India's IndiGo co-founder to sell up to $1.4 billion worth of shares, term sheet shows
SYDNEY, May 27 (Reuters) - The co-founder of Indian airline IndiGo (INGL.NS), opens new tab, Rakesh Gangwal, will sell a stake of up to 5.7% in the low-cost carrier through a block deal worth up to $1.4 billion, a term sheet seen by Reuters showed on Tuesday.
The share sale will have a floor price of 5,175 rupees ($60.84), the term sheet showed, or a discocunt of 4.5% from the company's closing price on Monday.
($1=85.0630 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
31 minutes ago
- Daily Mail
EXCLUSIVE McDonald's Australia announces major change to its popular menu item: 'Our best one yet'
McDonald's Australia has announced a major change to a popular menu item, which comes into effect nationwide. In a move that will interest coffee connoisseurs, Macca's has revealed it will be using a new blend for its McCafé coffees, starting Wednesday. The fast food chain is changing its coffee blend for the first time in four years, with the last update made in 2021. Amanda Nakad, Marketing Director of Menu and Brand for McDonald's Australia, said the change will be 'our best McCafé blend yet'. 'We refresh our coffee blend every four years to keep up with the evolving tastes of our customers and we reckon this one is the best one yet,' Ms Nakad told FEMAIL. 'We know how much our Aussie customers love coffee and care about the taste and quality of their brew – and so do we.' The coffee beans are sourced from around the world and shipped to a roastery in Melbourne, Australia's coffee capital. There, they are roasted and blended on-site into the new coffee blend. Like the previous brew, the new blend is made from 100 per cent Arabica coffee beans, sourced from Rainforest Alliance Certified farms. However, there are some subtle differences to the taste of the new takeaway coffee. The new blend includes four origins of coffee beans from Colombia, Honduras, Brazil and Ethiopia. As a result, coffee drinkers should expect the taste to feel richer and rounder with fruity and nutty notes. In addition to refining the taste of the coffee, Ms Nakad said confirmed that they remain committed to 'invest' in barista staff training and equipment to ensure quality and consistency of McCafe coffee across all their stores. McCafé is a true Aussie success story, having first launched in the laneways of Melbourne back in 1993. Today, the cafe serves up more than 300 million cups of barista-made coffee and hot drinks per year. This effectively means that one in five store-bought coffees in Australia are sold at McCafé. 'It's a brand that was created by coffee lovers for coffee lovers, and we're extremely proud to welcome this new blend to our loyal Aussie customers,' Ms Nakad said. The new blend comes hot on the heels of the limited-edition launch of Macca's matcha beverage range at select stores around Australia. The fast food restaurant chain is now selling a classic Matcha Latte ($4.60), an Iced Matcha Latte ($5.20) and a trendy Iced Strawberry Matcha Latte ($6.05). When FEMAIL contacted McDonald's Australia to enquire about the new matcha range, a spokesperson remained tight-lipped but offered a vague confirmation. 'Seeing green? Macca's is currently trialling a special treat in select restaurants across NSW and Victoria,' a McDonald's Australia spokesperson told FEMAIL. 'While we can't confirm anything further yet… We can say: stay tuned.' Sydney food blogger Nina was one of the first to break the news on social media about the little-known Matcha range spotted at Wynyard Station. 'Guess what?! McDonald's Australia has released matcha lattes. Finally matcha available at Macca's,' Nina said in her video. Nina said she purchased a medium iced matcha with oat milk for $6.40. 'Although they use syrup, the matcha flavour was strong with no bitterness - but it was very, very sweet,' she said in her verdict. 'Not very traditional, but the sugar sure was a great pick me up in the morning. To be honest I think I'll be buying this again.' The Sydney-based foodie posted a six-second video that has already been viewed more than 750,000 times, which showed her spotting the item on an in-store menu. The video shows the McDonald's store at Wynyard Station - along with a sign confirming the matcha range won't be around for long. 'Hurry limited time,' the sign read. The video has already notched up over 40,000 likes, and received hundreds of comments from excited customers. 'FINALLY MY DREAMS ARE COMING TRUE,' read one excited response. But the top-liked comment expressed disbelief about whether 'this is actually true'. This warranted skepticism stems from an incident last year when a 'fake' Macca's matcha drink caused a frenzy and disappointment among customers. Last year, a group of Melbourne friends filmed themselves apparently ordering a 'Strawberry Matcha' from a McDonald's Drive-Thru window as part of a social media prank. The staged video quickly sparked confusion among McDonald's customers, who soon reported being unable to find the drink anywhere in stores. The misinformation about the Macca's Strawberry Matcha got so out of hand that McDonald's eventually released a statement confirming the product did not exist. The subsequent outcry from social media fans led many to campaign for Macca's to develop their own drink featuring the popular green tea powder. Now, it appears their wish has come true as Macca's trials the new drinks range at select stores. In addition to the Wynyard Station, some other NSW locations where the range has quietly launched included Thornleigh, Bondi Junction, Wyong and Haberfield. In Melbourne, one fan noted that they'd seen it in the Doncaster store. Matcha lattes – and in particular strawberry matcha lattes – have soared in popularity in the last few years. The trendy iced strawberry matcha lattes are understood to have originated from Asian tea specialty stores, and became prolific on social media. The striking visual appeal of iced strawberry matcha lattes is one of the reasons why the drink went viral. Matcha is known for its health benefits, with the green tea powder renowned for being rich in antioxidants. It also contains fibre, vitamin C, chromium, magnesium, selenium and zinc.
