Singtel’s stake in the company will fall to 35.2% after the Airtel rights issue, from 39.5% currently.
The government there has warned investors buying into Airtel Africa that it doesn’t approve of any change in ownership in Airtel Tanzania.
The amount in question amounts to about 0.3% of Berkshire’s cash balance at the end of June quarter.
While MakeMyTrip may not be pressured by competitors to cut rates, this seems to be the only way to pursue growth.
Losses, which exclude net interest income, tax and notional losses on derivatives contracts, were well over three times revenue.
In FY17, Amazon India reported a loss before interest and tax of around $750 million. This is despite the fact that it has considerably lower outgoes than Flipkart in areas such as staff costs.
Walmart’s statement that it will support Flipkart’s growth acceleration plans will upset investor expectations of the company’s cash flows, which have steadily grown over the years.
Amazon’s talks with Flipkart suggest it wants to avoid a long-drawn battle with Walmart.
IPOs of ICICI Securities Ltd and Hindustan Aeronautics Ltd (HAL) failed to get enough bids to meet their targeted issue size.
IPOs worth Rs82,500 crore are expected to be completed in FY18, double the previous record in FY08.