Top headlines: Dreamfolks IPO on Aug 24; China to offer loans to developers

Business Standard brings you top news of the day

Financial creditors to Future Retail place claims worth Rs 21,000 cr

Future Retail has received claims of Rs 21,057 crore from 33 financial creditors, according to data released by the company that is under the corporate insolvency resolution process.

Of the total claims received, an amount of Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified, according to the company’s website. READ MORE. 

Radhakishan Damani to be the main trustee of Jhunjhunwala's investments

Radhakishan Damani, an ace investor, is expected to become the main trustee of the assets owned by Rakesh Jhunjhunwala. According to media reports, Jhunjhunwala, who died on August 14, considered Damani as his 'guru'. Along with Damani, Kalpraj Dharamshi and Amal Parikh will be the other two trustees.

According to Forbes, Damani will become the 48th richest person in India as his wealth is expected to touch $5.8 billion. His listed holdings value around Rs 30,000 crore at current prices. READ MORE.

China plans $29 bn in special loans to troubled developers: Report

China will offer 200 billion yuan ($29.3 billion) in special loans to ensure stalled housing projects are delivered to buyers, people familiar with the matter said, ramping up financing support for its beleaguered property sector.

The previously unreported size of the lending program, which was announced with scant details by China’s housing ministry, finance ministry and the central bank late Friday, would make it the biggest financial commitment yet from Beijing to contain a property crisis that’s seen home prices slump and real estate sales plummet. READ MORE.

Dreamfolks' IPO to open on Aug 24; price band fixed at Rs 308-326 per share

Airport service aggregator platform Dreamfolks Services Ltd on Monday said it has fixed a price band of Rs 308-Rs 326 for its initial public offering which will open for public subscription on Wednesday.

The initial share sale will open for public subscription on August 24 and conclude on August 26. The bidding for anchor investors would open on August 23, the company announced. READ MORE.