More Retail eyes Rs 2,000 crore from IPO
Kolkata: Grocery and food retail chain More is likely to raise Rs 2,000 crore through a primary issue in its proposed public offering, expected between April and Dec 2026.
The promoters' stake is likely to be diluted by 10% following the IPO, More CEO Vinod Nambiar said on Monday.
and Amazon are the two main promoters of More, along with some HNIs and family offices. Samara holds 51% in the holding company of More Retail, while Amazon holds 48%. Samara bought More from Aditya Birla Group a few years back for Rs 4,300 crore. Samara and Amazon gave Rs 900 crore to More for funding losses.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
21 minutes ago
- India.com
Indias GST Collections In May Surge Over 16% To Rs 2.01 Lakh Crore
New Delhi: India's gross Goods and Services Tax (GST) collection for May 2025 reached Rs 2.01 lakh crore, marking a 16.4 per cent rise compared to the Rs 1.72 lakh crore collected in May 2024, according to data released by the Ministry of Finance on Sunday. This marks the second month in a row that GST revenues have stayed above the Rs 2 lakh crore mark, indicating healthy economic activity and steady consumption growth. In April, GST collections had touched an all-time high of Rs 2.37 lakh crore, which was a 13 per cent jump from March. That spike was largely due to year-end financial filings and reconciliations. However, the strong numbers in May suggest that the momentum is continuing beyond seasonal factors. Net GST revenue -- which includes refunds -- also grew significantly, rising by over 20 per cent to Rs 1.73 lakh crore. Domestic GST collections increased by 13 per cent, while revenue from imports rose sharply by 25.7 per cent. Meanwhile, India's overall economy is also showing signs of stable growth. Data released on May 30 showed that the country achieved its growth target of 6.5 per cent for the financial year 2024. The economy expanded by 7.4 per cent in the January to March quarter, bouncing back strongly from earlier slowdowns. Consumption, a key driver of growth, also improved over the year. After growing by 5.6 per cent in the previous financial year, consumption has picked up again. In April, consumer durable goods, such as appliances and electronics, grew by 6.4 per cent, slightly lower than the 6.9 per cent growth in March. Meanwhile, in April, the GST collections had surged to a record high of Rs 2.37 lakh crore, which was a 12.6 per cent increase from Rs 2.10 lakh crore in the same month the previous year. The increase in GST collections in the previous month (April) had been driven by a higher level of economic activity and improved compliance, a senior official had said.
Hans India
31 minutes ago
- Hans India
Odisha aims to double milk production in next 5 years: CM Majhi
Odisha Chief Minister Mohan Charan Majhi on Sunday said the state government is making all efforts to double the production of milk in Odisha in the next five years. While addressing the gathering during a programme held here on the occasion of the state-wide celebration of World Milk Day-2025, CM Majhi stated that milk production is a significant part of the rural economy. "It not only serves as a source of income but also plays a vital role in supplying nutritious food to our society. Our state produced 26.4 lakh metric tonnes of milk in 2023-24, and our government is trying to double it in the next five years. Therefore, our government has launched the 'Mukhyamantri Kamadhenu Yojana' to develop cow husbandry and increase milk production in the state," said CM Majhi. He noted that in the last financial year of 2024-25, 3 lakh beneficiaries have received financial assistance worth Rs. 71 crore. CM Majhi further added that the state government wants to establish Odisha as a major milk-producing state in the country. The Chief Minister urged everyone to contribute towards realising the slogan of 'Milk-rich Odisha, healthy Odisha'. CM Majhi stated that his government is always committed towards animal welfare. He said that the state government is providing financial assistance to registered 'goshalas' (cowsheds) under the Mukhyamantri Prani Kalyan Yojana launched by the state government with a budgetary outlay of Rs 186 crore for food, maintenance and upkeep of stray and helpless cattle in the cowsheds. Making a significant announcement, CM Majhi said that the state government will henceforth give Rs 3 more per litre to the milk producers associated with the state-owned Odisha State Cooperative Milk Producers' Federation Limited (OMFED), which will benefit 2.5 lakh milk farmers across the state. CM Majhi further announced that the state government will bear Rs 2 of the Rs 4 per litre increase in milk prices for consumers. He also announced that accidental death assistance of Rs 1 lakh will be provided to milk producers. It is worth noting that World Milk Day has been celebrated every year on June 1 since 2001 with the aim of spreading widespread awareness about the contribution of livestock keepers in nutritional development and economic growth, and the benefits of milk in a balanced diet.
Time of India
36 minutes ago
- Time of India
MCD makes user charge optional for property tax payments from June 1, launches amnesty scheme
New Delhi: In a relief to property taxpayers in Delhi, Municipal Corporation of Delhi has updated its property tax portal to make the controversial 'user charge'—a garbage collection fee—optional. This move aims to resolve confusion that had prevented many from paying their taxes in advance and allows taxpayers to continue availing a 10% discount on early payments, valid until June 30. The user charge had been added to property tax bills from April 1 under solid waste management regulations. A base fee of Rs 600 was imposed on residential properties, while commercial establishments faced substantially higher rates. The inclusion of this fee sparked considerable public backlash, with many residents arguing that they already pay private contractors for waste collection and questioning why only 13 lakh registered taxpayers were being charged, when more than 35 lakh households across the city produce daily waste. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Concerns were also raised over the addition of GST on the combined amount, which increased the total payable sum. In response to public pressure, MCD passed a private resolution in the House on May 21, proposing to defer the user charge and review its implementation. The resolution also called for the charge to be de-linked from the main property tax bill to simplify the payment process. Many RWAs supported this move, especially those representing colonies designated as zero-waste or those actively cooperating with municipal waste segregation policies. They contended that it was unfair to penalise compliant taxpayers while others continued to use civic services without contributing. Following the resolution, MCD revised the online payment system to allow property owners to opt out of the user charge with a single click. According to an MCD official, the portal changes were made in direct response to the House's decision. The official confirmed that any user charges already paid would be adjusted in future tax bills. The final call on permanently delinking the fee will rest with the commissioner, who is reviewing the matter and will present it again to the House after further evaluation. Meanwhile, the general amnesty scheme for property tax payments has gone live on the portal as of June 1. Under this one-time initiative, taxpayers must clear outstanding dues for the last five years along with the current fiscal year's bill. Once these payments are made, all earlier dues dating back to 2004 will be waived. Those who avail of the scheme will receive an NOC, formalising their clearance of liabilities.
