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Four state-owned financial entities — Punjab National Bank, Life Insurance Corporation of India, State Bank of India, and Bank of Baroda — that together own just over 45% of UTI Asset Management Company (AMC) are understood to be working on inviting formal bids for selling their stakes, top officials close to the development told ET.
Hundreds of former employees from some of India’s biggest unicorns who have left to start up on their own are creating a ripple wave of internet enterprise in what is now the world’s third-largest startup ecosystem.
Akasa Air, India’s newest airline backed by late billionaire Rakesh Jhunjhunwala, is looking to raise $75-100 million by offering fresh shares to expand its business, people with knowledge of the matter said.
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