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Rs 18,300 crore Paytm IPO to open on November 8

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Mobile payments firm Paytm is all set for its Rs 18,300 crore initial public offering, which will happen between November 8 and 10 at a price band of Rs 2,080-2,150, the company said in its Red Herring Prospectus issued on October 27.

This is touted to be India’s largest market debut, a record that was previously held by Coal India, which raised Rs 15,000 crore over a decade ago. The company which had planned a Diwali listing got delayed on its plans by over a week following a delay in approval by the Securities and Exchange Board of India (SEBI).

Paytm is currently India’s second most-valuable internet company, last valued at $16 billion when it raised a billion dollars in November 2019 led by T Rowe Price, Discovery Capital and D1 Capital.

The public offer is expected to take the company’s valuation to $20 billion. The company which was earlier planning to raise Rs 16,600 crore revised the amount to Rs 18,300 crore following an increased investor interest.

As per the document, while the fresh issue is Rs 8,300 crore the offer for sale consists of Rs 10,000 crore which includes Rs 402 crore of the aggregate amount of equity shares offered by founder Vijay Shekhar Sharma.

Others who will be selling their stakes include Ant Financials at Rs 4,704 crore, Alibaba at Rs 784 crore, and SAIF III Mauritius Company at Rs 1,327 crore. Paytm had filed it’s Draft Red Herring Prospectus (DRHP) with the market regulator in July. It will be listed on the Bombay Stock Exchange and the National Stock Exchange.

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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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