Top headlines: Ola selects banks for IPO; PhonePe now an insurance broker

Business Standard brings you the top stories this evening

Ola picks banks for $1 billion IPO, may file papers in Oct: Report

Ride-hailing startup Ola has selected banks including Citigroup Inc. and Kotak Mahindra Bank Ltd. to manage its Mumbai initial public offering that could raise about $1 billion, according to people familiar with the matter.

The company, backed by SoftBank Group Corp. and Tiger Global Management, has also picked Morgan Stanley for the listing, said the people, who asked not to be named as the information is private. Read more

Payment firm PhonePe receives broking licence from insurance regulator

Walmart-backed payment firm PhonePe on Monday said it has received a broking licence from the insurance regulator, which will enable it to distribute insurance products from all insurance companies in the country.

In a statement, the company said, the new broking licence will allow it to start offering personalised product recommendations to its more than 300 million users, and offer a much more diverse portfolio of insurance products for Indian consumers. Read more

Won't shy away from raising tariffs: Bharti Airtel's Sunil Mittal

Telecom operator Bharti Airtel's chairman Sunil Mittal on Monday said the company won't shy away from raising tariffs.

Mittal was speaking with investors a day after Airtel's board approved raising up to Rs 21,000 crore by way of rights issue, at a price of Rs 535 per share. Read more

HSBC Asia appoints ex-SBI chief Rajnish Kumar as an independent director

The Hongkong and Shanghai Banking Corporation (HSBC) on Monday said it has appointed former State Bank of India (SBI) chairman Rajnish Kumar as an independent director and a member of Audit Committee and Risk Committee of the Asian entity.

The Indian operation is a branch of this Asian entity. HSBC is also listed in the UK as a separate entity called HSBC Plc. Read more