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Business Standard
21-05-2025
- Business
- Business Standard
DRHP filings hit 10-year high in 2025 despite muted IPO launches
Despite market sell-off and IPO slowdown, 85 firms filed DRHPs in 2025, highest in over a decade; experts see revival ahead as confidence returns Sundar Sethuraman Listen to This Article The filing of draft red herring prospectuses (DRHPs) has remained resilient in 2025, reflecting continued optimism in the initial public offering (IPO) market, even as broader equity markets have weakened and primary activity slowed. Between January and May, 85 companies filed their DRHPs with the Securities and Exchange Board of India (Sebi), the highest tally for this period in over a decade. Among the marquee companies filing offer documents this year are Tata Capital, Urban Company, and Canara Robeco Asset Management. A DRHP is a preliminary prospectus filed ahead of an IPO and contains key disclosures, including share offer size,
India.com
20-05-2025
- Business
- India.com
Ratan Tata gave Rs 5000000000 to employee in Taj Hotel! only person outside Tata family included in Will is…, two-third of property will go to…
The late Ratan Tata's will includes only one non-family member, Mohini Mohan Dutta, as a beneficiary. Dutta was a former director of the Taj Hotels Group, will get around Rs 588 crores as per the terms of the will. After initially rejecting the conditions, Dutta has now accepted it, claims media report. This will lead to the speedy execution process of the will. Ratan Tata's Will Ratan Tata's will has assets worth Rs 3,900 crores, has 24 beneficiaries, including his step-sisters Dina Jijibhoy and Shireen Jijibhoy. Mohini Mohan Dutta is the only individual outside Tata's family to be named in the will. As per the will, Dutta is entitled to one-third of Ratan Tata's estate, valued at around Rs 1,764 crores. This estate includes bank deposits, foreign currency notes, valuable crystals, and artifacts. Dutta's Role In Ratan Tata's life Dutta is now 77 years old, had questioned the valuation of the estate initially but later on agreed to the terms. With this, he will inherit Rs 588 crores, along with over one lakh shares in Tata Capital, currently valued at more than Rs 10 crores. Dutta's association with Ratan Tata is since they met in Jamshedpur. Tata was 25 years old, and Dutta was just 13. Tata later invited him to Mumbai and helped him to establish a travel agency with financial support. This agency eventually merged with Tata Capitals and managed operations for the Taj Hotels Group. Dutta was a director at the Taj Hotels Group until 2019, after which the travel agency was sold to Thomas Cook. Apart from Dutta, Tata's step-sisters Dina Jijibhoy and Shireen Jijibhoy are also major beneficiaries, inheriting two-thirds of the estate. They are also the executors of the will. The will excludes fixed assets and shares and focuses mainly on liquid and tangible assets. Court's Role In Process When Dutta had refused to accept the will's terms, other beneficiaries went to the court. The court issued summons to all involved parties to present their views. The will contains a clause that disqualifies any beneficiary who challenges it from receiving any benefits. After Dutta's acceptance of the terms, the implementation of the will has become possible. Dutta's Rs 588 crore inheritance will not be subject to taxes, as per Indian law.
