RBI gives a major blow to PNB, DMRC, PhonePe, fined more than 5.78 crores

RBI gives a major blow to PNB, DMRC, PhonePe, fined more than 5.78 crores

Mumbai. The Reserve Bank of India (RBI) has imposed a fine of Rs 5.78 crore on six entities, including PNB , Sodexo and PhonePe, for violating regulatory guidelines. Under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed penalties on these units for not complying with regulatory guidelines. Except Punjab National Bank , the remaining five are non-bank prepaid payment product (PPI) issuing units. PPI is used to pay for the purchase of goods and services to friends, relatives, etc.

RBI has announced Sodexo SVC India Private Limited, Muthoot Vehicle and Asset Finance Limited, Quick Silver Solutions Private Limited, PhonePe Private Limited, Delhi Metro Rail Corporation Limited. And fined Punjab National Bank. Sodexo has been fined Rs 2 crore, while PNB and Quick Silver Solutions were fined Rs 1 crore each. At the same time, a penalty of Rs 1.39 crore has been imposed on PhonePe and Rs 34.55 crore on Muthoot Vehicle and Asset Finance and Rs 5 lakh on Delhi Metro Rail Corporation.


Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Mumbai. The IPO of the restaurant chain Burger King will hit the capital market on December 2 and the price range for bidding shares under the company's initial public offering (IPO) is Rs 59-60 per share. The company said in a virtual conference to raise investment that the US subsidiary of US-based Burger King will raise Rs 810 crore under the proposed IPO. It will issue new shares worth Rs 450 crore.

The company said that its promoter unit QSR Asia will sell up to 60 million shares, valued at around Rs 360 crore. The company raised Rs 58.08 crore through rights issue and Rs 91.92 crore through preferential allocation as part of pre-IPO planning.

Burger King India CEO and board member Rajeev Verma told PTI that the issue of new shares had come down from Rs 600 crore to Rs 450 crore. The company said that the funds raised through the IPO would be used primarily to expand company-owned stores across the country and to repay debt.