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Reliance accelerates plans for Jio IPO, DRHP likely in the next 2-3 weeks| Business News

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Reliance accelerates plans for Jio IPO, DRHP likely in the next 2-3 weeks| Business News


Reliance Industries Ltd. is accelerating plans to list Jio Platforms Ltd., appointing a massive syndicate of Wall Street and domestic banks for what is poised to be India’s largest-ever initial public offering.

The Jio Platforms IPO gathered momentum last week after the finance ministry eased public shareholding norms for large caps. (Reuters)
The Jio Platforms IPO gathered momentum last week after the finance ministry eased public shareholding norms for large caps. (Reuters)

Jio Platforms is in the final stages of preparing its draft red herring prospectus, with an aim to file the paperwork with the Securities and Exchange Board of India within the next two to three weeks, Bloomberg New and Mint reported on Wednesday, citing people familiar with the matter. The Jio IPO filing will include the company’s December-end financials, setting the stage for a highly anticipated listing later this year, according to people familiar with the matter.

The Jio IPO, when it happens, would mark the first listing from the Reliance Industries stable in nearly two decades.

The Jio IPO details

  • Target valuation: $100 billion and $120 billion.
  • Issue size: Jio plans to dilute a 2.5% stake.
  • Structure: A large offer-for-sale by existing investors.
  • Lead bankers: Kotak Mahindra Capital Co. Ltd. and Morgan Stanley India are reportedly in pole position to helm the deal.

Representatives for Reliance Industries and several of the involved banks either declined to comment or did not immediately respond to requests for comment.

Regulatory tailwinds for Jio IPO

Jio’s march toward Dalal Street gathered momentum last week after the Union Ministry of Finance eased public shareholding norms, allowing companies with a post-issue valuation exceeding ₹5 trillion (approximately $54 billion) to list by diluting a minimum of just 2.5% equity.

This is a sharp drop from the previous 5% minimum requirement for mega-cap companies, and significantly lower than the standard 25% free-float rule. Reliance had been waiting on this specific government nod before proceeding to tap the capital markets, allowing the conglomerate to maximise capital retention while satisfying listing requirements.

To manage a transaction of this scale, Jio formally kicked off preparations on Tuesday by appointing an armada of 17 banks. The global roster includes Morgan Stanley, JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc., and HSBC Holdings Plc. On the domestic front, Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd., and SBI Capital Markets Ltd. have been tapped for advisory roles, the people said.

Iran war impact on IPOs in India

While Jio brings massive scale and a dominant domestic market position, it will be navigating an increasingly cautious Indian stock market.

India emerged as the second-largest IPO market globally by proceeds in 2024, raising roughly ₹1.6 lakh crore across more than 300 listings, a momentum that carried into 2025 with ₹1.95 lakh crore mobilised. However, 2026 is painting a different picture. Amid escalating geopolitical tensions and broader market anxieties, listing performance has shown significant signs of cooling.

Despite a strong issuance cycle, returns from 2026 IPOs have averaged a meagre 0.3% premium across 45 issues as of 12 March. This represents the weakest aggregate listing performance since at least 2019, according to data from Prime Database. Jio’s debut will serve as a critical litmus test for institutional appetite and the capacity of the Indian market to absorb mega-cap offerings in a volatile macro environment.

Jio IPO: Valuation and Cap Table

A successful listing would solidify Jio Platforms’ position as a titan in global tech and telecom. Providing wireless, entertainment, and cloud services, the company already competes fiercely with listed domestic rivals Bharti Airtel Ltd. and Vodafone Idea Ltd.

Analysts at Morgan Stanley and Citi Research are even more bullish on the company’s prospects, pegging Reliance Jio’s valuation at around $133 billion. This implies a multiple of 13 times its estimated 2026-2027 enterprise value to earnings before interest, taxes, depreciation, and amortisation (EBITDA).

The IPO follows a historic private fundraising spree.

Between 2020 and 2021, Jio Platforms sold a combined 32.96% stake to a high-profile roster of global investors, raising more than ₹1.5 trillion. That cap table includes tech giants Meta Platforms Inc. and Alphabet Inc., alongside deep-pocketed private equity firms and sovereign wealth funds such as Silver Lake, KKR, General Atlantic, Mubadala, and the Public Investment Fund. The upcoming Jio Platforms IPO offers these marquee investors their first chance at liquidity.


