India Digest: Paytm eyes Yes Bank stake; CDEL hires IDFC Securities for asset sales

Photo: Bloomberg

One97 Communications is in preliminary discussions to acquire a stake in private sector bank Yes Bank. Separately, Coffee Day Enterprises Ltd (CDEL) has appointed IDFC Securities to advise on sale of its assets.

Paytm eyes Yes Bank stake

One97 Communications, the parent of Indian digital payments major Paytm, is in preliminary discussions to acquire a stake in private sector bank Yes Bank, The Times of India reported.

The deal is subject to an approval from the Reserve Bank of India (RBI) as One97 already owns Paytm Payments Bank, the report added. Going by current regulations, institutional investors can acquire up to 5 per cent stake in an Indian bank. A stake beyond 5 per cent requires an RBI approval.

Yes Bank has been under pressure to raise fresh capital to improve its capital adequacy ratio. Last month, the bank proposed to increase the authorized share capital from Rs800 crore to Rs1,100 crore.

CDEL hires IDFC Securities for asset sales

Coffee Day Enterprises Ltd (CDEL), the operator Indian coffee chain Café Coffee Day (CCD) has appointed IDFC Securities to advise on sale of its assets.

In a BSE filing, CDEL said that IDFC will assist it identify strategic options including divestment of its holding in Coffee Day Global Limited and any other group company (other than SICAL Logistics Limited). IDFC will also advise on refinancing of existing debt and raising additional facilities to repay debt in CDEL and its subsidiaries, the filing added.

A day ago, Mint reported that CDEL has hired ICICI Securities as an advisor to sell stake in Sical Logistics to pare debt.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.