Bombay Burmah set to write down its investment in Go First; Swiggy valuation cut again; ICICI Bank raises stake in insurance venture; Moody's upgrades Tata Motors
The holding company of Wadia Group, The Bombay Burmah Trading Corporation (BBTCL), has fully provided for its exposure to bankrupt Go First (founded as GoAir) airline and made a provision of Rs 1,865.66 crore for 2022-23 as regards its investments in Go First and other related financial obligations (excluding a share of the loss in Go First during the year). The company owned a 33 per cent stake in Go Airlines (India), which operates Go First, while the rest is owned by unlisted holding companies of Wadia Group. The company also had a debt exposure as of March this year and has not made provisions for exposure of Rs 290 crore as of March this year, said BBTCL.
Baron Capital slashes Swiggy’s valuation yet again to $6.38 bn
US-based asset management firm Baron Capital Group has reduced food and grocery delivery company Swiggy’s valuation by 10% yet again to $6.38 billion as of March 31, 2023. The company has estimated the fair value of its stake in the company at about $45.76 million, according to the investor’s filings on the Securities and Exchange Commission (SEC). This development has come weeks after it was reported that Baron Capital marked down the Bengaluru-based company’s valuation by 34 per cent to $7.1 billion as of December 2022. Baron Capital participated in an investment round in January last year when Swiggy raised $700 million. The fundraise was led by US-based investment firm Invesco and saw the participation of Baron Capital, Sumeru Venture, IIFL, among others. Apart from Baron, US-based Invesco also slashed Swiggy’s valuation to about $5.5 billion as per its recent filings. Despite the markdown, Swiggy on May 18 announced that it has turned profitable.
Published: May 30, 2023, 08:00 IST
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