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Oct 6 (Reuters) – Elon Musk has pledged to supply $46.5 billion in fairness and debt financing for his acquisition of Twitter (<TSLA.O>), which covers the $44 billion price ticket and shutting prices.
Whereas Musk will present a lot of the funding after promoting down his stake in electrical automobile maker Tesla Inc (<TSLA.O>) and by leaning on fairness financing from giant buyers, main banks have dedicated to supply $13 billion.
Beneath are particulars of individuals within the Twitter deal and their financing commitments:
Reporting by Hyunjoo Jin in San Francisco and Chibuike Oguh in New York; Enhancing by Anirban Sen and Sam Holmes
Our Requirements: The Thomson Reuters Belief Rules.
Finance Minister Mohamed Maait has reiterated President Abdel Fattah Al-Sisi’s commitment to implementing robust measures to ensure the nation’s economic, financial, and food stability, which are fundamental components of Egypt’s comprehensive national security strategy amidst the current global and regional challenges. These efforts aim to enhance the government’s capacity to elevate the standard of living for its citizens and fulfil their essential, developmental, and public service requirements.
Speaking at the economic forum organized by the Egyptian Association for Political Economy, Statistics, and Legislation, under the theme “Navigating the Egyptian Economy: Regional and Global Perspectives… Addressing Food Economy Challenges,” Maait highlighted that the ongoing global crises underscore the soundness of Egypt’s approach in harnessing collective efforts to bolster state capabilities. This is achieved by meeting strategic agricultural development goals, which include providing citizens with quality products at reasonable prices, thereby ensuring food security and shielding the nation from international and regional market volatility. This is in line with the political leadership’s initiative to broaden agricultural and food production projects aimed at self-reliance and boosting export figures, as well as maintaining sustainable strategic reserves of vital commodities for six months.
Maait added that the government has embarked on a series of reformative actions to reshape the economic landscape and foster recovery, prioritizing agricultural and industrial output and exports in the next phase. The state is fully committed to deploying its resources to fortify the private sector’s role as the main propellant of economic growth, ensuring a more robust structure and agility in adapting to both external and internal economic perturbations, as part of the economic reform agenda backed by the IMF and global development allies.
The programme, which is garnering increased investment interest, is predicated on sustained fiscal prudence, aiming to achieve a primary budget surplus of 3.5% of GDP and setting deficit and debt ratios on a declining path, with a debt ceiling not surpassing 88.2% in the forthcoming fiscal year. International credit rating agencies have conveyed optimism regarding the prospects of the Egyptian economy, recognizing the potential for more invigorating opportunities for local and international investors. They have favourably evaluated Egypt’s new economic direction and foresee a potential upgrade in the country’s credit rating in 2024.
The Finance Minister elucidated that the government is collaborating with investors to alleviate the financial load of fostering agricultural and industrial ventures by continuing the interest rate support initiative, offering financing provisions of approximately EGP 120bn for these sectors. The national treasury is allocating EGP 8bn annually to cover the interest rate differential for beneficiaries, alongside budgetary provisions in the upcoming fiscal year to assist farmers, reinforcing the agricultural domain and fortifying Egypt’s food system.
He noted that the Egyptian economy has been grappling with intricate challenges over the past four years, exacerbated by the succession of regional and global crises. These difficulties are further intensified by the severe consequences of the ongoing conflict in Gaza, tensions in the Red Sea area, and other forms of instability in the Middle East, coupled with the adverse effects of the conflict in Ukraine.
The geopolitical unrest and regional as well as international disputes have engendered a volatile economic environment marked by decelerated economic activities, diminishing growth and investment rates, and escalating inflation on both the global and domestic fronts. This has manifested in increased financing and developmental costs, particularly due to the central bank’s tightening monetary policies, rising interest and exchange rates, and elevated transportation and logistics expenses, leading to augmented production and import costs, as well as higher prices for essential commodities, food, and services, while also considering the ramifications of the COVID-19 pandemic.
