Author: Shelly M

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Corporate

SEBI Widens IPO Anchor Investor Quota To 40%

The Securities and Exchange Board of India (SEBI) has amended rules regarding the share-allocation framework for anchor investors in maiden public offerings. This strategy is aimed at broadening the participation of domestic institutional investors such as mutual funds, insurance companies and pension funds.

Under this, Sebi has increased total reservation in the anchor portion to 40 per cent from 33 per cent earlier. This comprises 33 per cent for mutual funds and the remaining 7 per cent for insurers and pension funds.

If the 7 per cent reserved for insurers and pension funds remains unsubscribed, it will be reallocated to mutual funds, the markets regulator said in a notification dated October 31.

SEBI has also the number of anchor investors allowed for IPOs with an anchor portion above Rs 250 crore, by raising the existing limit from 10 to 15 per Rs 250 crore.

This means, a minimum of 5 and a maximum of 15 investors shall be allowed for allocations up to Rs 250 crore. For every additional Rs 250 crore or part thereof, an additional 15 investors are to be permitted, subject to a minimum allotment of Rs 5 crore per investor, according SEBI.

Also, in the discretionary allotment under anchor portion, Category I (up to Rs 10 crore) and Category II (above Rs 10 crore up to Rs 250 crore) have been merged into a single category for allocations up to Rs 250 crore, with a minimum number of anchor allottees as 5 and maximum as 15 (minimum allotment 5 crore per investor).

The framework would broaden the participation of long-term institutional investors in the IPOs. To give these effect, the regulator has amended Issue of Capital and Disclosure Requirements norms, which would come into force from November 30.

Also Read: Orkla India IPO lists at ₹750, 3% Up

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Corporate

M&M exits RBL Bank with 62.5% gain

Mahindra & Mahindra (M&M) has sold its entire 3.5% stake in RBL Bank for ₹678 crore, earning a 62.5% return in just over two years.

The sale comes as Emirates NBD prepares to acquire a majority stake in the lender through a $3-billion transaction, in what would mark the largest cross-border deal in India’s financial sector. Under the country’s stock market regulations, this transaction triggers a mandatory open offer, set to open on December 12.

M&M had bought the 3.53% stake in July 2023 for ₹417 crore as part of a long-term treasury investment.

With the Dubai-based bank now set to buy 60% of RBL for around $3 billion, M&M appears to have seized the opportunity to book gains. The open offer, priced at ₹280 per share, will open on December 12. RBL stock currently trades between ₹320 and ₹330.

India’s banking regulations cap foreign investment in private banks at 74%, while a single overseas investor can’t own more than 15% without RBI approval.

The RBL Bank open offer is priced at ₹280 apiece. The stock is currently trading at in the ₹320-330 range.

India allows 74% foreign investment in private banks but limits shareholdings of any single foreign institution to 15% unless regulator the Reserve Bank of India grants an exemption.

Also Read: Groww IPO Day 2 Has Strong 4× Retail Subscription

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Corporate

Porter Lays Off 300–350 Staff, Prepares for IPO

Porter, On-demand logistics startup, has laid off around 300–350 employees as part of a cost rationalisation exercise, ahead of a potential public listing, according to people familiar with the matter.

The Bengaluru-based company confirmed a one-time restructuring, stating that the move was aimed at building a “stronger, more agile, and financially resilient organisation.” Porter said the decision was difficult but necessary as part of its transition and long-term growth strategy.

Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers intra-city logistics and courier services, including on-demand trucking, packing and moving, and enterprise logistics solutions.

The startup achieved profitability in FY25, reporting an operating revenue of ₹4,306 crore, up 57% from the previous year, and a net profit of ₹55 crore, a sharp turnaround from a ₹96 crore loss in FY24. This financial performance reflects Porter’s rapid scaling and operational improvements, reinforcing investor confidence in its growth trajectory.

Porter has been actively raising funds to support expansion and strengthen its balance sheet. In May 2025, the company raised $200 million in a round led by Kedaara Capital and Wellington Management, valuing the startup at $1.2 billion. More recently, the firm has been in advanced discussions to raise an additional $100–110 million from existing and new investors, bringing its total funding to around $300–310 million.

The layoffs come as Porter focuses on streamlining operations, enhancing financial stability, and positioning itself for its next phase of growth, including a potential market debut. By restructuring now, the company aims to emerge leaner and more competitive while sustaining its long-term expansion plans in India’s rapidly evolving logistics landscape.