News18
19-05-2025
- Business
- News18
Mohini Dutta, Only Non-Family Member In Ratan Tata's Will, Agrees To Receive Rs 588 Crore
Last Updated: The beneficiary had reportedly raised concerns about the property's valuation and declined the will. However, a clause warned that challenging it would forfeit all benefits In a significant development, Mohini Mohan Dutta—named the only non-family beneficiary in the late Ratan Tata's will—has accepted its terms, paving the way for smoother execution. According to the Times of India, Dutta, a former director of the Taj Hotels Group, was initially hesitant and had declined to accept the will, reportedly due to concerns over the valuation of the estate. However, a clause in the will stated that any challenge to its provisions would result in forfeiture of all benefits. Following a court summons to all parties involved, Dutta has now agreed to the conditions. As per the will, Dutta is entitled to one-third of Tata's residual estate, estimated to be worth around Rs 588 crore. The total value of Ratan Tata's estate is estimated at Rs 3,900 crore, with the remainder to be distributed among several beneficiaries, including his step-sisters, Dina and Shirin Jeejeebhoy, who also serve as the executors of the will. According to the report, Ratan Tata's will names around 24 beneficiaries, including 77-year-old Mohini Mohan Dutta. The estate mentioned does not include immovable properties or shares. The total inheritance, estimated at around Rs 1,764 crore, includes bank deposits, foreign currency, precious crystals and artifacts. Dutta's share amounts to approximately Rs 588 crore, along with over one lakh shares of Tata Capital, currently valued at more than Rs 10 crore. The report states when Dutta declined to accept the terms of the will, other beneficiaries had approached the court to initiate the execution of the will, prompting the court to issue summons to all involved parties and ask them to present their views. Dutta will not be required to pay tax on the Rs 588 crore he receives from the estate, as property inherited through a will is exempt from taxation under Indian law. Dutta's association with Ratan Tata dates back to their first meeting in Jamshedpur, Jharkhand, when Tata was 25 and Dutta was just 13. Tata later invited Dutta to Mumbai, where he helped him set up a travel agency. The agency was eventually merged with Tata Capital and went on to manage operations for the Taj Group. Dutta served as a director in the Taj Group until 2019, after which the agency was sold to Thomas Cook. First Published: May 19, 2025, 13:41 IST
Time of India
16-05-2025
- Business
- Time of India
GMR raises Rs2,600cr loan from Tata Capital for Nagpur airport expansion and takeover
1 2 3 Nagpur: GMR Nagpur International Airport Limited is raising a Rs2,600 crore loan from Tata Capital to partially fund its plans for the brownfield expansion of Dr Babasaheb Ambedkar International Airport here. The company is poised to take over Nagpur airport for operations under a concession agreement from the current operator, Mihan India Limited (MIL). A final approval for Airports Authority of India (AAI) to transfer airport land to the company is awaited. The total project cost is estimated at Rs3,275 crore, according to a note accessed by TOI. A part of this will come from the loan provided by Tata Capital, said sources involved in the development. The funds will be deployed in upgrading, developing, and operating the airport. This capital expenditure will cover areas like civil, mechanical, and electrical works, terminal building, cargo facilities, and runway, apart from other assets necessary for the expansion of the airport under the concession agreement, according to the note. A wholly owned subsidiary of GMR Airport Limited, the company, GMR Nagpur, was formed close to six years ago to handle operations for the city airport. According to the GMR Group's website, the company plans to increase the airport's capacity to handle 30 million passengers a year. The first phase will involve building a new terminal that would cater to 3 million passengers a year, apart from a facility to handle 20,000 metric tonnes of cargo. A new air traffic control tower and comprehensive airside infrastructure are also planned. Now, as GMR Group is ready with the finance for the airport project, the formal takeover of the airport is pending. GMR was expected to step in by the first week of May. However, the process has been delayed. It is learnt that approval from the Union cabinet is needed for the transfer of the airport land to GMR from AAI. The land on which the airport stands comes under AAI. The peripheral areas towards Shivangaon and other villages belong to Maharashtra Airport Development Company (MADC). MIL is a joint venture between MADC and AAI. The company was formed in 2009. Now, GMR will come in as the developer under a concession agreement. GMR has completed the procedure from its side to take over the airport, said sources. Legal assistance for the loan deal was provided by M/s Cyril Amarchand Mangaldas (CAM).
Business Standard
15-05-2025
- Business
- Business Standard
Tata Capital standalone net profit declines 15.72% in the March 2025 quarter
Sales rise 46.16% to Rs 5665.97 crore Net profit of Tata Capital declined 15.72% to Rs 654.79 crore in the quarter ended March 2025 as against Rs 776.92 crore during the previous quarter ended March 2024. Sales rose 46.16% to Rs 5665.97 crore in the quarter ended March 2025 as against Rs 3876.57 crore during the previous quarter ended March 2024. For the full year,net profit rose 4.09% to Rs 2594.28 crore in the year ended March 2025 as against Rs 2492.45 crore during the previous year ended March 2024. Sales rose 64.68% to Rs 21886.29 crore in the year ended March 2025 as against Rs 13289.85 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 5665.973876.57 46 21886.2913289.85 65 OPM % 66.9073.41 - 66.4975.84 - PBDT 984.481014.00 -3 3715.803452.30 8 PBT 889.06951.36 -7 3375.383208.63 5 NP 654.79776.92 -16 2594.282492.45 4