Maait pointed out that the nation’s overall fiscal intake has suffered in the last four years, owing to reduced economic dynamism and the detrimental impacts of international and regional discord on certain economic sectors like tourism, manufacturing, exports, Suez Canal revenues, and foreign investments. Expenditures have surged to unprecedented levels to counteract the severe economic jolts and mitigate their inflationary impacts, with swift interventions and extraordinary social protection measures targeting the most vulnerable segments of society, including low and middle-income households, and bolstering the sectors most affected by the economic upheaval.
Aadhar Housing Finance IPO Allotment: The bidding for the initial public offering (IPO) of Aadhar Housing Finance has ended and the public issue received strong demand. The investors’ focus now shifts on Aadhar Housing Finance IPO allotment which is expected to be finalised on Monday.
Aadhar Housing Finance IPO opened for subscription on May 8 and closed on May 10. Aadhar Housing Finance IPO allotment date is May 13 and share listing date is May 15.
The company will finalise the basis of allotment on Monday and the investors can know if and how many shares they have been allotted.
Also Read: TBO Tek IPO allotment to be finalised on May 13. Latest GMP, steps to check status
Investors can check Aadhar Housing Finance IPO allotment status on the BSE website as well as on the official portal of IPO registrar. Kfin Technologies is the Aadhar Housing Finance IPO registrar.
Follow the below given steps to check Aadhar Housing Finance IPO allotment status online.
Step 1: Visit the BSE website on this link – https://www.bseindia.com/investors/appli_check.aspx
Step 2: Select ‘Equity’ under ‘Issue Type’
Step 3: Select ‘Aadhar Housing Finance Limited’ in the ‘Issue Name’ dropdown menu
Step 4: Either the Application number or PAN details
Step 5: Click ‘Search’
Your Aadhar Housing Finance IPO allotment status will appear on the screen.
Also Read: Mandeep Auto Industries IPO opens next week: From price band to key dates – all you need to know
Step 1: Visit Kfin Technologies website on this link – https://kosmic.kfintech.com/ipostatus/
Step 2: Select ‘Aadhar Housing Finance Limited’ in the Select IPO dropdown menu
Step 3: Select among the options given – Application No, Demat Account and PAN
Step 4: Enter the details as per the option selected
Step 5: Enter Captcha and click ‘Submit’
Your Aadhar Housing Finance IPO share allotment status will be displayed on the screen.
Aadhar Housing Finance IPO shares are trading at a decent premium in the grey market. Aadhar Housing Finance IPO GMP today is ₹71 per share, as per market observers. This indicates that Aadhar Housing Finance shares are trading at ₹386 apiece in the grey market, commanding a premium of 22.54% to the issue price of ₹315 per share.
Aadhar Housing Finance IPO has been subscribed 26.76 times in total as it received bids for 178.65 crore equity shares as against 6.67 crore shares on the offer, according to the NSE data.
The public issue has been subscribed 2.58 times in the retail category, 76.42 times in the Qualified Institutional Buyers (QIB) category, and 17.33 times in the Non-Institutional Investors (NII) category.
Read here: Aadhar Housing Finance IPO: Issue subscribed 25.49 times on day 3, QIB portion booked 72 times; Check GMP, other details
The bidding for Aadhar Housing Finance IPO commenced on May 8 and ended on May 10. The IPO allotment is likely to be fixed on Monday, May 13, and the Aadhar Housing Finance shares are set to be listed on both the bourses – BSE and NSE – on May 15.
The ₹3,000 crore worth Aadhar Housing Finance IPO was a combination of fresh issue of 3.17 crore equity shares aggregating to ₹1,000 crore and an offer for sale (OFS) component of 6.35 crore shares aggregating to ₹2,000 crore.
Aadhar Housing Finance IPO price band was set at ₹300 to ₹315 per share. Ahead of the IPO opening, the company had raised ₹897.90 crore from anchor investors on May 7.
ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company, Nomura Financial Advisory And Securities (India) Pvt Ltd and SBI Capital Markets are the book running lead managers of the Aadhar Housing Finance IPO, while Kfin Technologies is the IPO registrar.
Read all IPO news here
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Published: 11 May 2024, 09:52 AM IST
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