Also Read: Delhivery CFO Amit Agarwal Resigns

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Leaders

Delhivery CFO Amit Agarwal Resigns

Logistics company Delhivery announced on Wednesday that its Chief Financial Officer Amit Agarwal has resigned from his position and will step down on December 31, 2025.

Agarwal, who has been with Delhivery for over 13 years, has served as the company’s CFO since January 2019 and played a key role in shaping its financial strategy during its growth and post-listing phases.

Vivek Pabari, who currently heads corporate finance, investor relations and treasury, will replace Agrawal and has been with the company since June 2021.

Delhivery reported a net loss of ₹50.38 crore for the September quarter (Q2 FY26), compared to a profit of ₹10.2 crore in the same period last year. However, the company’s revenue from operations rose 16.9% year-on-year to ₹2,559.3 crore from ₹2,189.7 crore, reflecting continued business momentum despite margin pressures.

While Agrawal cited personal reasons for his resignation, the company said the leadership transition is part of a planned move aimed at ensuring business continuity and driving its long-term growth strategy.

Also Read: Canada Opens Fast-Track for H-1B Holders

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Beyond

Canada Opens Fast-Track for H-1B Holders

In a bid to attract skilled workers hit by recent US visa policy and fee changes, the Canadian government has announced a new accelerated immigration pathway for professionals holding US H-1B visa holders.

As part of a broader plan to strengthen its innovation-driven economy and fill key labour shortages outlined in the 2025 Federal Budget, the program will offer opportunities to transition expertise to Canada’s fast-growing sectors, including healthcare, technology and scientific research.

As part of its International Talent Attraction Strategy, Canada will roll out a special initiative to hire more than 1,000 global researchers, backed by CA $1.7 billion in funding.

The investment aims to help Canadian universities and research institutions bring in top international talent and accelerate advancements in innovation and discovery.

The budget also proposes setting up a Foreign Credential Recognition Action Fund, with CA $97 million allocated over five years starting 2026–27. Managed by Employment and Social Development Canada, the fund will help streamline and modernize the recognition process for foreign-trained professionals, with a focus on healthcare and construction, where demand for qualified workers remains high.

Prime Minister Mark Carney emphasized that attracting and retaining top global talent is essential for maintaining Canada’s competitive edge. The new measures reflect a shift toward strategic immigration policies that align with regional and sectoral needs.

These steps also complement ongoing efforts to improve Canada’s Temporary Foreign Worker Program and create smoother pathways to permanent residency for skilled professionals.

With the new fast-track visa route and expanded research funding, Ottawa aims to position Canada as a global hub for innovation, talent, and opportunity, strengthening its role in the evolving international labour and technology landscape.

Also Read: Maharashtra Becomes First State to Partner with Starlink

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Corporate

Maharashtra Becomes First State to Partner with Starlink

In a major step toward digital inclusion, Maharashtra is set to become the first Indian state to partner with the global satellite internet provider, Starlink Satellite Communications Pvt. Ltd.

The Letter of Intent was signed by Starlink Vice President Lauren Dreyer and IT Secretary Virendra Singh in the presence of Chief Minister Devendra Fadnavis.

The agreement, which is under regulatory approvals from the Government of India, aims to bring high-speed connectivity to tribal schools, health centres, disaster control rooms, coastal zones, and districts like Gadchiroli, Nandurbar, Dharashiv, and Washim.

Connectivity will also be extended to key infrastructure corridors like the Samruddhi Mahamarg, ferries and ports, coastal police networks and essential public services that support education and telemedicine.

A 90-day pilot project will begin soon, monitored by a joint working group with review milestones set at 30, 60, and 90 days. The chief minister will chair quarterly progress reviews.

“With Starlink joining hands with Maharashtra, we are bridging the last digital divide connecting every village, school, and health centre, no matter how remote,” said Fadnavis.

“This partnership marks a big step toward a connected, future-ready Maharashtra and sets the benchmark for Digital India at the grassroots.”

Dreyer said the initiative fits perfectly with the company’s goal of connecting those left behind by traditional networks. “Maharashtra’s vision for inclusive and resilient digital growth aligns with ours. Together, we will show how satellite internet can transform education, healthcare, and community life in even the most remote parts of India.”

The collaboration supports Maharashtra’s Digital Maharashtra mission and complements its efforts in electric mobility, coastal development, and disaster resilience, positioning the state as a front-runner in next-generation connectivity.

