Hero Chairman and DSP Group Founder eye stake in Yes Bank. Alibaba's secondary listing gets approval nod. TSC expands partnership with Phoenix Group.
Money Makes the World Go Round: Sunil Munjal, Chairman of Hero Corporate Services, and Hemendra Kothari, Founder of DSP Group, have reportedly held separate talks with Yes Bank to purchase 5-10% stake each in the private lender. The deals, if they good through, could secure Yes Bank investments worth INR3,500cr.
Other than this, US-based private equity giant Carlyle Group has also expressed interest in investing up to $400mn in Yes Bank through a fresh equity issuance. Livemint
Forward and Onward: Chinese online retailer, Alibaba's secondary listing has received Hong Kong stock exchange's approval. Alibaba is planning to raise up to $15bn in a secondary listing in Hong Kong.
Meanwhile, Alibaba will retain its 2014 US listing in New York through which it had raised a record $25bn owing to New York's deep capital markets. Alongside, it is trying to tap into a growing pool of funds in Asia with its latest plan. South China Morning Post
In It For the Long Term: Tata Consultancy Services has announced the expansion of its long-term partnership with Europe's largest life and pensions consolidator, Phoenix Group, to drive the growth and transformation of the Standard Life business and meet the future needs of its customers, workplace clients and their advisers.
The expanded partnership will result in the digital transformation of Standard Life's pensions and savings operations, which is expected to expand the overall scope by a further 4.2 million policies, taking the total number of policies managed by Diligenta, TCS' regulated subsidiary in the UK, on behalf of Phoenix Group, to nearly 10 million. ToI
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