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IIFL Samasta to Raise up to Rs. 1,000 Crores via Bonds, Offers Up to10.50% Return Per Annum

Posted on December 1, 2023December 1, 2023 by City Today News (City today.media)

Bangalore, December, 2023: IIFL Samasta Finance, which is one of India’s largest non-banking microfinance companies (NBFC-MFI), will raise up to Rs 1,000 crores through its maiden public issue of secured bonds, for the purpose of business growth and capital augmentation. The bonds offer up to 10.50% and high degree of safety. The issue opens on Monday, December 4, 2023 and closes on Friday, December 15, 2023. IIFL Samasta is a part of IIFL Finance, which is one of India’s largest retail-focused NBFCs with loan assets under management of Rs 73,066 crore.
IIFL Samasta Finance will issue bonds, aggregating to Rs 200 crore, with a green-shoe option to retain over-subscription of up to Rs 800 crore (aggregating to a total of Rs 1,000 crore). The IIFL Samasta bonds offer highest coupon rate of 10.50% per annum for tenor of 60 months. The NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly and annual basis for each of the series.
The credit rating is CRISIL AA-/Positive by CRISIL Ratings Limited and Acuite AA| Stable by Acuite Ratings and Research Limited, which indicates that the instruments are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk. IIFL Samasta received a rating outlook upgrade to ‘positive’ from ‘stable’ by Crisil earlier this month.
Venkatesh N, MD & CEO, Samasta Finance said, “IIFL Samasta Finance has a strong physical presence of across India through about 1,500 branches. It caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background through a well-diversified portfolio. The funds raised will be used to meet credit demand from more such customers and bolster business growth.” IIFL Samasta Finance offers innovative and affordable financial products to women who are enrolled as members and organized as Joint Liability Group from unbanked sections in society including encompassing cultivators, agricultural laborers, vegetable and flower vendors, cloth traders, tailors, craftsmen, as well as household and industrial workers across rural, semi urban and urban areas in India.
IIFL Samasta Finance had loan assets under management of Rs 12,196 crore at the end of September 2023 and has reported a profit of Rs 233 crore in the first six months of FY24. IIFL Samasta Finance has a widespread network of 1,485 branches spanning the length and breadth of the country and has a strong workforce of 14,286 employees. IIFL Samasta Finance has consistently maintained low level of NPAs over the years of operations and continues to focus on good quality of assets. It has a Gross NPA of 2.11% and Net NPA of 0.57 % as a percentage of the Loan Book as on September 30, 2023. The lead managers to the issue are JM Financial Limited, IIFL Securities Limited, Nuvama Wealth Management Limited and Trust Investment Advisors Private Limited. The NCDs will be listed on the BSE Limited and National Stock Exchange of India Limited (NSE), to provide liquidity to investors. The IIFL Bonds would be issued at face value of Rs 1,000 and the minimum application size is Rs 10,000 across all categories. The public issue opens on Monday, December 04, 2023 and closes on Friday, December 15, 2023, with an option of early closure. The allotment will be made on first come first served basis.

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Namma Yatri launches in Tumakuru, aims to Empower Drivers in Non-Metros and Digitize Mobility across Karnataka

Posted on December 1, 2023 by City Today News (City today.media)

Tumakuru, Karnataka, Dec 01, 2023: Namma Yatri (NY), the Bengaluru-based, community-led ride-booking app, announced its launch in Tumakuru today. Namma Yatri, part of the Open Network for Digital Commerce (ONDC), aims to build a harmonious community of drivers and customers. It connects drivers directly with customers, ensuring direct and full payment. This will boost drivers’ income while delivering safe, convenient, and affordable rides to Tumakuru people.
What sets this launch apart is the grassroots support, driven by word of mouth and recommendations within the vibrant auto culture of Tumakuru. This launch is set to modernize commutes in Tumakuru, and the city can become a role model for building community-led mobility solutions. Over 300 drivers have already joined the platform, showcasing significant interest from the community.
Mr. Naveen Kumar, an auto-driver at Tumakuru and a Community ambassador, said, “Tumakuru is a smart city in need of digital transformation. Drivers want to give good service to customers. With doorstep pickups, it’s super convenient for customers. Customers can also share their feedback through the app which helps drivers to improve. The pricing is fair and complies with government guidelines. With Namma Yatri, drivers can earn more while customers pay less, and everyone reaches their destination faster and safer, making Tumakuru’s commute better for everyone.”
Shan M S, Chief Growth Officer at Juspay said, “We are pleased to extend Namma Yatri’s services to Tumakuru and empower the local driver community. The overwhelming response from drivers underscores the app’s value proposition beyond Bengaluru. Our people-first, tech-driven approach enables us to tailor our services to the needs of Tumakuru residents. We are committed to working closely with the Tumakuru community to fully digitize the city’s mobility needs for a hassle-free and cost-effective way of moving around the city.”
Digitizing mobility across India is pivotal to enhancing accessibility, affordability, and safety, contributing to overall economic development. With an existing community of 1 lakh drivers and 24 lakh customers, Namma Yatri is committed to expanding its services across Karnataka and beyond. Towards that goal, Namma Yatri invites driver communities in other cities and towns to take ownership and initiate launches to improve mobility in their areas.