The Guardian
an hour ago
- The Guardian
Albanese again pushes back on US demand for Australia to increase defence spending to 3.5% of GDP
Anthony Albanese has again sidestepped US calls for Australia to drastically increase its defence budget, now by about $40bn more each year, amid warnings from the Trump administration over China's plans. The US secretary of defense, Pete Hegseth, met with Australia's defence minister, Richard Marles over the weekend in Singapore as part of the Shangri-la Dialogue. In a readout of the meeting released Monday morning Australian time, Hegseth conveyed that Australia should increase its defence spending to 3.5% of its GDP 'as soon as possible'. Sign up for Guardian Australia's breaking news email Australia is on track to lift defence spending from about $53bn a year, or around 2% of GDP – to an estimated $100bn, or 2.4% of GDP, by 2033-34. An additional annual spend of around $40bn would be required by 2033-34 to reach 3.5% of GDP. Hegseth on Saturday urged countries in Asia to 'share the burden' and lift defence spending to 5% of GDP, warning 'Beijing is credibly preparing to potentially use military force to alter the balance of power in the Indo-Pacific' in a speech at the conference. It followed months after Pentagon undersecretary Elbridge Colby told a US Senate hearing that the US wanted Australia to reach a 3% defence spending threshold. Albanese was asked on Monday to respond to the US's calls for Australia to pour billions more into its defence budget, to meet a higher spending target. The prime minister asked: 'Which one?' 'There's been a range of [spending targets] going forward. What you should do in defence is decide what you need, your capability, and then provide for it. That's what my government is doing,' he said. 'What we need is things that defend us in real terms, and that's what we'll provide.' The prime minister had stood firm on Sunday, saying in response to a similar question about Hegseth's Saturday comments: 'We'll determine our defence policy.' Also speaking on Sunday, Marles said the issue of defence spending was a conversation he was 'totally up for'. 'The Americans have been very clear about wanting to see more from their friends and allies around the world. It's a sentiment that we understand,' Marles said at a press conference in Singapore. 'We have already engaged in the last couple of years in the single biggest peacetime increase in defence expenditure in Australia's history. So we are beginning this journey. We've got runs on the board. 'And indeed, if we look at Aukus, I mean, Aukus is something which is seeing our defence expenditure increase – as it should – and so we actually are taking steps down this path.' In February, Australia paid $US500m ($AUD790m) to the US as part of the first instalment in a total of $US3bn pledged in order to support America's shipbuilding industry. At the time, Marles said Aukus was 'a powerful symbol of our two countries working together in the Indo-Pacific'. Albanese is expected to meet Trump in person for the first time since both leaders were re-elected, on the sidelines of the G7 leaders' summit in Canada this month. The two leaders are expected to discuss defence cooperation in the Indo-Pacific, as well as the US's doubling of tariffs to 50% on steel and aluminium imports, including from Australia, beginning this week.
The Guardian
an hour ago
- The Guardian
Bankruptcy notice lodged against John Pesutto after he fails to pay fellow Liberal Moira Deeming $2.3m
Lawyers for Victorian Liberal MP Moira Deeming have initiated bankruptcy proceedings against former state opposition leader John Pesutto after he failed to meet a deadline to pay her $2.3m in legal costs. The upper house MP's lawyers on Monday lodged a bankruptcy notice on Monday after Pesutto failed to pay the costs ordered by the federal court in May. The court in December found he repeatedly defamed Deeming by falsely implying she sympathised with neo-Nazis and white supremacists. The notice provides Pesutto with a further 21 days to pay the remaining amount, enter into a payment agreement or face bankruptcy. The deadline for Pesutto to pay the costs was Friday but sources close to the Hawthorn MP said he was he was unable to raise the full amount by that date, with about two-thirds still outstanding. Pesutto has already paid Deeming $300,000 in damages plus $15,000 in interest If he is bankrupted, it would disqualify him from being a member of parliament and trigger a byelection in his seat of Hawthorn, which the Liberal MP holds by a slim margin of 1.74%. Pesutto on Monday took to X to confirm the 'issuing of the bankruptcy notice'. 'I will be doing everything possible over the next 21 days to pay the amount ordered by the federal court,' Pesutto wrote. 'I will continue performing my work as the member for Hawthorn, and I reiterate my wish to do so for as long as the people of my electorate will have me.' When approached by Guardian Australia, Deeming sent a statement earlier provided to the Herald Sun. The upper house MP said issuing the bankruptcy notice was not a decision she took lightly 'nor with any sense of triumph'. 'My goal is simple, to ensure that I am reimbursed so that I can repay that loan as I promised I would,' Deeming said. 'The possibility of a costly by-election in the seat of Hawthorn is not something I welcome. But retain it or lose it, the greater threat to the Liberal party is not the pain and cost of pursuing justice, but the dishonour and shame of failing to uphold it.' 'No man is above the law.' On X, Deeming denied she was intentionally seeking to damage the Liberal party. 'If you interpret a politician being held to account as some kind of political or democratic disaster, maybe you are the problem - not me,' Deeming posted. In the event of Pesutto's bankruptcy, Deeming's lawyers have also indicated they will seek to recover costs from third parties – and will apply for subpoenas to compel him to disclose communications with his donors. Pesutto's situation has sparked discussions of a possible loan from the party's investment vehicle, the Cormack Foundation, which has been reluctant so far to provide financial support to the former leader. Former Liberal premier, Jeff Kennett, lambasted the party's administrative committee and the Cormack Foundation for failing to 'support its own'. Kennett said a loan from Cormack wasn't his preferred option, but it would at least prevent Pesutto's bankruptcy. 'My preference is to be generous. Even if they give him a loan, he will still be indebted for the rest of his life. They [Pesutto's family] don't deserve it,' he said. 'My preference is the organisations within the liberal party that have the capital - and substantial amounts of capital - said 'we may not agree with you but we are not going to put you and your family in a situation where you are potentially bankrupt.''
