The media has been abuzz with the news of a 90% down round of API Holdings Limited - the holding company for Pharmeasy - India s largest online pharmacy. PharmEasy plans to raise around Rs 2,400 crore through a rights issue at a 90% discount to its peak stock price to repay its loan from Goldman Sachs. As per Industry sources, Billionaire Ranjan Pai s family office is offering to buy 18% for INR 1000 crores along with other private equity firms TPG and Temasek.
Nifty moved in a narrow range of 85 points throughout the session and formed a Doji candle on the daily chart, suggesting indecisiveness among traders. Analysts said the index may move sideways in the week ahead.