announce their September quarter results today.

A commensurate 30% rise in petro product prices in India would mean petrol prices could be near the Rs 150-per-litre mark and diesel Rs 140/ltr. On Tuesday, the price of petrol in the city was Rs 113.4/ltr while diesel was at Rs 104.4/ltr.

On a standalone basis, the company’s net profit remained flat at Rs 441 crore. During the June quarter, Ambuja reported a consolidated net profit of Rs 1,165.24 crore.