Also Read: Toyota Recalls 1 Million US Cars Over Camera Glitch

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Beyond

China lifts 24% US tariff, keeps 10%

China will suspend its 24% tariff on a wide range of US goods for one year, marking a cautious step toward easing trade tensions. However, it will continue to impose a 10% duty on certain products, keeping some restrictions in place.

The decision follows a high-profile meeting between President Xi Jinping and US President Donald Trump, indicating a possible thaw in the long-standing trade dispute.

US agricultural exports may benefit, as tariffs of up to 15% on some farm products will be lifted starting November 10. While the suspension of the higher tariff provides relief for American businesses, China’s decision to maintain certain duties signals that a full resolution remains a work in progress.

This step represents a measured approach from both sides, balancing economic interests with ongoing diplomatic negotiations.

Also Read: Mehli Mistry Steps Down from Tata Trusts

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Corporate

Mehli Mistry Steps Down from Tata Trusts

Mehli Mistry has resigned as trustee from three major Tata Trusts, namely, the Sir Ratan Tata Trust, the Sir Dorabji Tata Trust, and the Bai Hirabai J.N. Tata Navsari Charitable Institution Trust, with effect from October 28.

In his farewell letter to the board, Mistry described it as a “privilege” to have served the Trusts, a role he said was personally endorsed by Ratan N. Tata, whom he called “a dear friend and mentor.” He said his decision stemmed from a deep commitment to Tata’s values and his belief that no individual should overshadow the institution they serve.

“All of us must remember that nobody is bigger than the institution,” Mistry wrote, urging trustees to remain guided by transparency, good governance, and public interest. He added that he wished to avoid any action that could harm the century-old philanthropic legacy of the Tata Trusts.

His exit comes amid internal differences within the Trusts’ leadership over governance and reappointments. Mistry, who had recently filed a caveat with the Maharashtra Charity Commissioner seeking a hearing before any changes in trusteeship, said his move was intended to safeguard the reputation and integrity of the organisation.

The Tata Trusts, among India’s largest charitable entities, play a vital role in directing the philanthropic vision of the Tata Group, holding a majority stake in Tata Sons, the group’s principal investment company.

Also Read: Goldman, JPMorgan CEOs Flag US Debt Risks

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Corporate

Sensex, Nifty slip over 0.6% as IT, auto, metal stocks drag

Indian stock markets ended lower on Tuesday as selling in IT, auto and metal shares pulled the indices down.

The Nifty 50 dropped 165 points (0.64%) to close at 25,597, while the Sensex slipped 519 points (0.64%) to 83,459.

Among major losers were Power Grid, Tata Motors, Tata Steel, and Maruti Suzuki, which fell between 2% and 3%. IT stocks were under pressure after mixed comments from U.S. Federal Reserve officials weakened hopes of an interest rate cut in December.

The broader markets also fell, with the small-cap index down 0.8% and the mid-cap index lower by 0.4%.

On the brighter side, Bharti Airtel rose 1.9% to a record high after reporting strong quarterly earnings, while Titan Company jumped 2.3% on better-than-expected results. Mahindra & Mahindra and State Bank of India also gained from healthy profits.

Also Read: Sensex Falls 150 pts, Nifty Below 25,750, Hitachi Up, Reliance Down

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Leaders

Hinduja Group Chairman Dies At 85 In London

Gopichand P Hinduja, the chairman of the Hinduja Group, died in a London hospital on Tuesday. He was 85.

Gopichand Hinduja joined the family business in 1950 and played a key role in expanding the group’s footprint across automotive, banking and finance, IT, healthcare, power, real estate, and media sectors. The group’s flagship companies include Ashok Leyland, IndusInd Bank, and NXTDIGITAL.

Known as ‘GP’ in business circles, Gopichand graduated from Bombay Jai Hind College and held honorary doctorate degrees from the University of Westminster and Richmond College, according to the company’s website.

The Sunday Times Rich List 2025 ranked the Hinduja family as the UK’s richest, with a fortune of £32.3 billion. Gopichand Hinduja is survived by his wife Sunita, two sons Sanjay and Dheeraj, and a daughter Rita.

The Hinduja Group has businesses in eleven sectors, including automotive, banking and finance, IT, healthcare, real estate, power, and media and entertainment. Some of its well-known brands include Ashok Leyland, IndusInd Bank, and NXTDIGITAL Limited.