Africa Cup of Nations shocker: Senegal stripped of title as Morocco crowned after final chaos | Football News

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Africa Cup of Nations shocker: Senegal stripped of title as Morocco crowned after final chaos | Football News


Africa Cup of Nations shocker: Senegal stripped of title as Morocco crowned after final chaos
File pic: Fans celebrate the Senegalese team’s victory in the Africa Cup of Nations. (AP Photo)

In a stunning development that has rocked the football world, Senegal have been stripped of their Africa Cup of Nations title, with the Confederation of African Football (CAF) declaring Morocco champions following a dramatic review of the chaotic final.The decision comes nearly two months after Senegal’s 1-0 extra-time victory in Rabat, with CAF ruling that the match be recorded as a 3-0 forfeit win for Morocco after upholding an appeal by the Royal Moroccan Football Federation.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!CAF stated that Senegal had effectively forfeited the match after players walked off the pitch in protest during the closing stages of regulation time. The ruling was based on Articles 82 and 84 of AFCON regulations, which mandate that a team leaving the field without the referee’s permission is deemed to have lost the match 3-0.Senegal’s football authorities have reacted furiously, calling the decision “unjust, unprecedented and unacceptable,” and confirmed they will appeal to the Court of Arbitration for Sport. “The Senegalese Football Federation condemns this decision, which brings African football into disrepute,” the federation said.Morocco, meanwhile, maintained that their appeal was strictly procedural. “It was never intended to contest sporting performance, but solely to request the application of the competition regulations,” the federation said.

Africa Cup of Nations final

File Pic: Senegal supporters protest after a controversial penalty was awarded to Morocco during the final. (AP Photo)

What happened in the chaotic final in RabatThe controversy stems from extraordinary scenes at the Prince Moulay Abdellah Stadium on January 18. With the final still goalless deep into stoppage time, referee Jean-Jacques Ndala awarded Morocco a late penalty following a VAR review for a challenge on Brahim Diaz.The decision sparked chaos. Senegal players walked off the pitch in protest, halting the game for nearly 20 minutes, while some supporters attempted a pitch invasion. Captain Sadio Mane eventually persuaded his teammates to return.When play resumed, Morocco failed to capitalise as Edouard Mendy comfortably saved Diaz’s attempted Panenka. The match went to extra time, where Pape Gueye scored what appeared to be the winning goal.However, CAF’s retrospective ruling has now wiped that result from the record books.Fallout, sanctions and global reactionThe aftermath has been explosive. Several Senegal players reacted angrily on social media, with defender Moussa Niakhate posting a photo with the trophy captioned “they’re mad.”FIFA president Gianni Infantino had earlier condemned the “unacceptable scenes,” stating that leaving the field and any form of violence “cannot be tolerated.”CAF had already imposed heavy fines on both federations for misconduct, while legal proceedings involving Senegalese supporters accused of hooliganism are ongoing.With Senegal now heading to sport’s highest legal body, the controversy is far from over, as one of African football’s most dramatic finals continues to spark debate across the globe.

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Vidya Malavade has a calf injury after a stage performance in Singapore

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Vidya Malavade has a calf injury after a stage performance in Singapore



Vidya Malavade has a calf injury after a stage performance in Singapore

Actress Vidya Malavade ended up tearing a muscle in her calf after a stage performance in Singapore.

In her recent Instagram post, Vidya shared that after finishing up the last dance performance of her musical, she suddenly felt like somebody had stabbed her in her calf with a knife.

Soon after that, she found herself wheelchair bound.

The Chak De! India actress posted a video of herself walking with crutches on social media.

 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Vidya S Malavade (@vidyamalavade)

Sharing her ordeal in her own words, she wrote in the caption, “48 hours ago .. on the stage .. as i finish.. the last dance piece of our Musical on the Singapore stage.. ..Euphoric..I made my way to the wings & suddenly, I felt like somebody stabbed my calf with a knife..next thing, I know, I was in a wheelchair.. unable to stand on my own 2 feet..(sic)”

Despite what happened, Vidya remains grateful that she was able to complete the show before her calf finally gave up.

“What timing though .. unbelievably grateful, – I could finish the entire show, acting ,dancing high energy drama.. before my calf gave way !,” she added.

Although Vidya is mostly housebound due to her injury, she is determined to make the most of her time in Singapore.

“And even though I am on crutches.. and mostly housebound,cos i can’t walk more than 10 minutes..I still wanna make the most of Singapore.. as the evenings are so pleasant ..,” the post concluded.

Vidya also asked in her post, “How long does it take to heal a calf muscle tear?”

Responding to the Kidnap actress, an Insta user penned in the comment section, “To heal it depends upon the grade of muscles tear- anywhere between 3 weeks and 3 months…Get well soon vidyamalavade.”

Another one wrote, “Take care it took mine four weeks with a crutch and two months resting with physio. Takes two years to fully repair.”