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Stovekraft Expands its product portfolio with the launch of Pigeon Duo OTG Airfryer

Posted on December 1, 2023December 1, 2023 by City Today News (City today.media)

Bengaluru, December 01, 2023: Stovekraft Limited, a pioneer in innovative cookware and kitchenware appliances, has launched the Pigeon Duo OTG Air fryer, underscoring its commitment to delivering cutting-edge products that meet the changing preferences of modern households.Pigeon Duo OTG Air fryer is an unparalleled innovation, seamlessly combining the functions of an OTG oven and an air fryer into a single, space-saving appliance.

Designed to redefine culinary experiences, this remarkable product brings convenience, versatility,and health-conscious cooking to your kitchen. With its spacious 25-liter interior capacity, itbaccommodates larger meals and facilitates the preparation of multiple dishes simultaneously. The Rapid Heating Technology (RHT) at 1400 Watts ensures swift heating, enabling users to commence cooking instantly and saving both time and energy.

Commenting on the launch, Mr. Rajendra Gandhi, MD of Stovekraft, said, “We at Stovekraft have always been at the forefront of introducing high-quality kitchen appliances to meet our customers’growing demands. The Pigeon Duo OTG Air fryer is a revolutionary advancement in kitchen technology,designed to meet the needs of busy individuals and health-conscious families. This appliance seamlessly transitions between traditional OTG oven functions and advanced air fryer features,providing an all-in-one solution for baking, roasting, grilling, toasting, and guilt-free air frying. There movable trays make cleaning a breeze, ensuring simple and efficient upkeep.”

The Pigeon Duo OTG Airfryer uses Air Frying Technology to deliver crispy food textures with minimal oil, promoting healthier meals. This novel method provides the satisfying crunch of traditional frying without the extra calories and without sacrificing taste. It is simple to use, with 6 intuitive controls for precise temperature and cooking time settings.

Stovekraft Ltd (NSE/BSE: Stovekraft) stands as India’s premier kitchen appliances brand, established by Mr. Rajendra J Gandhi. Evolving from kerosene wick stoves in 1994, it now offers 600+ products under Pigeon, Gilma, Black & Decker, and Pigeon LED. With a turnover exceeding Rs. 1000 Cr., its presence spans the nation through 25 Super Distributors, 300 Distributors, and 61,000 Dealers.Stovekraft’s global footprint encompasses 12+ countries, including the USA, Middle East, and Africa,serving clients like Walmart and Big Lots.

Stovekraft has the largest manufacturing facility for kitchen appliances in the Harohalli Industrial Area.Near Bangalore. The second manufacturing unit is at Baddi, Himachal Pradesh.

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ಜೆಪಿ ಭವನದಲ್ಲಿ ಹಮ್ಮಿಕೊಳ್ಳಲಾದ 536ನೇ ಕನಕದಾಸರ ಜಯಂತೊತ್ಸವ

Posted on November 30, 2023 by City Today News (City today.media)

