Beej Daily Roundups (27-02-23)

FABINDIA LIMITED withdraws $482M IPO amid uncertain market conditions

Premji Invest-backed apparel retailer Fabindia has shelved its initial public offering (IPO) plans amid tough macroeconomic conditions. The company had planned to raise $482 million (~Rs 4,000 crore) via a fresh issue of shares worth Rs 500 crore and an offer of sale (OFS) of up to 2.5 lakh shares of existing stockholders. "The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing,” Fabindia said in a statement on Monday.

IIT Madras to set up Rs 100 Cr ‘Innovation and Entrepreneurship Fund’ for Startups

IIT-M is planning to ensure that at least five of its Centers of Excellence rank among the top three in the world in their respective fields. "IIT Madras is going to establish an Innovation and Entrepreneurship fund of Rs 100 Crore to support student and faculty's efforts to establish start-ups." These were "among the top goals the institute has set for itself in the Strategic Plan for the Period 2022-27. .

Hood App Enters Top 10 On App Store After Shark Tank India 2

Abhishek Asthana, better known as?Gabbar Singh?to his 1.4 million followers on Twitte,r came to Shark Tank India season 2 along with Deepak Kumar and Jasveer Singh to present a?pseudonymous social networking platform called Hood. They asked for Rs?1.2 crore in exchange for 0.2 percent equity, However,?Aman Gupta and Peyush Bansal closed the deal for Rs 60 lakhs for 0.54 percent equity and 60 lakhs for the debt at 12 percent interest.

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