Written byDeepali Aggarwal
Here comes your daily business news wrap, have a 'byte'.
Today the business space remained rocked with a variety of ingredients. While Idea Cellular called an EGM to rename itself as 'Vodafone Idea Limited' following its merger with the telecom major, reports about Microsoft to acquire GitHub also emerged.
Further, IKEA will make its debut in India as early as next month.
Technology giant Microsoft is reportedly planning to buy software development platform GitHub which is believed to be struggling to replace its founder and CEO Chris Wanstrath. He had resigned about 10 months back.
GitHub was last valued at $2 billion (Rs. 13,387cr) in 2015 and has a customer base of over 23 million.
The acquisition could cost Microsoft at least $5 billion, reports added.
In another news, world's largest furniture retailer IKEA has announced that it will open its first Indian store in Hyderabad next month.
The announcement renews the fear of a price war, which were last month triggered with the acquisition of the country's biggest start-up Flipkart by Walmart.
IKEA will be offering around 15% of its products at a maximum price of Rs. 200.
Stepping towards the completion of its merger with Vodafone, Idea Cellular has called for its Extraordinary General Meeting (EGM) on June 26 to approve its new name 'Vodafone Idea Limited'.
Idea's board also plans to raise at most Rs. 15,000cr via nonconvertible securities.
Upon completion of the merger of the two telecom majors, the country will get its largest telecom firm.
The Securities and Exchange Board of India (SEBI) has banned fugitive liquor baron Vijay Mallya from accessing the exchange platform for three years.
It also imposed a 5-year ban on Mallya which debars him from holding any key managerial position in a listed company.
The bans have been imposed over his involvement in an illegal fund diversions case at United Spirits Ltd.
Country's largest lender State Bank of India (SBI), Punjab National Bank (PNB) and ICICI Bank have increased Marginal Cost of Funds Based Lending Rate (MCLR) by up to 0.1%.
MCLR refers to the minimum rate below which the commercial banks cannot lend.
The move will make home and auto loans, which are linked to MCLR, costlier.
Revised rates will take effect from June 7, 2018.
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