In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 percent stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch about Rs 4,158 crore to the exchequer. Read more here. 

Rahul Yadav haggled with Info Edge to raise funds for Broker Network at 99% discount to last valuation 

Broker Network founder Rahul Yadav tried to deplete Info Edge’s shareholding in the company by offering to bring in Rs 50 crore of fresh funds from a Dubai-based property dealer in March-April at a valuation that was 99 percent lower than its last funding round, Moneycontrol has learned from sources close to the company and its top-level employees. Read more here.

Coal India OFS has done well; stock market situation stable: DIPAM Secretary

The government’s offer for sale (OFS) to sell up to a 3 percent stake in Coal India (CIL) has done well, said DIPAM Secretary Tuhin Kanta Pandey on June 2 amid an overwhelming response from institutional and retail investors. With this, the government is expected to get more than Rs 4,000 crore. Read more here. 

Electric two-wheeler sales cross 1 lakh mark in May as subsidy cut sparks buying rush

The domestic electric two-wheeler (E2W) industry saw monthly sales cross the one lakh mark for the first time in May as the announcement of a subsidy cut on such vehicle purchases sparked a last-minute buying rush. Read more here.

RBI releases draft rules on cyber resilience, digital payment security controls for PSOs

The draft directions from the RBI cover governance mechanism for identification, assessment, monitoring and management of cybersecurity risks including information security risks and vulnerabilities, and specify baseline security measures for ensuring safe and secure digital payment transactions. Read more here. 

Fearing Sebi action, finfluencers now ‘renting’ analyst licences for a fee

Finfluencers are now ‘renting out’ research analysts’ (RA’s) licences for a fee, insiders told Moneycontrol. The ‘rent’ is around 20 percent of the fee they earn by providing stock tips and trading calls. Finfluencers Moneycontrol spoke to said that they are settling for this because many of their applications are being rejected for various reasons, including lack of credibility, and also because RA regulations are highly restrictive. Read more here. 

Bengaluru firm cheats 2,000 students of Rs 18 crore, CEO arrested Police officials said that the CEO, who was identified as Sreenivas of “Geeklurn” had been taken into custody. They are yet to arrest other key members of the management- Chief financial officer Raman P C and Operations head Aman.