The third comment suggested, “May be 6 months”.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




Harmanpreet moves to 7th, Mandhana retains top spot in women`s ODI rankings

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Harmanpreet moves to 7th, Mandhana retains top spot in women`s ODI rankings



Harmanpreet moves to 7th, Mandhana retains top spot in women`s ODI rankings

India skipper Harmanpreet Kaur moved up to seventh even as her deputy Smriti Mandhana continued to hold on to the top spot in the latest women`s ODI rankings released on Tuesday. Kaur moved up a spot to seventh after New Zealand legend Sophie Devine dropped two rungs to climb down to ninth. Jemimah Rodrigues remained static on 12th.

New Zealand batter Maddy Green`s fine knock of 94 in the final match of their ICC Women`s Championship series against Zimbabwe has helped her make notable progress in the rankings.

The 33-year-old`s 73-ball knock in Dunedin contributed to her side`s massive 200-run victory that completed a 3-0 series victory while helping her move up five places to 17th position among batters with a career-best 610 rating points.

All-rounder Amelia Kerr, who won the Player of the Match award in the final ODI with an all-round effort of 80 and five for 22, also captured the Player of the Series award while advancing from 21st to joint-19th among batters, registering more than 600 rating points in both batting and bowling rankings.

Isabelle Gaze (up three places to 61st) is another New Zealand player to move up the batting rankings while seam bowlers Rosemary Mair (up seven places to 58th) and Bree Illing (up five places to 79th) have progressed in the bowling rankings.

The T20I rankings see captain Amelia Kerr attain a career-best 694 rating points after smashing 78 off 44 deliveries in the opening game against South Africa in Mount Maunganui while retaining eighth position in the bowling rankings.

Georgia Plimmer`s knock of 63 has helped her go from 50th to 41st position, also contributing to New Zealand`s 90-run win. In the T20I bowling rankings, Jess Kerr`s figures of two for 13 have helped her move up 11 places to 23rd position while Sophie Devine`s career-best haul of four for 12 has lifted her from 104th to 79th position.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever


Gaurav Kapur tears up as bride Kritika Kamra walks down the aisle; their wholesome wedding video melts hearts. Watch

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Gaurav Kapur tears up as bride Kritika Kamra walks down the aisle; their wholesome wedding video melts hearts. Watch


Actor Kritika Kamra married television presenter Gaurav Kapur in an intimate ceremony at their Bandra home on March 11, in the presence of close friends and family. Now, the couple’s heartfelt wedding video, showing them exchanging vows, has surfaced on social media, leaving fans emotional.

Gaurav Kapur and Kritika Kamra's wedding video melts hearts online.
Gaurav Kapur and Kritika Kamra’s wedding video melts hearts online.

Kritika Kamra and Gaurav Kapur’s wholesome wedding video

On Monday, the couple’s wedding videographer shared a video from their terrace ceremony. It begins with Gaurav speaking about marrying Kritika. He says, “So many people who mean so much to us will be here to celebrate what I think is actually very normal. Getting married is just a very normal thing because I feel like it’s already done — here (heart) and here (brain).”

The video then shows Kritika walking down the aisle in a red saree, holding her father’s hand. As soon as Gaurav sees her, he becomes emotional and breaks down in tears. Watching him, Kritika appears touched and laughs at the same time. In a light-hearted moment, she even calls Gaurav “home”.

The video further captures the couple exchanging vows, leaving their guests emotional and cheering for them. Kritika says, “When I look around today, everything looks right. And this feels right. So here’s me standing in front of my favourite boy, making some forever-kind-of promises. I’m a forever kind of girl. I promise you will always be heard, seen, and held. I love you, and I always will.”

Gaurav adds, “You be the plane, I will be the tailwind. I will push you as far as you want to go and be right there behind you. I’ve got your back now and always. I love you, and I am so happy that you are my Mrs.”

Their wedding video left fans emotional, too. One of the comments read, “Kritika is gorgeous. And the vid is all kinds of wholesome.” Another wrote, “I don’t know why this made me emotional, too. They are so in love.” Another commented, “Such warm vibes! Men who cry looking at their brides.” Another wrote, “Made In Heaven feels.” Another fan wrote, “This is adorable. Made me so happy. Also, people in love glow differently.”

Kritika Kamra and Gaurav Kapur’s wedding

Kritika and Gaurav kept their relationship away from the public eye until the actor shared a picture from their breakfast date on social media. The couple solemnised their marriage in a civil ceremony at their residence, in the presence of close friends and family. After the ceremony, they distributed sweets to the paparazzi stationed outside their home.

