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Time of India
an hour ago
- Business
- Time of India
Prestige Group forms JV with Chennai's Arihant to develop ₹1,600 crore residential project
Prestige Group and Arihant Foundations and Housing Ltd will jointly develop a 3.5-acre residential project in Chennai with a revenue potential of more than Rs 1,600 crore. According to a regulatory filing, Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have formed a joint venture to buy 3.48-acre land in Velachery, Chennai from Rane (Madras) Ltd. The acquisition will be undertaken through JV entity Canopy Living LLP. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tamil Nadu Mosquito Problem? Do This Immediately (Genius!) Mosquito Eliminator Read More Undo "The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated Gross Development Value (GDV) of over Rs 1,600 crore," the filing said. On Friday, Rane (Madras) Ltd informed that it has sold a 3.48-acre land parcel in Velachery, Chennai to the JV firm for Rs 361 crore. Live Events The land deal was facilitated by real estate consultant CBRE. Irfan Razack, Chairman and Managing Director of Prestige Group, said, "Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments." "Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles ," he said. Bengaluru-based Prestige Group has delivered 302 projects spanning 193 million square feet and has a pipeline of 130 projects across 203 million square feet. Arihant Foundations and Housing Ltd is a Chennai-based real estate developer with over four decades of experience and a delivery track record of more than 25 million square feet.
Time of India
2 hours ago
- Time of India
Bengaluru 2 am heist: Thieves thought they hit jackpot after truck carrying Rs 15 lakh Hayabusa took wrong turn, but their plan crashed
In Bengaluru, thieves targeted a truck transporting high-end Suzuki Hayabusa motorcycles. While they failed to steal a complete bike, they made off with parts, damaging one Hayabusa in the process. The driver, Nanda Lal, lost his way and left the truck unattended, leading to the theft. Besides the motorcycle components, the thieves stole cash and the driver's phone. Tired of too many ads? Remove Ads What happened? What did the thieves take? Tired of too many ads? Remove Ads Police investigation In a daring late-night theft, a group of criminals targeted a truck carrying high-end motorcycles, including the popular Suzuki Hayabusa, in Bengaluru. Although they failed to steal the superbike itself, they managed to escape with several parts, the driver's phone, and to a TOI report, Nanda Lal, 45, from Dungarpur in Rajasthan, was driving a truck loaded with Suzuki Hayabusa bikes from Haryana. The delivery was meant for two Bengaluru-based dealers, Apple Auto Agency in Banashankari and Aryan Auto Agency in successfully dropped off some bikes at Apple Auto on June 22. But while heading to Bidarahalli later that night, he lost his way near East Point Hospital in Virgonagar. At around 2am, with hardly anyone on the road, he parked the truck by the roadside and walked into the hospital to ask for directions, leaving the keys in the when the thieves struck. In just a few minutes, they drove away with the had left both his mobile phone and wallet in the truck, making it hard for him to call for help. After failing to find the vehicle nearby, he walked to Aryan Auto Agency early the next morning. He informed employee Jagadish, borrowed his phone, and called the truck owner. Using GPS tracking, they traced the truck to Gundur village near Nanda and Jagadish reached the spot, a playground in Gundur, they found that the thieves had tried to remove one of the Hayabusa bikes but failed. However, they had damaged both sides of the bike, taken its mirrors, silencer, batteries, and the key set. They had also stolen Rs 3,000 in cash and Nanda's mobile phone.A case was filed under BNS Section 303 (theft) at Avalahally police station. Police are now checking CCTV footage from the route the thieves took to reach Gundur.'We suspect the miscreants knew the truck was carrying Hayabusas. The bike's starting price is over Rs 15 lakh. We've got some clues and are trying to catch them,' said a police from TOI
Time of India
3 hours ago
- Business
- Time of India
Meesho gets shareholder nod to raise Rs 4,250 crore via IPO
Meesho, which completed its domicile shift from the US to India last week, will file its draft IPO prospectus under Sebi's confidential route, the documents show. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Bengaluru-based ecommerce marketplace Meesho has received shareholder approval to launch its initial public offering (IPO), aiming to raise Rs 4,250 crore (about $500 million) in fresh capital, according to filings with the Registrar of approval came after an extraordinary general meeting of the which completed its domicile shift from the US to India last week, will file its draft IPO prospectus under Sebi's confidential route, the documents Meesho's shareholders have also approved the plan to designate founder Vidit Aatrey as the chairman, managing director and CEO of the company.'The proposed offering will include a fresh issue of equity shares aggregating up to Rs 4,250 crore and an offer for sale of equity shares by certain existing shareholders of the company,' the filing is the final step before the company makes its filings with the markets Elevation Capital, Peak XV Partners and Prosus are among the largest institutional shareholders in Meesho owning between 13-15% stake each. Japanese investor SoftBank owns close to 10% stake in the etailer focussed on value retailing at lower price investors in the company include the likes of WestBridge Capital and Fidelity. Meesho's last funding was a $550-million round, which was largely in secondary transactions, through which it was valued at around $3.9 billion – a slight discount to its peak valuation of $5 billion. This round saw new investors such as Tiger Global, Think Investments and Mars Growth Capital participating in addition to existing backers such as Peak XV Partners and WestBridge filings also showed that Meesho has expanded its 2024 employee stock option plan (Esop) by adding 1.1 million options, bringing the total pool to 7.5 million stock options.A presentation by its investor Prosus this week showed that in FY25, Meesho clocked over 1.8 billion orders, a 37% year-on-year growth from 1.3 billion orders in fiscal this IPO, Meesho could emerge as the first horizontal ecommerce company to list on the bourses in India. Its rival firm, Walmart-owned Flipkart , is also in the process of shifting its domicile from Singapore to India, ahead of a planned public issue next year.
United News of India
10 hours ago
- Business
- United News of India
Canara Bank pays Rs 2,283.41 Cr dividend to Central Govt
Hyderabad/New Delhi, June 27 (UNI) Canara Bank, a Bengaluru-based public sector lender Bank, has paid a dividend of Rs 2,283.41 Crore for the financial year 2024-25 to the Government of India. The Managing Director and CEO K Satyanarayana Raju handed over the dividend cheque to Union Finance Minister Nirmala Sitharaman, the bank said in a release on Friday. For the financial year 2024-25, the Bank declared a dividend of Rs 4 per share (i.e., 200% of face value of Rs 2 per share) reflecting its robust financial performance The bank reported a record net profit of Rs 17,027 crore for the year 2024-25, compared to Rs 14,554 crore in the previous year. This marks a 16.99 per cent increase in annual profit. The dividend payout projects Canara Bank's strong financial performance and its continued commitment to long term value for all stakeholders, including the Government of India, which is the majority shareholder. Bank Executive Directors --Hardeep Singh Ahluwalia, Bhavendra Kumar, and S.K. Majumdar were also present on the occasion. UNI KNR BM
Time of India
12 hours ago
- Business
- Time of India
Sobha to invest ₹800 crore in residential project in Greater Noida
NEW DELHI: Bengaluru-based Sobha plans to invest ₹800 crore in its maiden residential project - Sobha Aurum in Greater Noida . The company has received Uttar Pradesh RERA approval for the project, which will come up in Sector 36. The project spread over 3.46 acres and have a total development potential of approximately 9.3 lakh sq ft. It comprises two towers with a total of 420 residential units, including 1, 2, 3, and 4 BHK configurations. Unit sizes range from 739 sq ft for 1BHKs to over 2,300 sq ft for 4BHKs. According to project details, prices begin at ₹1.12 crore for 1BHK units and extend up to ₹3.48 crore for 4BHK apartments.
