Latest news with #KamalYadav
Time of India
17-07-2025
- Time of India
Family in Bhind face boycott for inviting Brahmins to ritual feast
Bhopal: Members of a family belonging to the Yadav community are facing a boycott in Bhind district after inviting Brahmins to perform rituals during a "Thrayodashi" feast. The boycott comes in response to a recent incident in Etawah, Uttar Pradesh, where a Yadav storyteller was allegedly assaulted after it was found during a Bhagwat Katha that he was not a Brahmin. On June 21 in Etawah, the storyteller was beaten, had his hair and eyebrows shaved, and was humiliated by being forced to rub his nose on a woman's feet. A Brahmin was then called to continue the Katha, and videos of the incident went viral, sparking outrage among Yadavs in other states. In Bhind, a panchayat of the Yadav community had decided to boycott any family that involved Brahmins in religious rituals. Despite this, Kamal Yadav of Mau town organized a program on July 16 for his late mother and invited 13 Brahmins for feast. The community panchayat, held on July 13, had declared such actions unacceptable. Kamal Yadav said he was not informed of the panchayat's decision and had already made arrangements. "I've always followed family traditions. No one told me in time," he told the media. Other family members said that a few locals boycotted the event, but many from the area still attended. Panchayat member and former Nagar Palika president Rajendra Prasad Yadav said the decision was taken after repeated disrespect toward Yadav storytellers. "The community had made its position clear. Kamal ignored it, so the boycott was enforced," he told the media.
&w=3840&q=100)
Business Standard
20-06-2025
- Business
- Business Standard
MakeMyTrip raises $3.1 bn in APAC's biggest equity-bond deal since 2022
MakeMyTrip raises $3.1 billion via equity and convertible notes to reduce stake below 20 per cent, marking APAC's largest concurrent offering since 2022 MakeMyTrip has raised $3.1 billion through equity and bond offerings, marking the Asia-Pacific region's largest concurrent offering of equity follow-on and convertible notes since 2022, Kamal Yadav, head of investment banking at Morgan Stanley, said in a LinkedIn post on Friday. 'On June 17, 2025, after the close, MakeMyTrip priced a $3.1 billion concurrent registered primary equity follow-on and 144A convertible bond (post-shoe). The primary equity follow-on offering of 18,400,000 ordinary equity shares was priced at $90 per share. The five-year convertible senior notes offering, at 0 per cent coupon and 35.0 per cent conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' Yadav wrote. The last major fundraise by an Indian internet company was Paytm's $2.5 billion initial public offering in 2021. Proceeds from the fundraise will be used to buy back stake held by Group Ltd, reducing the Chinese company's holding to under 20 per cent from the current 45.34 per cent. will continue to remain the largest minority shareholder in the company. The move comes amid allegations by founder Nishant Pitti that five out of 10 directors on the company's board had ties with China—claims that the Nasdaq-listed company dismissed as 'malicious and motivated'. MakeMyTrip did not respond to queries from Business Standard as of Friday evening. The company is yet to issue an official statement on the closure of the deal. MakeMyTrip had initially planned to offer 14 million new shares to raise $1.4 billion and zero-coupon convertible bonds worth $1.25 billion. It later increased the new share offering to 18.4 million shares, priced at $90—slightly lower than the $91.49 closing price on June 17.
Economic Times
20-06-2025
- Business
- Economic Times
MakeMyTrip raises $3.1 billion to slash Chinese firm Trip.com's stake to 20%
Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, said on Friday. On Tuesday, MakeMyTrip, in a regulatory filing, said that it is raising $3 billion to buy back shares from Group, reducing the Chinese company's holding to 20% from the initial 45%. The fundraise is the largest ever by a listed Indian new-age company.'Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' said Kamal Yadav, managing director, investment banking, at Morgan Stanley. MakeMyTrip cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Both serve on the board, with Kalra as chairman. The cofounders also retain the right to appoint three independent directors. Following the buyback, stake in MakeMyTrip has dropped to 19.99% from 45.34%. Its board representation has also been reduced to two directors from five. The move comes a month after MakeMyTrip faced allegations of endangering the travel data of Indian army personnel due to its Chinese shareholding. Nishant Pitti, founder of rival EaseMyTrip, had alleged that three of the four strategic board committees at MakeMyTrip 'are either led or significantly influenced by directors with clear Chinese affiliations.' MakeMyTrip dismissed the allegations as a 'motivated accusation'. first invested in MakeMyTrip in January 2016 with $180 million in convertible bonds. In 2019, Trip — then known as Ctrip — acquired a 42% stake held by Naspers in a swap deal, receiving a 5.6% stake in Ctrip in exchange.
Time of India
20-06-2025
- Business
- Time of India
MakeMyTrip raises $3.1 billion in landmark deal; to slash Chinese firm Trip.com's stake to 20%
Live Events Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, said on Tuesday, MakeMyTrip, in a regulatory filing, said that it is raising $3 billion to buy back shares from Group, reducing the Chinese company's holding to 20% from the initial 45%.The fundraise is the largest ever by a listed Indian new-age company.'Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' said Kamal Yadav, managing director, investment banking, at Morgan cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Both serve on the board, with Kalra as chairman. The cofounders also retain the right to appoint three independent the buyback, stake in MakeMyTrip has dropped to 19.99% from 45.34%. Its board representation has also been reduced to two directors from move comes a month after MakeMyTrip faced allegations of endangering the travel data of Indian army personnel due to its Chinese Pitti, founder of rival EaseMyTrip, had alleged that three of the four strategic board committees at MakeMyTrip 'are either led or significantly influenced by directors with clear Chinese affiliations.' MakeMyTrip dismissed the allegations as a 'motivated accusation'. first invested in MakeMyTrip in January 2016 with $180 million in convertible bonds. In 2019, Trip — then known as Ctrip — acquired a 42% stake held by Naspers in a swap deal, receiving a 5.6% stake in Ctrip in exchange.
