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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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Rising Air Pollution in Navi Mumbai Raises Concerns Over Civic Action

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AQI Crosses 100 Amid Calls for Better Monitoring, Dust Control and Stricter Checks on Industrial Emissions.

The Concern

Navi Mumbai is witnessing a rise in air pollution, with the Air Quality Index (AQI) remaining above 100, raising concerns among residents and environmental activists.

According to a report, the Central Pollution Control Board (CPCB) recorded the city’s AQI at 103, while some private monitoring platforms reported readings above 130. The difference has prompted activists to demand greater transparency in air-quality monitoring. Environmentalists have identified construction activities, industrial emissions, vehicular traffic, road dust and rapid redevelopment as possible contributors to the worsening air quality. Residents have also expressed concerns about the impact of pollution on their health.

C.A. Vishnu Joshi, convenor of Parsik Greens, called for public access to air-quality data and monitoring records. Kapithra Kannapiran, founder of Owe Earth, stressed the need for additional monitoring stations, stricter checks on industrial emissions and stronger enforcement of pollution-control rules. Environmental activists have also highlighted the importance of protecting green spaces and promoting urban forests and green rooftops to help improve air quality.

Meanwhile, a Navi Mumbai Municipal Corporation (NMMC) official said the civic body was coordinating with the Maharashtra Pollution Control Board (MPCB). Measures include street cleaning, dust control and inspections of industrial units. However, questions remain over the differing AQI readings and the effectiveness of existing pollution-control measures. Residents and environmental groups are calling for more transparent monitoring and stronger action to address the city’s growing air-pollution problem.

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Navi Mumbai APMC Trader Arrested in Rs 44 Crore Customs Duty Evasion Case

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Investigators Suspect Undervaluation of Imported Walnuts, Multiple Firms Under Scanner.

The Arrest

A trader associated with the Navi Mumbai Agricultural Produce Market Committee (APMC), Deepak Kakadiya, has been arrested in connection with an alleged customs duty evasion case involving imported walnuts. According to the report, investigators suspect that importers undervalued walnuts brought from Chile to reduce their customs duty payments. The alleged fraud is estimated to have caused a loss of around Rs 44 crore in customs revenue.

The investigation has brought Deepak Trading Company and four other firms under scrutiny. Officials suspect that some businesses may have been registered in the names of employees to hide the identities of the people who were actually controlling their operations. Investigators are also examining a separate alleged customs duty fraud involving approximately Rs 41 crore. In that case, importers reportedly claimed duty benefits by falsely declaring walnuts as originating from Afghanistan.

The case has attracted attention following earlier arrests and legal proceedings involving members of the Kakadiya family. Authorities are investigating the financial transactions and the alleged roles of the individuals and companies connected to the case. The investigation is ongoing, and further details are expected as authorities examine the suspected irregularities. The allegations have not yet been established in court, and the accused are presumed innocent unless proven guilty.

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Uran to Face Water Cuts Twice a Week from October 27 as Ransai Dam Levels Decline

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Reduced rainfall and falling dam levels prompt authorities to suspend water supply on Tuesdays and Fridays.

The Water Cut

Uran in Navi Mumbai will face water cuts twice a week from October 27 due to declining water levels in Ransai Dam and insufficient rainfall. The decision is expected to affect Uran town, nearby villages and industrial areas that depend on the dam for their water supply.

Under the revised schedule, water supply will be suspended every Tuesday and Friday. The move comes amid growing concerns over the availability of water as dam levels continue to fall. Ransai Dam is a major source of water for Uran and its surrounding areas. The shortage has already affected several villages, including areas around Chanje and Kegaon. Residents in some locations have reportedly been receiving water for only around 30 minutes once every 15 days, making it difficult to manage their daily requirements.

The state government had also announced a 10 per cent water cut from October 16 amid concerns over water availability. Authorities have appealed to residents to use water carefully and avoid wastage. The shortage has also raised concerns among local residents and representatives about water management and delays in infrastructure projects.

With water levels continuing to decline, the administration faces the challenge of managing available supplies and ensuring that households, villages and industrial establishments receive adequate water. Residents have been urged to conserve water and prepare for the scheduled interruptions in supply.

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