From Bollywood celebrities like Soha Ali Khan, Farhan Akhtar, Malaika Arora, Neha Dhupia, Angad Bedi and Amrita Arora to cricketers Yuvraj Singh, Ashish Nehra and Virender Sehwag, several well-known personalities attended the wedding. The couple also hosted a grand reception to celebrate their union with friends.


Diplomatic debacle? Bangladesh to probe T20 World Cup pullout in fresh inquiry | Cricket News

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Diplomatic debacle? Bangladesh to probe T20 World Cup pullout in fresh inquiry | Cricket News


Diplomatic debacle? Bangladesh to probe T20 World Cup pullout in fresh inquiry
Bangladesh cricketers (AP Photo)

In a dramatic turn, the Bangladesh government has decided to launch a fresh probe into whether the country’s withdrawal from the just-concluded ICC Twenty20 World Cup amounted to a failure of sports diplomacy, a day after the Bangladesh Cricket Board (BCB) requested the sports ministry to shut down an earlier investigation panel.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!State minister for youth and sports Aminul Haque confirmed that a new inquiry committee will be constituted, focusing specifically on whether Bangladesh’s absence from the global showpiece reflected deeper diplomatic shortcomings. Bangladesh had pulled out citing security concerns, with Scotland stepping in as their replacement.

Watch

Jay Shah calls 2019 to 2026 as Indian cricket’s golden period

As per a Cricbuzz report, the move is seen as a significant setback for BCB’s top brass, particularly board president Aminul Islam, who played a central role in the decision to skip the tournament.“I have already spoken about these issues — why we could not participate in World Cup cricket and where exactly our shortcomings in sports diplomacy lay. These are matters we must thoroughly examine,” Aminul Haque said, underlining the seriousness of the government’s stance.Focus on sports diplomacy and accountabilityHe added that the committee is likely to be formed after Eid and will aim to identify the root causes behind the controversial withdrawal. “Perhaps after Eid, I will form an inquiry committee… and based on its findings, we will take the necessary steps,” he stated.Emphasising the larger implications, Aminul Haque said, “In my view, we need to further strengthen our sports diplomacy because sports is a platform where, beyond all divisions and political ideologies, we can unite as a nation.”The minister also linked the broader probe to governance concerns within the BCB, revealing that multiple complaints had been received regarding irregularities in the board’s recent elections. “During the previous government’s tenure, there was direct interference in the cricket board elections… After we assumed responsibility, various complaints came in from stakeholders,” he said.Election irregularities also under scannerAccording to him, the inquiry committee has been directed through the National Sports Council to consult all stakeholders, including election officials, board members, the CEO, and even district administrators. “These are allegations and questionable issues… In my opinion, these matters require a completely impartial investigation,” he added.Aminul Haque confirmed that the government will also engage with the International Cricket Council before taking any final decision. “Once the report is submitted, we will review it carefully and then, after speaking with the ICC, take the next course of action,” he said.

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Total repression and air strikes bring unrelenting dread for Iranians

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Total repression and air strikes bring unrelenting dread for Iranians



Tehran residents tell the BBC they’re caught between US-Israeli bombing and an Iranian regime trying to reassert its power.


Gold and Silver Rate Today Live Updates: Gold prices firm ahead of US Federal Reserve policy decision; will prices rally?

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Gold and Silver Rate Today Live Updates: Gold prices firm ahead of US Federal Reserve policy decision; will prices rally?



Prices of precious metals witnessed a recovery of up to 2% on Tuesday, with silver climbing by Rs 6,000 to reach Rs 2.62 lakh per kilogram, while gold advanced to Rs 1.61 lakh per 10 grams in the national capital, as per data from the All India Sarafa Association.

Silver, the white metal, rose by Rs 6,000, or 2.34%, to Rs 2,62,500 per kg, inclusive of all applicable taxes.

Gold of 99.9% purity also reversed its three-session decline in the bullion market, increasing by Rs 1,050, or nearly 1%, to Rs 1,61,300 per 10 grams, inclusive of taxes.