ಜಾತ್ಯತೀತ ಜನತಾದಳ ಪಕ್ಷದ ಕೇಂದ್ರ ಕಚೇರಿಯಾದ ಜೆಪಿ ಭವನದಲ್ಲಿ ಇಂದು 536ನೇ ಕನಕದಾಸರ ಜಯಂತೊತ್ಸವನ್ನು ಹಮ್ಮಿಕೊಳ್ಳಲಾಯಿತು,ವಿಧಾನ ಪರಿಷತ್ ಶಾಸಕರಾದ ಶ್ರೀ ಟಿ. ಎ. ಶರವಣ ಅವರು ಮುಖ್ಯ ಅಥಿತಿಯಾಗಿ ಭಾಗಿಯಾಗಿದರು. ಈ ಕಾರ್ಯಕ್ರಮದಲ್ಲಿ MLC ಶ್ರೀ ತಿಪ್ಪೇಸ್ವಾಮಿ, CM ನಾಗರಾಜ್ ಸೇರಿದಂತಹ ಹಲವಾರು ಜೆಡಿಎಸ್ ಪಕ್ಷದ ನಾಯಕರು ಹಾಜರಿದ್ದರು.

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Mother gives life to her child twice

Posted on November 30, 2023November 30, 2023 by City Today News (City today.media)

In an exceptional and fortunate case, the infant’s genetic compatibility (HLA) match withthe mother proved to be a lifesaver -Five-month-old Baby Triumphs Over Leukocyte Adhesion Deficiency: A rare condition withan incidence of 1 per million live births

Bangalore, November 30, 2023: A remarkable medical journey unfolded at Aster CMI Hospitalwhen a 5-month-old infant weighing less than 5 kg was treated for a rare congenital immune disorderLeukocyte Adhesion Deficiency (LAD). The infant’s early days were marred by recurrent severeinfections reminiscent of the tragic loss of her elder brother to a similar infection during infancy. Dueto low immunity and being underweight, her condition started deteriorating when she was 2 monthsold, which was when comprehensive immunological and genetic testing confirmed LAD, a rareacondition with an incidence of 1 per million live births.

LAD is a rare genetic disease that causes severe immunodeficiency which prevents the body’s immunesystem from normal functioning. This makes children with LAD very susceptible to infections, whichcan be fatal. This life-threatening disorder often goes undetected which emphasizes the importanceof early detection and intervention. The only curative treatment for LAD is Bone MarrowTransplantation (BMT) from a healthy donor. Fortunately, the mother emerged as a beacon of hopeas she was human leukocyte antigen (HLA) compatible with the baby. Despite the inherentcomplications, doctors decided to go ahead with the BMT. Thus, it paved the way for the mother togive birth to her child twice.

Commenting on the transplantation procedure Dr. Anoop P, Sr. Consultant – Haematology,Paediatric Haemato-Oncology & BMT, Aster CMI Hospital, Bangalore said, “Due to thecomplications involved, most treatment centers even in affluent countries may prefer to perform BMTafter a baby weighs at least 10 kgs and is completely free of active infection. In this baby’s case, thiswas clearly not an option as she would have succumbed to the disease. Our team chose to proceedawith transplantation regardless of the baby’s age or weight, since it was the only hope for her survival.The procedure was challenging, however, our team went ahead with transplantation with cautiousoptimism. We are delighted that the procedure was successful, the infant is now recovering well, herimmune system is healthy, and she is expected to lead a normal life.”

The BMT was conducted along with the team of experts comprising of Paediatric Haemato-Oncology& BMT, Senior Consultants, Dr. Stalin Ramprakash & Dr. Raghuram CP, and Dr. Sagar Bhattad,Consultant – Pediatric Immunology & Rheumatology, who played a crucial role in the early diagnosisof this disease and saved the baby’s life.

“We would like to extend our gratitude towards all the doctors for their care throughout our child’sLAD transplant journey. Your expertise, compassion, and belief in our child’s strength guided usthrough the most challenging times. We are grateful for the kindness extended beyond the medicalrealm, easing our financial burden and allowing us to focus on our child’s recovery. Today, as our childembraces a new chapter of life, we are forever indebted for your extraordinary care. Thank you forthe gift of life, stated Mr. Bandesha, baby’s father”

Mr. Ramesh Kumar S, CEO – Aster Hospitals, Bangalore, said: “We are proud of our doctorswho could successfully conduct this complex treatment on a 5-month-old infant. Patients can lead anhealthy and normal life if BMT is done on time. The treatment demanded a high level of expertiseand sophisticated technology, which our team of dedicated medical professionals and the hospital’sadvanced resources provided, enabling us to achieve a successful outcome.”

Aster Hospitals stays committed to providing unparalleled medical services to its patients which isstrengthened by high-end innovative technology and qualified medical practitioners.

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