Tag: crore

Indian Man Pothugonda Medi Returns Home After UAE Waives Over Rs 1 Crore Visa Fine

Pothugonda Medi is a migrant labourer from Telangana. (Representational)


A 47-year-old Indian man, who stayed in the UAE without any documents for over 13 years, has been repatriated home after getting a waiver of half a million Dirhams (Rs 1,00,21,000) in visa dues, according to a media report on Tuesday.

Pothugonda Medi, a migrant labourer from Telangana, approached the Indian Consulate in Dubai after he lost his job following the coronavirus outbreak, the Gulf News reported.

“During the COVID-19 pandemic, he came to us as he could not find any odd jobs that he used to do earlier for his survival,” Jithendra Negi, Consul, Labour and Consular, at the Indian Consulate, was quoted as saying by the paper.

Mr Pothugonda told the Indian mission that he had come to the Gulf on a visit visa in 2007, however his agent abandoned him soon after.

The agent had not returned

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Vodafone Idea plans to raise Rs 35,000 crore; share trades in the red

a close up of a sign: Vodafone Idea plans to raise Rs 35,000 crore; share trades in the red

© Nishant Kumar
Vodafone Idea plans to raise Rs 35,000 crore; share trades in the red

Vodafone Idea share price fell about 3 percent in morning trade on BSE on September 11 as reports said that the company was planning to raise Rs 35,000 crore.

As per a CNBC-TV18 report, Vodafone Idea is looking to raise Rs 10,000 crore via the sale of fibre business and data centre. It will raise another Rs 25,000 crore through debt and equity.

As per the report, Vodafone Idea has cleared the appointment of merchant bankers for data centre sale. It wants to sell both the fibre and data centre assets by the end of the year.

The company will engage with more players for the sale of fibre assets. Brookfield and KKR are already in contention, with Brookfield being the front runner, the report added.

Moneycontrol could not independently verify the report.


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Lakshmi Vilas Bank to raise Rs 1,500 crore to fund business growth; increase foreign shareholding

Lakshmi Vilas Bank (LVB) plans to raise up to Rs 1,500 crore to fund business growth and increase foreign shareholding to up to 74 per cent, the private lender said in a notice. LVB said it will seek approval for the proposals from its shareholders in the upcoming annual general meeting (AGM) on September 25 which will take place through audio/visual means due to the coronavirus pandemic.

The bank has been exploring various options for raising funds for augmenting the tier-I capital to support business growth as directed by the RBI, it said in the notice. The Chennai-based lender said the board of directors in its meeting on August 26 accorded its approval for raising of funds, including by way of issue of equity shares, GDRs, ADRs foreign currency convertible bonds (FCCGs), preference shares convertible into equity shares among others in one or more tranches by way of one or

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