Oscar 2026 ratings fall in Conan O'Brien's second year hosting

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Oscar 2026 ratings fall in Conan O'Brien's second year hosting


Oscars ratings fall 9% in Conan O'Brien's second year hosting awards show

Host Conan O’Brien appears during the Oscars on Sunday, March 15, 2026, at the Dolby Theatre in Los Angeles. (AP Photo/Chris Pizzello)

The 98th Oscars hosted by Conan O’Brien saw a dip in ratings after several years of gains. The Walt Disney Co. on Tuesday said that just under 17.9 million viewers tuned into Sunday’s show, which aired live on ABC and was streamed on Hulu.The ratings are down 9% from last year’s post-pandemic high of 19.7 million viewers who tuned in for O’Brien’s inaugural year as host, when “Anora” swept the awards. The show also yielded a more significant 14% decline from last year in viewership from adults aged 18-49. Sunday’s Oscars saw a showdown between two Warner Bros. films, “One Battle After Another” and “Sinners,” with the former winning best picture and director. Michael B. Jordan won best actor for “Sinners,” the most nominated film in history, with 16, that also broke the record for the most losses by a single film, with 12. And yet despite the dip in audience, the Oscars are still the No. 1 primetime entertainment telecast of the 2025-2026 season. The Golden Globes, which aired on CBS in January, drew an audience of 8.7 million viewers which was itself down 7% from the year prior. Engagement for the Oscars rose by other metrics, though. Primetime social impressions went up over 42% this year. And there were over 129 million video views on Academy social platforms throughout the night.The Oscars, like many other awards shows, saw an all-time low in 2021 during the pandemic with only 10.4 million viewers. At its height in the 1990s it often attracted around 45 million viewers. Its peak came in 1998, when “Titanic” won best picture and 57.2 million people watched.Broadcast ratings will no longer be a metric of the success for the Oscars in 2029, when the show moves to YouTube for its 101st awards.


Real Madrid dump Man City out of Champions League once more

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Real Madrid dump Man City out of Champions League once more



Real Madrid dump Man City out of Champions League once more

Real Madrid dumped 10-man Manchester City out of the Champions League for the fourth time in five seasons as a 2-1 victory at the Etihad Stadium completed a 5-1 aggregate victory for the Spanish giants. City had to make history in overturning a 3-0 first leg deficit against the 15-time European champions, but a difficult task became an impossible one when captain Bernardo Silva was shown an early red card for handling the ball on his own line. Vinicius Junior converted from the spot to kill the tie as a contest as City exited to Madrid for the third consecutive year. Erling Haaland levelled for City before half-time, but Vinicius won the game with virtually the final kick off the ball. City`s season is at risk of coming off the rails. Winless in three games, Pep Guardiola`s men must raise themselves for the League Cup final against Arsenal on Sunday. 

They also trail the Gunners by nine points in the Premier League title race and host Liverpool in the FA Cup quarter-finals next month. Once again City`s quest for Champions League glory came unstuck as Madrid proved they have the knack for finding their best come the knockout stages of this competition, despite unconvincing form in La Liga. Alvaro Arbeloa could afford to leave Kylian Mbappe on the bench on his return from injury, while Jude Bellingham could also be back fit by the time they face a likely quarter-final against Bayern Munich. City needed a fast start to have any chance of becoming the first side to ever overturn a three-goal deficit against Madrid in European competition, but nearly found themselves further behind inside a minute. Federico Valverde was the unlikely Real hero last week with the first hat-trick of his career. The Uruguayan had an easier chance than for any of his three goals at the Santiago Bernabeu seven days ago, but fired meekly into the arms of Gianluigi Donnarumma after his run from midfield went untracked.

Haaland subbed

City did briefly threaten to bring the tie to life but came up against a familiar foe in Thibaut Courtois. The giant Belgian goalkeeper repelled efforts from Rayan Cherki and Rodri before Madrid`s threat on the counter-attack killed off any lingering City hopes. Vinicius had initially been flagged offside in the build up before his effort was turned wide by Silva`s left arm. But a VAR review established the Brazilian was onside and left referee Clement Turpin with little choice but to dismiss the City captain and point to the penalty spot. Donnarumma saved a Vinicius penalty in the first leg, but this time was sent the wrong way from the spot. 

Vinicius should have added plenty more to his 15 goals this season as City pushed forward and left themselves exposed at the back. Twice he fired off target with just Donnarumma to beat before half-time. Haaland now has 43 for club and country, but had netted just twice from open play in his previous 18 games. Even when the Norwegian did equalise, it came from a mishit as he scuffed a shot past Courtois from Jeremy Doku`s cross. Courtois failed to reappear for the second half, but his deputy Andriy Lunin twice denied Haaland a double. Haaland was then replaced before the hour mark as Guardiola`s mind turned towards Wembley at the weekend. Both sides had two goals ruled out for offside before Vinicius finally had one count when he swept home Aurelien Tchouameni`s cross deep into stoppage time. Guardiola has refused to quell speculation this could be his last season after a decade in Manchester. If it is, his return of just one Champions League crown is one of the few disappointments of a golden era for a club that has traditionally lived in the shadow of neighbours Manchester United.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever