The initial public offer of Tamilnad Mercantile Bank got fully subscribed in morning trade on Tuesday, the day two of subscription.

The Rs 831.6-crore public offer received bids for 88,32,292 shares, against 87,12,000 shares on offer, according to an update available with the NSE till 10:51 am.

Retail Individual Investors (RIIs) category received 2.15 times subscription. The portion for non institutional investors got subscribed 84 per cent and Qualified Institutional Buyers (QIBs) quota was subscribed 73 per cent.

The Initial Public Offer (IPO) of 1.58 crore equity shares has a price range of Rs 500-525 a share.

The IPO of Tamilnad Mercantile Bank received 83 per cent subscription on the first day on Monday.

Private sector lender Tamilnad Mercantile Bank on Friday mobilised a little over Rs 363 crore from anchor investors.

The issue will conclude on September 7.

The Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier–I capital base to meet future capital requirements.

It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the managers to the offer.

The company’s equity shares are proposed to be listed on BSE and NSE. PTI SUM DRR

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Pharmaceutical ingredients maker Blue Jet Healthcare has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO is completely an offer-for-sale (OFS) of up to 21,683,178 equity shares by promoters — Akshay Bansarilal Arora and Shiven Akshay Arora –, according to the draft red herring prospectus (DRHP).

The Mumbai-based Blue Jet Healthcare, is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted towards innovator pharmaceutical companies and multinational generic pharmaceutical companies.

Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories. Over the past five decades, the company has developed over 100 products with over 40 products commercialised.

The company’s 76 per cent of income in FY22 came from Europe, followed by India (17.14 per cent), the US (4.18 per cent) and some other countries.

Its revenue from operations grew by 37 per cent to Rs 683.47 crore for the financial year 2022, from Rs 498.93 crore for the financial year 2021.

The company’s profit after tax rose by 34 per cent to Rs 181.59 crore for the financial year 2022, from Rs 135.79 crore for the same period last year.

The company is a net debt-free company as on June 30, 2022 and it operates three manufacturing facilities, in Shahad, Ambernath, and Mahad in the state of Maharashtra as of March-end this year.

Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and J.P. Morgan India Private Limited are the books running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE. PTI SP DRR

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Private sector lender Tamilnad Mercantile Bank on Tuesday said it has fixed a price band of Rs 500-525 per share for the Rs 832 crore-Initial Public Offering (IPO).

The initial share sale will open on September 5 and conclude on September 7. The bidding for anchor investors will open on September 2.

The IPO will be a fresh issue of 1.58 crore equity shares and the Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier-I capital base to meet future capital requirements, according to the Red Herring Prospectus (RHP).

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSMEs), agricultural and retail customers.

At the upper end of the price band, the bank is expected to mobilise Rs 831.6 crore through the IPO.

The company said that 75 per cent of the issue has been reserved for the qualified institutional investors, 15 per cent for the non-institutional investors and the remaining 10 per cent for retail investors.

Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers to the public issue. The equity shares are proposed to be listed on BSE and NSE. PTI SP RAM

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Specialty chemical company Prasol Chemicals has received capital markets regulator Sebi’s go-ahead to raise as much as Rs 800 crore through an Initial Public Offering (IPO).

The IPO comprises fresh issue of equity shares aggregating up to Rs 250 crore and an Offer-For-Sale (OFS) of up to 90 lakh equity shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

Prasol Chemicals, which filed its preliminary IPO papers with the regulator in April, obtained its “observation” letter on August 23, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.

In Sebi’s parlance, its observation implies its go-ahead to launch initial share sale.

Going by the draft papers, the company may consider a further issue of equity shares aggregating up to Rs 50 crore. If such placement is completed, the fresh issue size will be reduced.

As per market sources, the company is likely to raise around Rs 700-800 crore through the IPO.

The proceeds from the fresh issue to the tune of Rs 160 crore will be used for payment of debt and Rs 30 crore for working capital requirements. Besides, funds will be used for general corporate purposes.

Since its inception, Prasol Chemicals, a forward integrated manufacturer of acetone and phosphorus derivatives, has expanded its business and scope of operations, evolving from a small-scale manufacturer to a big diversified specialty chemical company with a global presence.

Several acetone and phosphorus derivatives included in its portfolio are used in pharmaceuticals, synthesis of agrochemical active ingredients and formulations, besides their applications in home and personal care products such as sunscreens, shampoos, flavours, fragrances and disinfectants.

The company clocked a profit of Rs 50.10 crore in the nine-month period ended December 2021, Rs 25.08 crore in FY21 and Rs 37.77 crore in FY20. Its revenue from operations stood at Rs 626.93 crore for the nine-month period ended December 2021, Rs 595.54 crore in fiscal 2021 and Rs 531.24 crore in fiscal 2020.

JM Financial and DAM Capital Advisors are the book-running lead managers to the issue. PTI SP HVA

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Syrma SGS Technology shares ended with over 42 per cent premium in the debut trade on Friday against the issue price of Rs 220.

The stock made its debut at Rs 262, a jump of 19.09 per cent from the issue price on the BSE. During the day, it zoomed 42.90 per cent to Rs 314.40. It finally ended at Rs 313.05, a gain of 42.29 per cent.

At the NSE, the stock opened at Rs 260, a premium of 18.18 per cent. The stock settled at Rs 312, up by 41.81 per cent over the issue price.

In traded volume terms, 54.77 lakh shares of the company were traded at the BSE and over 5.99 crore shares at the NSE during the day.

The company commanded a market valuation of Rs 5,516.85 crore on the BSE.

The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day on Thursday last week.

The Rs 840 crore IPO was priced in the range of Rs 209-220 per share.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (EMS). Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV. PTI SUM MR

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Syrma SGS Technology stock made its market debut with a 19 per cent premium on Friday against the issue price of Rs 220.

The stock made its debut at Rs 262, a jump of 19.09 per cent from the issue price on the BSE. Later, it zoomed 33.18 per cent to Rs 293.

At the NSE, it opened at Rs 260, a premium of 18.18 per cent. The stock further climbed 33.31 per cent to Rs 293.30.

In early trade, both the Sensex and the broader Nifty indices were trading in the green.

The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day on Thursday last week.

The Rs 840 crore IPO was priced in the range of Rs 209-220 per share.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS). Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV. PTI SUM SUM BAL BAL

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The Initial Public Offer (IPO) of airport service aggregator DreamFolks Services received 6.09 times subscription on the second day of the offer on Thursday.

The IPO received bids for 5,77,86,948 shares against 94,83,302 shares on offer, according to data available with the NSE.

The quota for Retail Individual Investors (RIIs) was subscribed 19.10 times, the category meant for non-institutional investors 8.40 times and Qualified Institutional Buyers (QIBs) 60 per cent.

The IPO of DreamFolks Services got fully subscribed within hours of opening on Wednesday and ended the day with 1.96 times subscription.

The initial public offer is entirely an Offer-For-Sale (OFS) of 1,72,42,368 equity shares.

Price range for the offer is at Rs 308-326 a share.

On Tuesday, DreamFolks Services had raised Rs 253 crore from anchor investors.

It facilitates consumers’ access to airport-related services like lounges, food and beverages, spa, meet and assist airport transfer, transit hotels or nap room, and baggage transfer services.

Equirus Capital and Motilal Oswal Investment Advisors are the managers to the offer. PTI SUM SUM ABM ABM

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The Initial Public Offer (IPO) of Syrma SGS Technology was subscribed 32.61 times on the final day on Thursday.

The Rs 840 crore-IPO received bids for 93,14,84,536 shares against 2,85,63,816 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) received 87.56 times subscription, non institutional investors was subscribed 17.50 times and Retail Individual Investors (RIIs) 5.53 times.

The IPO had a fresh issue of equity shares aggregating to Rs 766 crore and an offer for sale of up to 33,69,360 equity shares.

The offer was priced in the range of Rs 209-220 per share.

On Thursday, Syrma SGS Technology raised Rs 252 crore from anchor investors.

It was the first company to tap the primary market in two-and-a-half months. Prior to this, the IPO of Aether Industries was open for public subscription during May 24-26.

The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.

Syrma SGS is a technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS). Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.

DAM Capital Advisors, ICICI Securities and IIFL Securities were the managers to the offer. PTI SUM SHW

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Vikram Solar has received capital markets regulator Sebi’s go ahead to raise funds through an initial public offering (IPO).

The IPO consists of a fresh issue of up to Rs 1,500 crore and an Offer-for-Sale (OFS) of up to 50 lakh equity shares by the selling shareholders.

Vikram Solar, which filed preliminary IPO papers with the markets regulator in March, obtained its observation letter on August 10, an update with the Securities and Exchange Board of India (Sebi) showed on Wednesday.

In Sebi’s parlance, its observations imply its go ahead to float the IPO.

Vikram Solar is a leading domestic module manufacturer. It produces solar photo-voltaic (PV) modules and is an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) services.

Going by the draft papers, proceeds from the fresh issue will be utilised for setting up an integrated solar cell and solar module manufacturing facility with an annual production capacity of 2,000 MW.

The company has a global footprint through a sales office in the US and a procurement office in China and has supplied solar PV modules to customers in 32 countries, as of December 31, 2021.

In India, the company’s customers include NTPC, Rays Power Infra, Amp Energy India, Azure Power India, West Bengal State Electricity Distribution Company Ltd, Solar Energy Corporation of India, Hindustan Petroleum Corporation Ltd and Keventer Agro. The company’s international customers include Amp Solar Development Inc, Safari Energy LLC, Standard Solar Inc and Southern Current.

As of December 2021, the company had an order book of Rs 4,870 crore.

JM Financial Limited and Kotak Mahindra Capital Company Ltd are the book running lead managers to the public issue. The equity shares will be listed on BSE and NSE. PTI SP ABM ABM

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Rare Enterprises-backed Concord Biotech has filed draft papers with capital markets regulator Sebi to mop up funds through an initial public offering (IPO).

The IPO is entirely an offer for sale of (OFS) of 2,09,25,652 equity shares by Helix Investment Holdings Pte Limited, which is backed by private equity firm Quadria Capital, according to the draft red herring prospectus (DRHP).

The offer also includes a reservation for subscriptions by eligible employees.

Concord is among the leading manufacturers of fermentation-based biopharmaceutical APIs, focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities — Valthera, Dholka, and Limbasi — in Gujarat.

The company is backed by Quadria Capital Fund and Rare Enterprises, which was set up by billionaire investor Rakesh Jhunjhunwala, along with his wife Rekha. The veteran stock market investor passed away on Sunday.

Ahmedabad-based biopharma firm’s revenue from operations rose to Rs 713 crore for the financial year 2022 from Rs 617 crore in the preceding financial year. However, profit after tax dropped to Rs 175 crore in FY22 from Rs 235 crore in the previous fiscal.

As of March 2022, it had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations. In addition, it has filed over 120 drug master files (DMFs) across several countries.

Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE. PTI SP BAL

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IT hardware and mobile accessories firm Balaji Solutions has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The public issue consists of a fresh issue of equity shares worth up to Rs 120 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by promoter and promoter group entity, according to the draft red herring prospectus (DRHP).

Under the OFS, Rajendra Seksaria and Rajendra Seksaria HUF will offload shares.

The offer also includes a reservation for subscriptions by eligible employees.

The company may consider a pre-IPO placement aggregating up to Rs 24 crore. If such placement is completed, the fresh issue size will be reduced.

Proceeds from its fresh issuance worth Rs 86.60 crore will be utilised for funding incremental working capital requirements and general corporate purposes.

Balaji Solutions is an IT hardware and peripherals and mobile accessories company engaged in the business of manufacturing and branding products under its flagship brand “Foxin”.

The company’s revenue decreased to Rs 482.25 crore for the financial year 2022 from Rs 483.48 crore for the financial year 2021, besides, profit after tax dropped to Rs 15.39 crore in FY22 from Rs 16.25 crore in the preceding fiscal.

IDBI Capital Markets and Securities and Affinity Global Capital Market are the books running lead managers. The equity shares are proposed to be listed on BSE and NSE. PTI SP      http://ptinews.com/images/pti.jpg “We bring the World to you” Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you.

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Electronic manufacturing services firm Avalon Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,025 crore through an initial public offering (IPO).

The IPO comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer-for-Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The company may consider raising Rs 80 crore through a pre-IPO placement and if such a placement is undertaken the size of the fresh issue will be reduced.

Proceeds from the fresh issue would be used towards debt payment, funding the working capital requirements and general corporate purposes.

Incorporated in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as some of its key clients.

It has 12 manufacturing units located across the United States and India. As of fiscal 2022, its revenue from operations was at Rs 840 crore with an order book worth Rs 1,039 crore as of June 30, 2022.

JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Private Limited are the merchant bankers for this IPO. PTI SP DRR

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Fincare Small Finance Bank has refiled preliminary papers with Sebi to raise funds through an Initial Public Offering (IPO).

This fresh filing comes as the capital markets regulator’s one-year approval given to the lender to launch an IPO expired last month.

Under the rules, a firm gets one year to hit the primary market after receiving an approval from Sebi. In case a firm fails to launch IPO during this period, it has to refile the prospectus with the Securities and Exchange Board of India (Sebi) seeking fresh clearance.

According to a fresh Draft Red Herring Prospectus (DRHP) filed on Saturday, Fincare Small Finance Bank’s IPO comprises fresh issue of equity shares worth up to Rs 625 crore and an Offer For Sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors.

Those selling shares in the OFS are promoter Fincare Business Services Ltd, and investors Wagner, True North Fund V LLP, Indium IV (Mauritius) Holdings Ltd, Omega TC Holdings PTE Ltd; Leapfrog Rural Inclusion (India) Ltd, Besides, Kotak Mahindra Life Insurance Company, Edelweiss Tokio Life Insurance Company, Bharti AXA Life Insurance Company, Silver Leaf Oak (Mauritius) Ltd, Tata Capital Financial Services Ltd and Edelweiss General Insurance Company are the investors selling shares in OFS.

The bank would utilise net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements.

ICICI Securities, IIFL Securities, Ambit, Axis Capital and SBI Capital Markets are the book running lead managers to the issue. Equity shares of the lender will be listed on BSE and NSE.

The Bengaluru-based MFI-turned small finance bank started operations in July 2017.

Before converting into a small finance bank, it largely conducted business from two entities namely Disha Microfin, which focused on the western region and Future Financial Services, which focused in the South.

In May 2021, Fincare Small Finance Bank had filed draft papers with Sebi to raise Rs 1,330 crore through IPO. The lender had received Sebi’s go-ahead to float the IPO in July last year but didn’t launch it. PTI SP ANU SHW

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Sebi has given its nod to 28 companies to raise funds totalling Rs 45,000 crore through initial public offerings (IPOs) in April-July period of 2022-23 which has already seen 11 debutantes raising over Rs 33,000 crore.

Among the firms that have secured the regulator’s clearance include Lifestyle retail brand FabIndia; Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group; TVS Supply Chain Solutions; Blackstone-backed Aadhar Housing Finance; Macleods Pharmaceuticals and Kids Clinic India, which operates super-specialty mother and babycare chain Cloudnine.

These firms are yet to announce the launch date of their IPOs and are waiting for the right time to float their issues as current market conditions are challenging, merchant bankers said.

“Current environment is challenging and companies with approvals in hand are waiting for the right window of opportunity to launch the initial share-sales. In fact, many of them have concluded the roadshows and are waiting for the right time,” Prashant Rao, Director and Head Equity Capital Markets, Anand Rathi Investment Banking, said.

Going by the Securities and Exchange Board of India (Sebi) data, total 28 companies obtained the regulator’s clearance to tap the IPO route for fundraising during April-July 2022-23. Together, these firms are expected to mop up Rs 45,000 crore.

So far in current fiscal year, 11 companies have gone public to garner Rs 33,254 crore. Of these, a lion’s share (Rs 20,557 crore) was raised by the public issue of Life Insurance Corporation of India (LIC).

All these companies hit the primary market during April-May and not a single public issue was launched after May, suggesting a dry spell in the IPO market.

This came after as many as 52 companies tapped the primary market to raise a record Rs 1.11 lakh crore in the entire 2021-22. The impressive fundraising could be due to a slew of public issues from new age loss-making technology startups, strong retail participation and huge listing gains.

The lack of appetite for the IPO in current fiscal year could be attributed to sharp correction in the secondary market, disastrous performance of new digital companies, like Paytm and Zomato, and poor post listing performance of LIC negatively impacting the sentiments, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Anand Rathi Investment Banking’s Rao also said that due to the volatility in the markets and certain issues facing pricing performance, investors were wary of new issuances.

However, Abhijit Tare, MD and CEO, Motilal Oswal Investment Advisors, is of the view that markets have just recovered from mathematical low and more importantly a sentimental low seen in the last quarter and few companies will try to approach markets.

A few of the IPOs will get through in the next 2-3 months based on the merit of their proposals, Tare said adding that a good amount of fundraising is expected to happen in the remaining part of the fiscal year.

“With good quarter results and some favourable economic data, we feel the second half of this fiscal year might give a few windows for issues to happen and may present an opportunity for good quality companies that have been priced reasonably to launch their IPOs,” Rao said.

Interestingly, there is a sudden rush among companies for filing preliminary IPO papers with Sebi in the last two months. During June-July, total 15 companies, including Sula Vineyards, Allied Blenders and Distillers, Utkarsh Small Finance Bank, and Sai Silk Kalamandir, approached Sebi with their draft papers to garner funds through initial share-sales.

“There are a lot of discussions happening in the private domain. Many promoters from small towns and cities who have done a fantastic job of growing their business but have never thought of monetising their efforts are now gearing up for the move.  Hence we see many applications being filled with the regulator,” Motilal Oswal Investment Advisors’ Tare said. PTI SP BJ ANU ANU

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Utkarsh Small Finance Bank has refiled preliminary papers with capital market regulator Sebi and reduced its initial public offering (IPO) size to Rs 500 crore from Rs 1,350 crore planned earlier.

The company filed the paper afresh as the regulator’s one-year approval given to the Varanasi-headquartered small finance bank (SFB) to launch IPO expired last month.

Under the Sebi’s regulations, a firm gets one year to hit the primary market after receiving approval from the market regulator. In case a firm fails to do so during this period, it has to refile the prospectus with the Securities and Exchange Board of India (Sebi), seeking fresh clearance.

According to a fresh draft red herring prospectus (DRHP) filed on Friday, the SFB’s Rs 500 crore IPO is a complete fresh issue of shares and the entire proceeds will go to the bank.

The lender may consider the issue of securities aggregating up to Rs 100 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced.

Proceeds from the fresh issue will be utilised to augment the lender’s tier 1 capital base to meet future capital requirements.

Incorporated in 2016, Utkarsh commenced operations in 2017 and its product suite includes a range of products, including saving accounts, salary accounts, current accounts, recurring and fixed deposits and locker facilities.

As of March 31, 2022, its operations are spread across 22 states and Union Territories with 686 banking outlets and 12,617 employees, serving 3.14 million customers majorly located in rural and semi-urban areas, primarily in Bihar, Uttar Pradesh and Jharkhand.

Its gross loan portfolio grew from Rs 6,660.95 crore as of March 31, 2020, to Rs 10,630.72 crore as of March 31, 2022, and total deposits almost doubled from Rs 5,235.21 crore to Rs 10,074.18 crore during the period.

Earlier in March 2021, Utkarsh had filed draft papers with Sebi to raise Rs 1,350 crore through the IPO. It was seeking the issuance of fresh shares amounting to Rs 750 crore and an offer for sale of up to Rs 600 crore. The lender had received Sebi’s go-ahead to float the IPO in June last year but didn’t launch the initial share sale.

ICICI Securities and Kotak Mahindra Capital Company are the book-running lead managers to the issue. PTI SP BAL BAL

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HDFC Bank will be looking at the public listing of its brokerage and non-bank finance company subsidiaries only after its merger with parent HDFC Ltd goes through, a top official said on Saturday.

Answering shareholder queries at the 28th annual general meeting of the largest private sector lender, its chief executive and managing director Sashidhar Jagdishan said the initial public offering (IPO) plans for HDFC Securities and HDB Financial Services depends on the merger process.

HDFC Bank and HDFC in April announced the USD 40 billion merger, touted as the largest such transaction in corporate history, saying that it will take up to 18 months to end.

“The IPO plans (of HDFC Securities and HDB Financial Services) are something that we will contemplate after we have absorbed (the merger)… we’ve got directions from the regulator, after we absorb as and when the merger happens. And then we will think about,” Jagdishan said.

Earlier, he said that on HDB Financial Services, the bank is still awaiting directions from the regulator to ascertain a “glide path” for the way ahead for the company, which reported a huge jump in post-tax net at Rs 441.3 crore for June quarter.

In the case of HDFC Securities, the bank would like to maintain a majority stake given the complementarity in business offerings with the brokerage whose customers are the same as the bank’s, the CEO said.

The decision on whether to keep the stake at the current 95 per cent or dilute it will be taken in due course of time, Jagdishan said.

Despite approval from the RBI, the bank has shelved its plans to invest more in HDFC Ergo General Insurance, pending the merger with HDFC, after which the insurer will become a subsidiary of the bank itself, Jagdishan said.

Once the merger goes through, the bank will also have to look at increasing the maturity profile of its liabilities which are currently below three years, Jagdishan said, explaining that the mortgage assets are typically longer term in nature due to which the bank’s asset liability committee will have to take the appropriate calls.

He said the overall composition of housing loans of the merged entity will be 35 per cent and hinted at doing more of the same product as well by stating that it does not see this as concentration risk. On one side, the under-penetration presents an opportunity, while on the other side, other loan products of the bank will also be growing, he underlined.

The bank is also keen to “patronize” the deposit agents of HDFC after the merger, but will await regulatory clarity on the same, he said.

The bank, which had to face slaps from the regulator in the recent past because of outages faced by customers, is planning to soon launch a payments app which will be better than its current offering called Payzapp and include features including instant credit of cashbacks, Jagdishan said.

He said from July or August onward, it plans to launch one new digital offering every three to four weeks, which will also include a new mobile app for corporate and small business clients, and added that it has already soft-launched a customer experience hub sans much of fanfare.

On the credit card front, the bank has made sizeable progress since being allowed sell new cards after the ban, the CEO said.

The overall number of cards stands at 17-18 million and HDFC Bank’s market share in the overall receivables has gone up to 47-48 per cent, he said, adding that from a profitability perspective, it will be back at the pre-COVID levels in the next 6-8 months.

The bank is also cognizant of data privacy issues and has recently appointed a chief data officer, who will be working along with a chief data security officer, Jagdishan said, adding that its entire data mining operation starts with getting consent from the customer first and it will be compliant with Indian regulations on this front as and when they come in.

From the perspective of minimising the downtimes, the bank will be investing more on the technology front going ahead, he said, without giving details on the quantum of the money to be invested.

In the last two years, the bank has seen an increase in the corporate loans in the overall loanbook, which has led to a dip in the net interest margins to 4 per cent levels, Jagdishan said, adding that the crucial number influencing profitability to go up to up to 4.2 per cent once the share of retail advances goes up.

There have been higher loan losses on the retail loans front during the last two years of the pandemic, he said, adding that similar trends were observed after the global financial crisis in FY09 and also after demonetization as individuals faced difficulties in their financial situations.

The bank’s attrition has gone up to 19 per cent with the reopening of the economy post the pandemic-induced slowdown, Jagdsihan said, adding that the number is “embarrassingly: higher among the youngsters and efforts will be made to reduce the same.

The bank has the approval to open a branch in Singapore and after the merger with HDFC, the number of foreign branches may go up, he said, stressing that it sees India as a key opportunity and does not see a significant increase in its global footprint, which currently consists of branches in Bahrain, Hong Kong, Dubai and Gift City.

Meanwhile, the bank’s non-executive chairman Atanu Chakraborty said it is looking at doubling its branch network to over 12,000 over the next 3-5 years, and the sizes of branches may reduce over time.

Typically, it takes two years for a branch in a metro city to break even, while the same for other pockets is around three years, he said. PTI AA MR MR

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Realty firm Signature Global (India) Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial public offering (IPO).

The IPO will comprise a fresh issue of equity shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore, according to the draft red herring prospectus (DRHP) filed on Tuesday.

As a part of the OFS, promoter Sarvpriya Securities and investor International Finance Corporation will sell equity shares worth up to Rs 125 crore each.

The company proposes to utilise the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions and general corporate purposes.  Also, funds will be used to pay the debt of subsidiaries — Signatureglobal Homes, Signature Infrabuild, Signatureglobal Developers and Sternal Buildcon.

Gurugram-based property developer Signature Global is focused on affordable and mid-housing segments with a market share of 19 per cent.

As of March 2022, Signature Global had sold 23,453 residential and commercial units within the Delhi-NCR region, out of which 21.478 are residential units with an average selling price of Rs 28.1 lakh per unit.

The company’s sales have grown at a CAGR of 142.47 per cent from Rs 440.57 crore in fiscal 2021 to Rs 2,590.22 crore in fiscal 2022.

Kotak Mahindra Capital Company, ICICI Securities and Axis Capital are the book-running lead managers to the issue. PTI SP BAL BAL

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Agro-chemical firm GSP Crop Science Pvt Lt is looking to launch a Rs 500-crore IPO (Initial Public Offering) by next year, according to its managing director Bhavesh Shah.

The company, which needs funds for expansion of its business operation, plans to soon file a draft red herring prospectus with capital markets regulator Sebi, he said.

Established in 1985, Ahmedabad-based GSP Crop Science manufactures technical grade ingredients and formulates insecticides, fungicides and herbicides, intermediates, biopesticides, seed-treatment chemicals and public health products.

“We are in the beginning stage of IPO. About Rs 500 crore funds will be raised through IPO,” Shah said in an interview with PTI.

The company intends to launch new products and set up a new production line at Dahej in Gujarat. The funds raised through initial share sale will be utilised for this, he added.

GSP Crop Science whole-time director Tirth Shah said the company’s move to launch the IPO is mainly driven by improvement in its financial performance in last few years and expansion plans.

The company’s revenue has risen year-on-year basis and it stood at Rs 1,350 crore during 2021-22 financial year, up from over Rs 1,000 crore in the previous year, he said.

The company expects about 15-20 per cent increase in the annual revenue in the current fiscal, he added.

Currently, GSP Crop Science has three units, two in Gujarat and one in Jammu. The fourth one is planned at Dahej. Much of its sales come from Maharasthra, followed by Gujarat and other states. PTI LUX HVA

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Geo-political instability appears to be taking a toll on the Indian startups with the total funding declining by 40 per cent to USD 6.8 billion in the April-June quarter, reveals a PwC India report.

The early-stage deals comprised more than 60 per cent of the total with an average ticket size of USD 5 million, as per the PwC India report titled, ‘Startup Deals Tracker – Q2 CY22.’ “After three consecutive quarters of raising more than USD 10 billion, the total funding in the Indian startup ecosystem fell by 40 per cent during Q2 CY22 to reach USD 6.8 billion.

“The decline can be attributed to a global slowdown, decrease in tech stock valuations, inflation and geopolitical instability,” it added.

Software as a Service (SaaS) and fintech companies had the highest share of funding in the second quarter of Calender Year (CY) 2022, totalling more than USD 3.1 billion, the report said.

It further said that early-stage deals comprised more than 60 per cent of the total deal volumes with an average ticket size of USD 5 million.

Funding in early-stage deals during Q2 CY22 continued to be stable at around USD 800 million and could remain stable or even grow in the next few quarters — given that entrepreneurial activity continues to flourish with increased digitisation as well as the quantum of venture capital funds waiting to be deployed in the Indian market, it added.

“We expect the overall funding landscape to take 12–18 months to stabilise, during which it would be beneficial for startups to increase their ‘funding runway’. No matter which stage a startup is in, they would do well to keep a close tab on core business and ensure unit economics is strictly as per plan,” said Amit Nawka, Partner – Deals and India Startups Leader, PwC India.

Valuations are likely to remain under pressure across all funding stages, primarily trickling down from the significant funding slowdown in late-stage or Initial Public Offering (IPO) deals, he added.

The report further said Bengaluru, National Capital Region (NCR) and Mumbai continue to be the key startup cities in India, together contributing around 95 per cent of the total funding activity in April-June quarter of 2022, followed by Chennai and Pune.

In Bengaluru, more than USD 100 million was raised by seven companies each in the second quarter of 2022 — Dailyhunt, Rapido, Leadsquared, Lenskart, CRED, Ather Energy and Observe.ai — majorly across the SaaS, and logi and autotech space.

In NCR seven companies — Delhivery, Stashfin, Rario, Grey Orange Robotics, Absolute Foods, Fashinza and PhysicsWallah — raised more than USD 100 million each.

In Mumbai, the report said, more than USD 100 million was raised by four companies each. These include upGrad, Zepto, CoinDCX and Turtlemint.

Only four startups in India attained unicorn status in the second quarter of calendar year 2022, mirroring a global trend in decline in the number of new unicorns this last quarter. Globally, the total unicorn count has crossed 1,200 with maximum unicorns in Q2 CY22 operational in the SaaS sector, followed by fintech.

The number of decacorns (startups valued at USD 10 billion) globally has reached 57, with four new entrants in April-June quarter of 2022.

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Concord Enviro Systems, an environmental engineering solutions firm, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises fresh issuance of equity shares worth Rs 175 crore and an offer-for-sale (OFS) of 35,69,180 equity shares by promoters and an investor, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS are, promoters –Prayas Goel and Prerak Goel, promoter groups — Namrata Goel, Nidhi Goel and Pushpa Goel– and investor AF Holdings.

Proceeds from the fresh issue will be used for investment in the company’s arm Concord Enviro FZE in relation to financing the construction of an assembly unit in Sharjah International Airport Free Zone, investment in subsidiary Rochem Separation Systems (India) for funding its working capital requirements, payment of debt and general corporate purpose.

Concord Enviro Systems is an integrated solutions provider for industrial waste water reuse and zero liquid discharge solutions, with an in-house position across the value chain.

According to an F&S Report, the industrial water and waste water treatment solutions market was valued at Rs 6,500 crore in fiscal 2021.

DAM Capital Advisors and Equirus Capital are the book running lead managers to the issue. PTI SP SP ANU ANU

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Pharmaceutical company Innova Captab Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP).

As part of the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.

At present, promoters — Manoj and Vinay — hold 39.66 per cent and 30.08 per cent stake, respectively, in the company, while Gian owns a 30.23 per cent holding in the pharma firm.

Besides, the company may consider pre-IPO placement of equity shares aggregating up to Rs 80 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.

Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore will be utilised for payment of loans availed by its subsidiary, UML, and Rs 90 crore for funding working capital requirements.

Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.

The company’s business includes providing research, product development and manufacturing services to Indian pharmaceutical firms, domestic branded generics as well as international branded generics businesses. It has two manufacturing facilities in Baddi, Himachal Pradesh.

ICICI Securities Limited and JM Financial Limited have been appointed as merchant bankers to manage the company’s IPO. PTI SP SP MR MR

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Referring to IPOs, Warren Buffet said, “You don’t want to get into a stupid game just because it’s available,” at the Annual Meeting of Berkshire Hathaway in 2016.

The prospects of earning multi-bagger returns are tempting. IPOs attract multifold subscriptions during their bidding period. Despite all the fanfare, many have been wealth destroyers for the investors losing their market value as Dalal Street investors turned cautious. 

The benchmark BSE IPO index that houses recent IPOs has declined more than 30% to date as compared to a 12.55% fall in the NIFTY 50 index.

Very few companies that went public have generated significant returns for the investors. 

Here we look at major wealth-destroying companies which have gone public so far in 2022:

AGS Transact Technologies Limited:

Despite garnering subscriptions over 8 times, the payment solutions provider has lost 61% of its value from its issue price of ₹ 175 per share as per the Wednesday closing price of ₹ 68.95.

The company is one of the leading omnichannel payment solution providers in India. It offers services such as ATM and CRM outsourcing, cash management services, digital payment solutions, transaction switching services, POS machine services, agency banking, self-service terminals, currency technology products, system automation products, and system integration.

Life Insurance Corporation of India:

IPO of LIC became India’s largest IPO with a gigantic issue size of ₹ 21,008 crores. With an AUM of ₹ 39 lakh crore, it is the largest insurance player in India. The government-controlled company has a market share of more than 66% in new business premium.

However, the stock has been a wealth-destroyer against the glory and reputation of the LIC. To start with, the shares opened at a 7.8% discount from the issue price of ₹ 949 per share. Since then, it has declined by 23.76% to date.

Taking the Wednesday closing price of ₹ 667.30, the stock has lost a cumulative 29.71% of its value from its issue price. 

Prudent Corporate Advisory Services Limited:

Retail wealth management services provider, Prudent Corporate Advisory Services is another wealth destroyer on this list which has tanked 27.78% from its issue price of ₹ 630 per share. The stock of the 19-year-old company closed at ₹ 770 on Wednesday.

It provides mutual fund products, stock broking services, life and general insurance solutions, asset allocation, and trading platforms. The company offers digital wealth management solutions through various platforms.

As of FY21, it was amongst the top 10 mutual fund distributors in terms of average assets under management.

Rainbow Children’s Medicare Limited:

This healthcare stock got listed on May 10, 2022, and has lost 19% of its value since then from its issue price of ₹ 542 per share. The shares of the 2-decade-old company closed at ₹ 439 on Wednesday.

It runs a multi-speciality pediatric, obstetrics and gynaecology hospital chain with 14 hospitals and 3 clinics across 6 cities with a total capacity of 1,500 beds. The company provides a wide range of services including newborn and pediatric intensive care, pediatric quaternary care, pediatric multi-speciality services, obstetrics and gynaecology.

Written By – Vikalp Mishra

Disclaimer

The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

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Inox Green Energy Services, a subsidiary of Inox Wind, has filed fresh preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an Initial Public Offering (IPO).

The IPO comprises fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks aggregating to Rs 370 crore by promoter Inox Wind, according to the Draft Red Herring Prospectus (DRHP) filed on Friday.

Besides, the company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.

Inox Green Energy Services is engaged in the business of providing long term Operation and Maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.

Earlier, the company had filed the DRHP for its proposed IPO in February with the Sebi. However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason. PTI SP SHW SHW

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Deltatech Gaming Ltd, a digitally native, technology-led gaming platform, has filed preliminary papers with the markets regulator Sebi to raise Rs 550 crore through an Initial Public Offering (IPO).

The IPO comprises fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale (OFS) of Rs 250 crore by promoter — Delta Corp Limited, according to the Draft Red Herring Prospectus (DRHP).

The offer also includes a reservation for subscription by eligible employees and Delta shareholders.

Additionally, the company may consider a preferential issue of equity shares or any other method aggregating up to Rs 50 crore. If such placement is completed, the fresh issue size will be reduced.

The proceeds from the fresh issuance worth Rs 150 crore will be utilised for organic growth, through marketing and business promotion activities, to attract new gamers and retain existing gamers, Rs 50 crore for strengthen the technology infrastructure to develop new capabilities, maintain and manage its existing platform and general corporate purposes.

The Gurugram-based company is one of the earliest companies in the real money gaming segment in India.

Over the years, the digital gaming company has developed its own platforms, which it continues to evolve. It also believes that investing in its gaming platform and offers are critical for business growth, new player on-boarding, and existing player retention, by using adjacencies such as game types, promotions, and so on.

In April 2021, it acquired multi-gaming technology under the trademark Faboom and rebranded it as the Adda.games platform, thereby expanding its footprint in the gaming business.

Deltatech Gaming’s revenue from operations stood at Rs 137.23 crore for fiscal 2022, against Rs 155.37 crore for the preceding fiscal.

Axis Capital and JM Financial Limited are the book running lead managers and the equity shares are proposed to be listed on BSE and NSE. PTI SP SHW SHW

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PhonePe, part of the Walmart Inc-controlled Flipkart group, is considering to raise funds through an initial public offering for expanding its financial services portfolio and deepening its core United Payments Interface (UPI)-based payments operations, investment banking sources said on Wednesday.

The digital payment company is seeking a valuation of USD 8-10 billion, they added.

According to the sources, the company will soon engage with bankers and legal consultants to take forward the IPO (Initial Public Offering) process.

Also, the company has initiated plans to move its registered holding entity from Singapore to India, underlining its ‘made in India’ credentials. PhonePe’s board has already ratified the proposal to move the holding company to India.

The company will list on Indian stock exchanges as opposed to many startups that prefer to incorporate overseas, primarily Singapore or the US, chasing relatively friendlier tax laws and business regulations there.

PhonePe was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, and was acquired by Flipkart in 2016. In 2018 Flipkart was acquired by Walmart, and PhonePe was part of the transaction as well.

The company plans to go public once its core businesses turn profitable, which it hopes to achieve by 2023, investment banking sources said.

In addition, PhonePe plans to raise its workforce strength to 5,200 by the end of December to ride on the growing UPI-based transactions in India.

The company has 2,600 employees and 2,800 open job positions across cities such as Bengaluru, Pune, Mumbai and Delhi.

PhonePe had last raised USD 700 million in 2020 led by its promoters Flipkart and Walmart at a valuation of USD 5.5 billion. The digital payment company has raised a total of USD 1.7 billion in funding over 13 rounds that includes Tiger Global Management and Tencent as investors.

The company has applied for a mutual fund license and a Non-Banking Financial Company (NBFC) licence and has acquired three companies –- WealthDesk, OpenQ and GigIndia.  PhonePe is the leader in the UPI space, enjoying a 47 per cent market share in monthly transactions.

At present, PhonePe holds a mutual fund distribution licence, and will be adding stocks and exchange traded funds to its growing list of wealth management products.

It announced that it will launch UPI SIP (Systematic Investment Plan) for investment in gold. Users will be able to invest in high purity 24K gold of a specified amount every month. The gold can be accumulated in their insured bank-grade lockers, maintained by MMTC-PAMP and SafeGold.

PhonePe was also in the process of integrating its processes with the Open Network for Digital Commerce (ONDC) pilot, India’s indigenously created open source e-commerce network, with real-time transactions in the retail and food delivery space starting in some cities.

Under ONDC, real-time transactions in the retail and food delivery space have started in some cities such as Shillong and Delhi. Currently, ONDC is focusing more on retailers and restaurants.

Recently, a number of internet-led businesses launched their IPOs, including Zomato, CarTrade, Nykaa, Paytm and PolicyBazaar. PTI SP BJ HVA

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Shares of Life Insurance Corporation of India (LIC) continued to fall for the tenth day running on Monday and tumbled nearly 6 per cent.

The stock tanked 5.85 per cent to settle at Rs 668.20 apiece on the BSE. During the day, it plunged 6 per cent to Rs 666.90.

On the NSE, it tumbled 5.66 per cent to end at Rs 669.50 apiece.

Shares of the company have been falling for the past ten days, losing 20.17 per cent.

LIC got listed on the bourses on May 17. The government had fixed the issue price of LIC shares at Rs 949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly 3 times.

Applicants were allocated LIC shares on May 12.

The stock has tumbled 29.58 per cent so far from its issue price of Rs 949.

“LIC tumbles as anchor lock-in ends,” said Mohit Nigam, Head – PMS at Hem Securities.

The company is on the seventh place in the ranking of top-10 firms by market valuation. It has a market capitalisation (mcap) of Rs 4,22,636.35 crore. PTI SUM SHW SHW

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Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has received capital markets regulator Sebi’s go ahead to raise Rs 5,000 crore through an Initial Public Offering (IPO).

The initial share-sale of Bharat FIH comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of up to Rs 2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the Draft Red Herring Prospectus (DRHP).

Bharat FIH makes devices for Xiaomi and Nokia.

The company, which filed its preliminary IPO papers with Sebi in December 2021, obtained its observations on June 10, an update with the markets regulator showed on Monday.

In Sebi’s parlance, its observations implies its go ahead to float IPO.

Going by the draft papers, proceeds of fresh issue will be used for funding capital expenditure requirements of the company towards expansion of its existing campuses, investment in subsidiary, RSHTPL, to support working capital requirements and general corporate purposes.

At present, Wonderful Stars holds 99.97 per cent stake in the company.

Bharat FIH, formerly Rising Stars Mobile India, is the largest Electronic Manufacturing Services (EMS) provider in India, with approximately 15 per cent market revenue share in financial year 2021.

In addition to EMS services, the company is building the capabilities to provide Original Equipment Manufacturers (OEMs) with a comprehensive, vertically integrated “one-stop solution” comprising a range of Original Design Manufacturer (ODM) services, including product design and development, component manufacturing and sourcing, logistics, and after-sales services.

The company has also been expanding its business into high-growth industries other than mobile phones, including mechanics, electric vehicles, televisions and hearables. PTI SP SHW SHW

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Private sector lender Tamilnad Mercantile Bank has received capital markets regulator Sebi’s go ahead to mop-up funds through an initial share sale.

The Initial Public Offer (IPO) comprises a fresh issue of 1,58,27,495 equity shares and an Offer For Sale (OFS) of up to 12,505 equity shares by shareholders, according to the Draft Red Herring Prospectus (DRHP).

The OFS consists sale of equity shares by D Prem Palanivel, Priya Rajan, Prabhakar Mahadeo Bobde, Narasimhan Krishnamurthy, M Malliga Rani and Subramanian Venkiteshwaran Iyer.

The bank, which filed its preliminary IPO papers with Sebi in September 2021, obtained its observations on May 30 this year, an update with the markets watchdog showed on Monday.

In Sebi’s parlance, its observation implies its approval to float IPO.

Going by the draft papers, the Tuticorin-based bank proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier-I capital base to meet its future capital requirements.

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country, with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.

As of June 30, 2021, the bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. It has a customer base of around 4.93 million of which 70 per cent comprises customers who are associated with the bank for more than five years.

On the other hand, Uma Converter has decided to withdraw its proposed IPO.

The company had filed the DRHP for the proposed IPO on July 1, 2021 with the Securities and Exchange Board of India (Sebi).

However, the draft offer documents for the IPO have been withdrawn on May 30 and the reasons for the withdrawal have not been disclosed, an update with Sebi showed.

The IPO was slated to issue fresh equity shares aggregating up to Rs 36 crore.

The net proceeds of the issue was to be used for expansion of the business of the company by upgrading its manufacturing facility situated at Timba, Gujarat and repayment of unsecured loans. PTI SP AJ AJ

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Shares of digital signature certificate provider eMudhra Ltd on Wednesday listed with a premium of nearly 6 per cent against the issue price of Rs 256.

The stock made its debut at Rs 271, registering a gain of 5.85 per cent over the issue price on the BSE. It later jumped 8.98 per cent to Rs 279.

At the NSE, it listed at Rs 270, with a premium of 5.46 per cent.

The initial public offer of eMudhra was subscribed 2.72 times last month.

The Rs 412.79-crore IPO had a price range of Rs 243-256 per share.

eMudhra is the largest licensed certifying authority in India with a market share of 37.9 per cent in the digital signature certificates market space in financial year 2021, having grown from 36.5 per cent in FY20.

The company has been engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations. PTI SUM DRR

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Leading B2B payments and services provider PayMate India has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,500 crore through an initial public offering (IPO).

The initial share-sale comprises fresh issue of equity shares worth Rs 1,125 crore and Offer-for-sale (OFS) of Rs 375 crore by promoters, investors and other shareholders, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS include promoters — Ajay Adiseshan and Vishvanathan Subramanian and investors — Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings, besides, certain existing shareholders are too offering shares through this route.

The offer also includes a reservation for subscription by eligible employees.

Currently, promoter and promoter group holds 66.70 per cent stake in the company and public shareholders own the remaining stake.

Additionally, the company may consider a private placement of equity shares aggregating up to Rs 225 crore. If such placement is completed, the fresh issue size will be reduced.

Proceeds from its fresh issuance worth Rs 77 crore will be utilised for investment for expanding business into new geographies, Rs 228 crore for pursuing inorganic initiatives, Rs 688.70 crore for placing cash as collateral with its financial institution partners to improve its margins and general corporate purposes.

PayMate has developed from a consumer-facing to a Business-to-business (B2B) payments platform since its inception in 2006.

It is a multi-payment category platform that incorporates vendor payments, statutory payments, and utility payments, giving its customers a “fully-integrated” B2B payment stack.

The platform also allows consumers and their vendors, suppliers, buyers, dealers, and distributors to use commercial credit cards to make statutory payments of direct taxes and GST, as well as utility payments.

Visa has a partnership with PayMate. It is also a shareholder in PayMate, owning 2.94 per cent of the fully diluted paid-up equity share capital.

PayMate’s revenue from operations increased 61.19 percent from Rs 216.14 crore in Fiscal 2020 to Rs 348.40 crore in Fiscal 2021. Revenue for the nine-month period ended December 2021 stood at Rs 843.44 crore.

ICICI Securities, HSBC Securities and Capital Markets (India) Private Limited, JM Financial and SBI Capital Markets are the book running lead managers to the issue.

The equity shares are proposed to be listed on BSE and NSE. PTI SP DRR

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Shares of luxury and premium watch retail player Ethos Ltd on Monday listed with a discount of 6 per cent against the issue price of Rs 878.

The stock made its debut at Rs 830, registering a decline of 5.46 per cent from the issue price on the BSE. It further tumbled 9.24 per cent to Rs 796.80.

At the NSE, it listed at Rs 825, lower by 6 per cent.

The initial public offer of Ethos was fully subscribed by 1.04 times on the last day of subscription on May 20.

The Initial Public Offering (IPO) had a fresh issue of equity shares aggregating to Rs 375 crore and an offer-for-sale of up to 11,08,037 equity shares.

Price range for the Rs 472.3-crore offer was at Rs 836-878 per share.

Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.

Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh. PTI SUM DRR

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Shares of Paradeep Phosphates on Friday made a tepid market debut with a nearly 5 per cent gain against its issue price of Rs 42.

The stock was listed at Rs 43.55, a jump of 3.69 per cent against the issue price, on the BSE.

At the NSE, it made its debut at Rs 44, up 4.76 per cent.

The initial public offer of Paradeep Phosphates was subscribed 1.75 times last week.

The initial public offer (IPO) had a fresh issue aggregating up to Rs 1,004 crore and an offer for sale of up to 11,85,07,493 equity shares.

The price range for the offer was Rs 39-42 per share.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers. PTI SUM SUM BAL BAL

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The initial public offer of speciality chemicals company Aether Industries was subscribed 6.26 times on the final day of subscription on Thursday, helped by a strong interest from institutional buyers.

The initial share sale received bids for 5,85,34,586 shares against 93,56,193 shares on offer, according to the NSE data.

The portion meant for qualified institutional buyers received 17.57 times subscription, while non institutional investors category was subscribed 2.52 times and retail individual investors 1.14 times.

The Initial Public Offer (IPO) had a fresh issue of up to Rs 627 crore and an offer for sale of up to 28,20,000 equity shares.

Its price range was at Rs 610-642 per share.

On Monday, Aether Industries said it has raised a little over Rs 240 crore from anchor investors.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Aether Industries is a speciality chemicals manufacturer in India, focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

HDFC Bank and Kotak Mahindra Capital Company were the managers to the offer. PTI SUM SUM AJ AJ

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The initial public offer of speciality chemicals company Aether Industries was subscribed 49 per cent on the second day of subscription on Wednesday.

The IPO received bids for 45,68,996 shares against 93,56,193 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) got subscribed 67 per cent, Qualified Institutional Buyers (QIBs) 39 per cent and non-institutional investors 16 per cent.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 627 crore and an offer for sale of up to 28,20,000 equity shares.

The IPO has a price range of Rs 610-642 per share.

On Monday, Aether Industries said it has raised a little over Rs 240 crore from anchor investors.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

HDFC Bank and Kotak Mahindra Capital Company are the managers to the offer. PTI SUM SHW SHW

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The initial public offer of digital signature certificate provider eMudhra was subscribed 2.72 times on the last day of subscription on Tuesday.

The Rs 412.79 crore-IPO got bids for 3,09,02,516 shares against 1,13,64,784 shares on offer, according to NSE data.

The portion meant for Qualified Institutional Buyers (QIBs) received 4.05 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 2.61 times and non-institutional investors 1.28 times.

The IPO had a fresh issue of up to Rs 161 crore and offer for sale of up to 98,35,394 equity shares.

Price range for the offer was at Rs 243-256 per share.

On Thursday, eMudhra Ltd raised Rs 124 crore from anchor investors.

Proceeds from the fresh issue will be utilised to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centre proposed to be set up in India and overseas locations, develop products, investment in eMudhra INC and for general corporate purposes.

IIFL Securities, YES Securities (India) and Indorient Financial Services were the managers to the offer.

eMudhra is the largest licensed certifying authority in India with a market share of 37.9 per cent in the digital signature certificates market space in financial year 2021, having grown from 36.5 per cent in FY20.

The company has been engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations. PTI SUM SHW SHW

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Hospitality and travel-tech firm OYO is looking to launch its initial public offer after September and has written to stock market regulator Sebi, seeking to file updated and restated consolidated financial information.

The company, which had filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale in October last year, is now prepared to settle for a lower valuation of around USD 7-8 billion against the USD 11 billion it was targeting initially, according to people in the know of the development.

OYO’s move to launch the IPO after the September quarter is mainly driven by the expectation of improvement in its financial performance and the current volatile nature of the market, they said.

It is understood that in a letter to Sebi, Oravel Stays Ltd, which runs OYO, has sought permission to include restated financial statements for the six-month periods ending September 30, 2022, September 30, 2021, and September 30, 2020.

“Price swings in a newly listed stock create concern among the public. Amongst such sentiments, it will be best to be able to first show to the investors that the business revival is real, it is strong and is leading to much higher bookings and perhaps, the first sign of a positive bottom line. Hence, OYO will likely wait for a quarter,” said a person aware of the company’s plans.

When reached out for comments, OYO declined to comment.

As per the company’s DRHP (draft red herring prospectus), OYO had incurred a Rs 1,744.7 crore loss in FY21.

The company’s proposed IPO comprised a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale to the tune of Rs 1,430 crore, as per its DRHP.

However, it has been reported that OYO now wants to go ahead only with the Rs 7,000 crore primary issue, doing away with the Rs 1,430 crore offer for sale (OFS) component, and has reached out to Sebi for approval. An OFS allows promoters of a company to sell their shares to the public through the stock exchange.

OYO’s OFS would have seen its largest investor Softbank Group selling around 2 per cent of its stake and other investors Grab Holdings, Huazhu Hotels and the family office of Sunil Munjal of the Hero Group diluting their stakes as well.

Also, when OYO goes for listing in the markets, it will settle for a more reasonable valuation of around USD 7-8 billion, below the USD 11 billion it was targeting initially, considering how the stock markets have changed in the past few months, said a source.

When the company filed its DRHP with Sebi in October 2021, the markets were buoyant and IPOs were getting high valuations and oversubscription with both global and domestic capital flowing into the stock market.

However, the scenario has altered since then, with geopolitical unrest, rising inflation and interest rate hike cycle.

In August 2021, when OYO raised USD 5 million from Microsoft, it was valued at USD 9.6 billion. PTI RKL BAL BAL

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Shares of Venus Pipes & Tubes on Tuesday opened for trade on bourses with a gain of over 3.5 per cent against the issue price of Rs 332.

The stock listed at Rs 335, a rise of 2.76 per cent, on the BSE. It further gained 7.89 per cent to Rs 351.75.

At the NSE, the shares of the company opened at Rs 337.50, up 3.52 per cent.

The initial public offer of Venus Pipes and Tubes was subscribed 16.31 times earlier this month.

The IPO of 50,74,100 equity shares had a price range of Rs 310-326 per share.

The Gujarat-based company is a manufacturer and exporter of stainless steel pipes and tubes.

The company, under the brand name Venus, supplies its products for application in diverse sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper and oil and gas. PTI SUM SUM BAL BAL

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Speciality chemicals company Aether Industries on Monday said it has raised a little over Rs 240 crore from anchor investors ahead of its initial share-sale, which opens for public subscription on Tuesday.

The company has allocated a total of 37,42,495 equity shares to anchor investors at Rs 642 apiece, taking the transaction size to Rs 240.26 crore, according to a circular uploaded on the BSE website.

A total of 25 funds have been allocated shares in the anchor round. This included Goldman Sachs, Nomura, SBI Mutual Fund (MF), Aditya Birla Sun Life MF, Kotak MF, Axis MF, IDFC MF and Tata MF.

The company has cut the size of the fresh issue of equity shares to Rs 627 crore from Rs 757 crore planned earlier following the pre-IPO placement.

Apart from the fresh issue, there will be an offer-for-sale (OFS) of up to 28.2 lakh equity shares by the promoter.

The public issue, with a price band of Rs 610-642, will open for subscription on May 24 and conclude on May 26.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 23 equity shares and in multiples of 23 thereafter.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

It started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments.

The company’s operating revenue grew to Rs 450 crore in FY21, from Rs 302 crore in FY20. Its net profit climbed to Rs 71 crore in FY21, from Rs 40 crore in FY20.

HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue. PTI SP ABM ABM

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Markets regulator Sebi on Monday imposed a fine of Rs 50 lakh on an individual for indulging in fraudulent trading activities as a “conduit’ with respect to initial share sales of two companies more than a decade ago.

The companies — IDFC Ltd and Sasken Communications Ltd — had come out with their respective Initial Public Offerings (IPOs) in 2005. Sebi had investigated alleged irregularities in the dealings of shares of IDFC and Sasken during their IPOs.

Imposing the fine on Bhanuprasad Dipakkumar Trivedi (noticee), the watchdog said the individual was the front entity/ conduit and acted in a manner to enable two other entities to benefit by cornering the shares of IDFC and Sasken and later disposing them at higher rates.

“However, from the scheme/manipulation orchestrated by the above entities, it was evident that the Noticee was roped in to aid and abet the operators/financiers only to complicate the web of entities involved in the IPO scam and obfuscate the issue with a view to avoid detection by regulatory agencies.

“From the material available on record, it is established that the noticee had acted as conduit in relation to the two IPOs viz. IDFC and Sasken,” the 38-page order by Sebi’s Adjudicating Officer Suresh B Menon said.

According to him, the impugned transaction had taken place in 2005 and around 17 years have elapsed since then. Also, the noticee was restrained/ debarred for a period of one year through an order back in 2009, he noted.

However, the adjudicating officer said the noticee had allowed the two entities — Jayesh HUF and Roopal — to corner the shares of IDFC and Sasken pursuant to their IPO issues, which was detrimental to the interest of the retail investors.

The noticee violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. PTI HG RAM ABM ABM

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The initial public offer of luxury and premium watch retail player Ethos got fully subscribed on the last day of subscription on Friday.

According to NSE data, the Rs 472.3 crore IPO received bids for 41,38,650 shares against 39,79,957 shares on offer, translating into 1.04 times subscription.

The portion for non-institutional investors received 1.48 times subscription, while the category for Qualified Institutional Buyers (QIBs) got subscribed 1.06 times and Retail Individual Investors (RIIs) 84 per cent.

The Initial Public Offer (IPO) had a fresh issue of equity shares aggregating to Rs 375 crore and an offer for sale of up to 11,08,037 equity shares.

Price range for the offer was at Rs 836-878 per share.

Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.

Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh.

Emkay Global Financial Services and InCred Capital Wealth Portfolio Managers were the managers to the offer.

The equity shares of the company will be listed on BSE and NSE. PTI SUM SHW SHW

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Shares of Prudent Corporate Advisory Services on Friday made its debut with nearly 5 per cent premium against the issue price of Rs 630.

The stock listed at Rs 660, reflecting a jump of 4.76 per cent on the BSE.

At the NSE, it made its debut at Rs 650, a gain of 3.17 per cent.

The initial public offer of Prudent Corporate Advisory Services was subscribed 1.22 times earlier this month.

The Rs 538.61-crore IPO had a price range of Rs 595-630 per share.

Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is among the top mutual fund distributors in terms of average assets under management and commission received. PTI SUM DRR

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Luxury and premium watch retail player Ethos’ initial public offer got subscribed 44 per cent on the second day of subscription on Thursday.

The Initial Public Offer (IPO) got bids for 17,61,557 shares against 39,79,957 shares on offer, as per NSE data.

The quota for Retail Individual Investors (RIIs) got subscribed 68 per cent, non-institutional investors received 25 per cent subscription and Qualified Institutional Buyers (QIBs) 19 per cent.

The IPO has a fresh issue of equity shares aggregating to Rs 375 crore and an offer for sale of up to 11,08,037 equity shares.

The offer is in a price range of Rs 836-878 per share.

At the upper end of the price band, the public issue is expected to garner Rs 472.3 crore.

Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.

Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh.

Emkay Global Financial Services and InCred Capital Wealth Portfolio Managers are the managers to the offer.

The equity shares of the company will be listed on BSE and NSE. PTI SUM SHW SHW

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The initial public offer of Paradeep Phosphates was subscribed 1.75 times on the last day of subscription on Thursday.

The IPO received bids for 47,02,00,150 shares against 26,86,76,858 shares on offer, according to NSE data.

The portion meant for qualified institutional buyers got subscribed 3.01 times, retail individual investors 1.37 times and non institutional investors 82 per cent.

The initial public offer (IPO) had a fresh issue aggregating up to Rs 1,004 crore and an offer for sale of up to 11,85,07,493 equity shares.

Price range for the offer was Rs 39-42 per share.

On Friday, Paradeep Phosphates raised a little over Rs 450 crore from anchor investors.

Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa, payment of debt and general corporate purposes.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.

JM Financial Limited, SBI Capital Markets Limited, ICICI Securities Limited and Axis Capital were the managers to the offer. PTI SUM SUM AJ AJ

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Speciality chemicals company Aether Industries on Thursday said it has fixed a price band of Rs 610-642 for its Rs 808-crore initial public offering (IPO).

The initial share-sale will open for public subscription on May 24 and conclude on May 26. The bidding for anchor investors will open on May 23, the company announced.

The company has cut the size of the fresh issue of equity shares to Rs 627 crore from Rs 757 crore planned earlier following the pre-IPO placement. Apart from fresh issue, there will be an offer-for-sale (OFS) of up to 28.2 lakh equity shares by the promoter. At the upper end of the price band, the public issue is expected to fetch Rs 808 crore.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for the proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 23 equity shares and in multiples of 23 thereafter.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

It started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments.

The company’s operating revenue grew to Rs 450 crore in FY21, from Rs 302 crore in FY20. Its net profit climbed to Rs 71 crore in FY21, from Rs 40 crore in FY20.

HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue. PTI SP ANU ANU

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The initial share sale of speciality chemicals company Aether Industries will open for public subscription on May 24.

According to the Red Herring Prospectus (RHP), the three-day Initial Public Offering (IPO) will conclude on May 26. The bidding for anchor investors will open on May 23.

The company has cut the size of the fresh issue of equity shares to Rs 627 crore from Rs 757 crore planned earlier following pre-IPO placement. In addition, there will be an offer for sale of up to 28.2 lakh equity shares by the promoter.

Proceeds from the fresh issuance will be used to fund capital expenditure requirements for the proposed greenfield project in Surat, Gujarat, payment of debt and to fund working capital requirements.

Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

It started with a research and development (R&D) unit in 2013 and began commercial production in 2017. It caters to the pharmaceutical, agrochemical, material science, electronic chemical, high performance photography and oil and gas industry segments.

The company’s operating revenue grew to Rs 450 crore in FY21, from Rs 302 crore in FY20. Its net profit climbed to Rs 71 crore in FY21, from Rs 40 crore in FY20.

HDFC Bank and Kotak Mahindra Capital Company are the book running lead managers to the issue. PTI SP SP AJ AJ

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Luxury and premium watch retail player Ethos on Tuesday said it has raised around Rs 142 crore from anchor investors ahead of its initial share sale, which opens for subscription on Wednesday.

The company has decided to allocate 16,13,725 equity shares to anchor investors at Rs 878 apiece, aggregating the transaction size to Rs 141.68 crore, according to a circular uploaded on BSE website.

ICICI Prudential Mutual Fund, Jupiter India Fund, Saint Capital Fund, Nomura Singapore and UPS Group Trust are among the anchor investors.

The Initial Public Offering (IPO) consists of a fresh issue of equity shares aggregating to Rs 375 crore and an Offer-For-Sale (OFS) of up to 1,108,037 equity shares.

As a part of the OFS, Yashovardhan Saboo, KDDL, Mahen Distribution, Saboo Ventures LLP, Anuradha Saboo, Jai Vardhan Saboo, VBL Innovations, Anil Khanna, Nagarajan Subramanian, C Raja Sekhar, Karan Singh Bhandari, Harsh Vardhan Bhuwalka, Anand Vardhan Bhuwalka, Shalini Bhuwalka and Manju Bhuwalka will sell equity shares.

The public issue, with a price band of Rs 836-878 a share, will be open for subscription during May 18-20. At the upper end of the price band, the public issue is expected to garner Rs 472.3 crore.

Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 17 equity shares and in multiples of 17 thereafter.

The company’s revenue from operations stood at Rs 386.57 crore for fiscal 2021, while its net profit was Rs 5.78 crore in the same period.

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.

Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh.

Emkay Global Financial Services and InCred Capital Wealth Portfolio Managers are the book running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE. PTI SP SHW SHW

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Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday said the weak debut of the country’s largest insurer LIC on the bourses was due to unpredictable market conditions and suggested investors to hold on to the stock for long-term value.

LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on NSE.

On BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share.

LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.

“Nobody can predict the market. We have been saying that it should not be held for a particular day but for more than a day,” Pandey told reporters after the listing of shares.

In LIC’s share-sale, which happened through an offer-for-sale route, retail investors and eligible employees were offered a discount of Rs 45 per equity share, and policyholders a discount of Rs 60 per equity share.

LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.

Pandey said there was some protection for retail investors and policyholders who got the shares at a discount price.

LIC Chairman M R Kumar said the response for the shares in the secondary market is going to be higher which will pull the prices up.       “The markets are also jittery. We were not expecting a very big jump.

“It (stock price) will pick up as we go along. I am sure a lot of people, especially the policyholders who have missed out on the allotment will pick up the shares (in the secondary market). I don’t see any reason why it should be tepid for too long,” MR Kumar told reporters.

The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO.  The price range for the IPO, the largest in the country, was fixed at Rs 902-949 per equity share. The initial public offering of LIC was subscribed nearly three times.

Speaking about the IPO, Pandey said it was right-sized, considering the capital market environment, with the objective of not crowding out the capital supply.

He said the IPO received 73 lakh investor applications from all categories other than anchor investors. It received 10.85 lakh applications from first-time investors, of which, more than 7 lakh got allotment.

Close to 46 per cent of the investors were from the western part of the country, 44 per cent from north and south, 9 per cent from east and north-east saw 1 per cent participation, he said.

Foreign institutional investors (FII) bids were to the tune of Rs 2,291 crore in the main book and they also invested Rs 555 crore in the anchor book, Pandey said.

“This is the highest number of record bids in the history of the Indian capital market and possibly one of the largest in any IPO anywhere in the world as well. This was one of the greatest retail participation in an IPO ever,” he said.

The IPO was the third largest IPO globally in the year till date, he said, adding that the aggregate IPO in Europe was less than USD 3 billion during this year till date.

“It was an ‘atma nirbhar’ issue which got subscribed mainly domestically. This gives us a very-very optimistic view of the capital markets going forward,” Pandey noted.

When asked about the roadmap for LIC post listing of shares, Kumar said the insurer has already introduced a couple of non-participating and guarantee products in the last quarter of FY22 and now it plans to aggressively sell these products.

The insurer may also look at launching some new products.    “We would like to push the plans that guarantee returns and give good profitability margins. Participatory products have always been our strength and we will work on that strength and also get into other segments,” he said.

On digitization, Kumar said the state-owned insurer has good infrastructure on that front and it will soon have a separate digital marketing channel. It will also focus on the bancassurance channel for distribution of its policies.

On a question about losing market share, he said, “Market share is again a question of growth. If I grow faster than the insurance sector then I am going to get back the market share. My base is quite huge and even if I grow slightly slower and lose market share, it doesn’t really matter.” He said LIC’s market share is 63 per cent and expects it to settle at the same level.    “We are not going to lose (market share) any more. I think there is enough room for growth,” Kumar added. PTI HV ANU ANU

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The country’s largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE.

On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share.

LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.

LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.  The shares got listed on the BSE and NSE on Tuesday at a discount of Rs 81.80 and Rs 77 apiece, respectively, over its issue price of Rs 949 a share.

The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.

The LIC IPO — India’s largest to date — closed with nearly 3 times subscription, predominantly lapped up by retail and institutional buyers, but foreign investor participation remained muted.

So far, the amount mobilised from the Paytm IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. PTI JD BAL BAL

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Fertilizer company Paradeep Phosphates on Friday said it has raised a little over Rs 450 crore from anchor investors days before the roll-out of its initial public offering.

The company has decided to allocate a total of 10,72,66,532 equity shares to anchor investors at Rs 42 apiece, aggregating the transaction size to Rs 450.52 crore, according to a circular uploaded on BSE website.

Goldman Sachs, BNP Paribas Arbitrage, Kuber India Fund, Copthall Mauritius Investment and Societe Generale are among the anchor investors.

In addition, seven domestic mutual funds — ICICI Prudential Mutual Fund (MF), Nippon India MF, SBI MF, Tata MF, HDFC MF, DSP MF and Mirae MF — also participated in the anchor round.

The IPO (Initial Public Offering) comprises fresh issuance of equity shares worth Rs 1,004 crore and an Offer-For-Sale (OFS) component of 11.85 crore equity shares by promoters and other selling shareholder.

As part of the OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the government of India will sell up to 11,24,89,000 equity shares.

The government will be offloadng its entire 19.55 per cent stake in the company.

Currently, ZMPPL holds 80.45 per cent and the government of India owns the rest 19.55 per cent stake in the company.

The issue, with a price band of Rs 39-42 per share, will open on May 17 and conclude on May 19.

Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa and payment of debt and general corporate purposes.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers such as Di-Ammonium Phosphate (DAP) and NPK fertilizers.

Its fertilizers are marketed under some of the key brand names in the market — ‘Jai  Kisaan – Navratna’ and ‘Navratna.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the issue. PTI SP HVA

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The government has fixed the issue price of LIC shares at Rs 949 apiece, the upper end of the IPO price band, ahead of the listing of the country’s largest insurer on May 17.

However, LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively.

The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or 3.5 per cent stake in LIC through the IPO at a price band of Rs 902-949 a share.

The retail investors and eligible employees of LIC were offered a discount of Rs 45 per equity share over the issue price, while policyholders got a discount of Rs 60 per share.

As per the prospectus filed by LIC on May 12, the offer price of the share sale has been fixed at Rs 949 per equity share.

Shares were allocated to policyholders and retail investors after applying the discount applicable to them.

The share sale fetched the government around Rs 20,557 crore.

The LIC IPO — India’s largest to date — closed with nearly 3 times subscription, predominately lapped up by retail and institutional buyers, but foreign investor participation remained muted.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of over Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country.

LIC will list on the stock exchanges and its shares will start trading from May 17. PTI JD HVA

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The Supreme Court Thursday refused to grant any interim relief and stay the Life Insurance Corporation (LIC) IPO share allotment on a batch of pleas filed by some policyholders.

A bench of Justices DY Chandrachud, Surya Kant, and PS Narasimha said that the court should be reluctant to grant any interim relief in matters of commercial investments and IPO.

“Having regard to the facts which have been drawn to the notice of the court, we are of the considered view that no case for the grant of interim relief is made out. We, therefore, decline interim relief,” the bench said.   It issued notice to the Centre and LIC on a writ petition filed by some policyholders and on an appeal filed against the judgement of the Madras High Court and transferred to itself a plea pending before the Bombay High Court on the issue.

The apex court directed that replies be filed in eight weeks and rejoinder affidavits be filed thereafter in four weeks as it tagged the present proceedings with the pending matter on the issue of money bill before the larger bench. The bench said, “On the aspect of whether any case is made for grant of interim relief, the court must be guided by the well-settled parameters namely -the existence of prima facie case, the balance of convenience and irreparable harm and injury”.

It said that on the aspect of constitutional issue pertaining to the passage of money bill and on the construction of section 28 of LIC Act, it is inclined to issue the notice as it would be necessary to observe that the submission which has been made on behalf of petitioners would warrant further deliberation.   The LIC IPO opened on May 4 for retail and other investors and is set to be allotted on Thursday.

The bench noted that as many as 73 lakh applicants both in India and around the world have subscribed to the LIC’s IPO and the IPO has been oversubscribed six times even in the category which has been especially reserved for the policyholders.   The top court said that it is necessary to note the percentage dilution of the shareholding of the LIC as a result of the offer for sale is to the extent of 3.5 percent and 22.13 crore equity shares of a face value of Rs 10 each is being offered at a premium of Rs 939.

The bench said that the expected receipt into the consolidated fund of India is estimated to be Rs 20,500 crores and the IPO has been oversubscribed by 2.95 times by the general public.

It noted the submission of Additional Solicitor General N Venkatraman, appearing for the Centre and LIC that section 28 of the LIC Act as originally enacted did not confer any contractual right to the participating policyholders to appropriate 95 per cent of the surplus and the distribution of surplus was in all material time dependent upon notification of the Central government.

It noted that no statutory guarantee has been issued to the participating shareholders on the distribution of a particular quantum of the surplus and the amendment which has been brought by the Finance Act envisages allotment of shares to shareholders in the LIC.

During the hearing, Venkatraman further opposed the grant of any interim relief and adverted to various relevant dates having a bearing on the balance of convenience and said that irreparable harm would be caused, if any interim relief is granted.

He submitted that the bill which eventually resulted in the Finance Act, of 2021 was passed on March 28, 2021, nearly 15 months ago, and the petition under Article 32 which has been instituted before the court was filed on May 9, 2022, which is the date on which the LIC IPO stands closed.   He pointed out that the appeal has been filed against the Madras HC verdict dated March 21 on May 2 and similarly is the appeal filed against the Bombay HC order of April 11.   At the outset, senior advocate Indira Jaising, appearing for the petitioner policyholders, said that the process which has led to the enactment of the amendment to the LIC Act was on the basis that the Finance Act was the money bill and the issue has been referred to the larger bench in 2020.   She said as a result of the amendment to section 28 of the LIC Act, 1956, the character of the LIC which is in the nature of a mutual benefit society is sought to be converted to a joint-stock company.   She added this amounts to an expropriation of the surplus and its distribution in the participating policyholders to the shareholders to whom the shares will be allotted as the result of the IPO.   Jaising said earlier 95 per cent of surplus went to participating policyholders while five per cent was retained by the Central government, which was just a trustee of the LIC.

She added the entitlement of the participating policyholders would be altered by the amendment which has been brought about by the Finance Act, 2021 to the provisions of the LIC Act and would be in violation of the provisions of the Constitution.   The top court noted that by the Finance Act of 2021, an amendment was brought to the LIC Act and on February 13, 2022, a draft red herring prospectus was filed with SEBI for the Initial Public Offering (IPO) of LIC.   It noted that on April 26, 2022, the red herring prospectus was made available on SEBI’s website, indicating a price band of Rs 902 to Rs 949 per equity share with a discount of Rs 60 for the policyholder.   On April 27, a price band advertisement was published and the government announced that LIC’s IPO will be opened on May 2for anchor investors and from May 4 to May 9, 2022, for the general public.PTI MNL MNL RKS RKS

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Staffing company FirstMeridian Business Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 800 crore through an initial public offering (IPO).

The IPO comprises a fresh issue of equity shares aggregating up to Rs 50 crore and an Offer for Sale (OFS) aggregating up to Rs 750 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).

As a part of the OFS, promoter Manpower Solutions Limited will sell shares worth Rs 665 crore and existing shareholders New Lane Trading LLP and Seedthree Trading LLP will offload shares to the tune of Rs 45 crore and Rs 40 crore, respectively.

The company, which counts Adani Ports and Special Economic Zone, Dell International Services India, PhonePe, Usha International, Exide Industries and Eureka Forbes as some of its key clients, has proposed to utilise the net proceeds from the fresh issue towards the payment of debt and general corporate purposes.

JM Financial, DAM Capital Advisors, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Incorporated in 2018, FirstMeridian provides a wide range of service offerings, including general staffing and allied services, by offering solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing.

In addition, the Bangalore-based firm provides other HR services like permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing, facility management and engineering and technical staffing solutions.

The company has a pan-India presence with over 50 branch offices for sourcing and recruitment in 75 cities, with more than 1.18 lakh associates deployed at over 3,500 locations as of March 2022. Its revenue from operations stood at Rs 2,110 crore for the year ended March 2021. PTI SP BAL BAL

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Fertiliser company Paradeep Phosphates Ltd will come out with its initial public offering on May 17 and the price band has been fixed at Rs 39-42 per share.

Through the Initial Public Offering (IPO), which will conclude on May 19, the government will be offloadng its entire 19.55 per cent stake in the company.

The bidding for anchor investors will open on May 13, according to the Red Herring Prospectus (RHP).

The initial share sale comprises fresh issuance of equity shares worth Rs 1,004 crore and an offer for sale component of 11.85 crore equity shares by promoters and other selling shareholder.

As part of the OFS, selling shareholders — Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and Government of India will sell up to 11,24,89,000 equity shares.

At present, ZMPPL owns 80.45 per cent shareholding in Paradeep Phosphates while the government has 19.55 per cent stake.

The firm intends to utilise the proceeds from the fresh issue towards part-financing the acquisition of a Goa facility and repayment and pre-payment of certain of its borrowings.

Incorporated in 1981, Paradeep Phosphates Ltd is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.

For the nine months ended December 31 2021, the company reported a profit of Rs 362.78 crore on revenue of Rs 5,973.68 crore.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the issue. PTI HG RAM

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The initial public offer of Venus Pipes and Tubes got fully subscribed within the first few hours of opening on Wednesday. It closed with 2.37 times subscription on the first day.

The category meant for Retail Individual Investors (RIIs) received 4.10 times subscription, while the portion for non-institutional investors got subscribed fully and Qualified Institutional Buyers (QIBs) 36 per cent.

The Rs 165.41-crore IPO received bids for 84,13,860 shares against 35,51,914 shares on offer, translating into 2.37 times subscription, according to NSE data.

The Initial Public Offer (IPO) of 50,74,100 equity shares has a price range of Rs 310-326 per share.

Venus Pipes and Tubes has collected over Rs 49 crore from anchor investors.

Proceeds from the issue will be used for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.

The Gujarat-based company is a growing stainless-steel pipes and tubes manufacturer and exporter in India.

The company, under the brand name Venus, supplies its products for applications in diverse sectors, including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.

The equity shares of the company are proposed to be listed on BSE and NSE.

SMC Capitals is the manager to the offer. PTI SUM SHW SHW

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The initial public offer of Venus Pipes and Tubes got fully subscribed within the first few hours of opening for subscription on Wednesday.

The Rs 165.41-crore IPO received bids for 51,67,502 shares against 35,51,914 shares on offer, translating into 1.45 times subscription, according to NSE data till 13:03 hours.

The category meant for Retail Individual Investors (RIIs) received 2.59 times subscription, while the portion for non- institutional investors got subscribed 34 per cent and Qualified Institutional Buyers (QIBs) 30 per cent.

The Initial Public Offer (IPO) of 50,74,100 equity shares has a price range of Rs 310-326 per share.

Venus Pipes and Tubes has collected over Rs 49 crore from anchor investors.

Proceeds from the issue will be used for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.

The Gujarat-based company is a growing stainless-steel pipes and tubes manufacturer and exporter in India.

The company, under the brand name Venus, supplies its products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.

The equity shares of the company are proposed to be listed on BSE and NSE.

SMC Capitals is the manager to the offer. PTI SUM SUM ANU ANU

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Supply chain company Delhivery on Tuesday raised  Rs 2,347 crore from anchor investors, ahead of its initial share-sale, which opens for public subscription on Wednesday The company has decided to allocate a total of 4,81,87,860 equity shares to anchor investors at Rs 487 apiece, which is also the upper end of the price band, aggregating the transaction size to Rs 2,346.74 crore, according to a circular uploaded on the BSE website.

AIA Singapore, Amansa Holdings, Aberdeen New India Investment Trust Plc, Goldman Sachs, The Master Trust Bank of Japan, Government of Singapore, Monetary Authority of Singapore, Fidelity, Tiger Global Investments Fund, Steadview Capital Master Fund, Morgan Stanley Asia (Singapore) Pte, Societe Generale and Segantii India Mauritius are among the anchor investors.

In addition, SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Mirae MF, ICICI Prudential MF, Invesco MF and Nippon India too participated in the anchor round.

The size of the initial public offer (IPO) has been cut to Rs 5,235 crore from Rs 7,460 crore planner earlier.

The public issue now comprises fresh issuance of equity shares worth Rs 4,000 crore and an offer for sale (OFS) component of Rs 1,235 crore by existing shareholders.

Under the OFS, investors Carlyle Group  and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company.

CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of Rs 454 crore, SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload shares worth Rs 365 crore, Deli CMF Pte Ltd, a wholly owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth Rs 200 crore and Times Internet will sell shares worth Rs 165 crore.

In addition, Delhivery’s co-founders — Kapil Bharati, Mohit Tandon and Suraj Saharan– will sell shares worth Rs 5 crore, Rs 40 crore and Rs 6 crore respectively.

At present, SoftBank owns 22.78 per cent stake, Carlyle has 7.42 per cent stake, Bharti owns 1.11 per cent, Tondon has 1.88 per cent and Saharan holds 1.79 per cent stake in the company.

The public issue, with a price band of Rs 462-487 a share, will open for subscription on May 11 and conclude on May 13.

Proceeds of the fresh issue will be used towards funding organic growth initiatives, funding inorganic growth through acquisitions and other strategic initiatives and for general corporate purposes    A total of 75 per cent of the issue has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

In addition, the company has set aside shares worth Rs 20 crore for eligible employees, who will get a discount of Rs 25 per equity stock during the bidding process.

Investors can bid for a minimum of 30 equity shares and in multiples thereof.

Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery, warehousing, supply chain solutions, cross-border express and freight services and supply chain software, along with value added services such as e-commerce return services, payment collection and processing, installation and assembly services.

The e-commerce logistics company operates a pan-India network and provides services in 17,045 postal index number (PIN) codes.        The company’s express parcel delivery network, which serviced 17,488 PIN codes in the nine months ended December 2021, covered 90.61 per cent of the 19,300 PIN codes in India.  The company provides supply chain solutions to a diverse base of 23,113 active customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.       The Gurugram-based company said about five customers contributed to more than 40 per cent of its revenues in FY21.

Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company and Citigroup Global Markets India are the book running lead managers to the issue.       The equity shares of the supply chain company will be listed on the stock exchanges — BSE and NSE — on May 24.

In August, Delhivery acquired Spoton to further scale their partial truckload (PTL) freight services business. PTI SP  TIR TIR

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Shares of Rainbow Children’s Medicare on Tuesday debuted with a discount of nearly 7 per cent against the issue price of Rs 542.

The stock opened at Rs 506, registering a decline of 6.64 per cent from the issue price on the BSE. It further tanked 11 per cent to Rs 482.

At the NSE, the stock listed at Rs 510, a discount of 5.90 per cent.

The Rs 1,581-crore initial public offer of Rainbow Children’s Medicare was subscribed 12.43 times last month.

The offer of the multi-speciality pediatric hospital chain had a price band of Rs 516-542 apiece.

Rainbow Children’s Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad. PTI SUM SUM BAL BAL

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Life Insurance Corporation’s IPO, the country’s biggest public offer, was subscribed 2.95 times on the last day of offer period on Monday, helping the government mobilise about Rs 21,000 crore.

Against 16,20,78,067 shares on offer, 47,83,25,760 bids were received, according to data posted on stock exchanges at 7 pm.

The Qualified Institutional Buyers (QIBs) category was subscribed 2.83 times. As many as 11.20 crore bids were received for the 3.95 crore shares earmarked for the segment.

With regard to non-institutional investors (NIIs), a total of 8,61,93,060 bids were received for 2,96,48,427 shares reserved for the category, reflecting a subscription of 2.91 times.

Retail individual investors bid for 13.77 crore shares as against 6.9 crore shares on offer for the segment, translating into an over-subscription of 1.99 times.

The policyholders’ portion was subscribed a little over 6 times, while that for employees was subscribed 4.4 times.

LIC had fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.

The government has diluted 3.5 per cent stake in the insurance behemoth through the Offer for Sale (OFS).

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued and 88.8 per cent in terms of the number of group policies issued. PTI DP DP ABM ABM

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Shares of athleisure footwear company Campus Activewear Ltd made a healthy market debut on Monday and jumped nearly 30 per cent against the issue price of Rs 292.

The stock listed at Rs 355, registering a premium of 21.57 per cent, against the issue price on the BSE. During the day, it zoomed 43 per cent to Rs 417.70. It settled at Rs 378.60, higher by 29.65 per cent.

At the NSE, the stock made its debut at Rs 360, a jump of 23.28 per cent over the issue price. It ended at Rs 372.65, a gain of 27.61 per cent.

In traded volume terms, 34.99 lakh shares were traded at the BSE and over 5.87 crore shares at the NSE during the day.

Its market valuation remained at Rs 11,521.78 crore on the BSE.

The initial public offer of Campus Activewear was subscribed 51.75 times last month.

Price range for the IPO was at Rs 278-292 per share.

Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family.

Meanwhile, the 30-share BSE Sensex was trading 649.77 points or 1.18 per cent lower at 54,185.81, while the NSE Nifty also tumbled 185.25 points or 1.13 per cent to 16,226.00. PTI SUM SUM ANU ANU

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Inox wind arm Inox Green Energy Services’ board on Monday approved a proposal to raise Rs 900 crore through an initial public offer (IPO).

The proposed IPO will comprise fresh issuance of equity shares aggregating up to Rs 500 crore and an offer for sale (OFS) of equity shares by certain shareholders to the tune of Rs 400 crore, Inox Wind said in a BSE filing.

“Board of Directors of our Company’s material subsidiary, Inox Green Energy Services Ltd (Earlier known as Inox Wind Infrastructure Services Ltd) (IGESL) in their meeting held today i.e. May 9, 2022, has accorded a fresh approval to the fundraising… by way of an initial public offer,” it added.

Inox Wind informed that the Board of Directors also accorded its approval to participate in the proposed offer for the sale of equity shares aggregating up to Rs 400 crore.

The public issue will be subject to market conditions, receipt of applicable approvals and other considerations.

On April 20, Inox Wind announced that its arm Inox Green Energy Services Ltd (IGESL) has decided to withdraw its proposed Rs 740 crore initial share sale offer.

The IPO was slated to issue fresh shares worth Rs 370 crore, besides an offer for the sale of equity shares aggregating to Rs 370 crore by Inox Wind.

The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on February 7 with the Securities and Exchange Board of India (Sebi).

However, the draft IPO documents for the IPO were withdrawn on April 28, and the reasons for the withdrawal were not disclosed. PTI KKS SP KKS BAL BAL

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Shares reserved for Qualified Institutional Buyers (QIB), including banks and mutual funds in the LIC’s public offer were subscribed fully on Monday morning, taking the overall subscription of the issue to a little over 2 times.

Against 3,95,31,236 reserved, 4,61,62,185 bids were received, reflecting a subscription of 1.17 times, according to data posted on stock exchanges at 12:12 pm.

Non institutional investors’ portion was subscribed 1.38 times. Retail individual investors bid for 11.89 crore shares as against 6.9 crore shares set aside for this segment — translating into oversubscription of 1.72 times.

Of the total, the policyholders’ portion was subscribed 5.39 times, while that for employees was subscribed 4 times.

The overall LIC issue was subscribed 2.05 times. Against 16,20,78,067 shares on offer, 33,19,04,280 bids were received. LIC has fixed the price band at Rs 902-949 per equity share for the issue.

The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.

With the public offer which closes later in the day, the government aims to generate about Rs 21,000 crore by diluting 3.5 per cent stake in the insurance behemoth.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. PTI DP ANU ANU

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Shares of athleisure footwear company Campus Activewear Ltd made a healthy market debut on Monday, jumping over 23 per cent, against the issue price of Rs 292.

The stock listed at Rs 355, registering a premium of 21.57 per cent, against the issue price on the BSE. It further zoomed 26 per cent to Rs 368.

At the NSE, it made its debut at Rs 360, a jump of 23.28 per cent over its issue price.

The initial public offer of Campus Activewear was subscribed 51.75 times last month.

Price range for the IPO was at Rs 278-292 per share.

Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family.

Meanwhile, the 30-share BSE Sensex was trading 649.77 points or 1.18 per cent lower at 54,185.81, while the NSE Nifty also tumbled 185.25 points or 1.13 per cent to 16,226.00. PTI SUM DRR

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As part of the strategic-sale process, the government is hiving off Shipping House and the training institute and some other non-core assets of Shipping Corporation of India (SCI).

“The process of demerger is time consuming. We would be ready to invite financial bids in 3-4 months,” the official said.

The board of Shipping Corp met last week and approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL.

As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore.

The SCI board in August last year, had approved a demerger scheme for hiving off the identified non-core assets and incorporated SCILAL in November 2021, for holding such assets of the company, which is under the Ministry of Ports Shipping and Waterways.

The Ministry in April 2022, had directed SCI to expedite the process of demerger of non-core assets of SCI to SCILAL and also requested the Board of SCI to review the demerger scheme for hiving off the non-core assets, including Shipping House, Mumbai and MTI, Powai.

“Such modifications do not have any impact on carrying value of non-core assets in the financial statements. The implementation of the Scheme including the modified scheme is in process and considering the reiteration by MoPSW and DIPAM to expedite the demerger process, there is a certainty of completion of the process in the near future …,” as per the SCI independent auditor’s report presented to the Board.

In March last year the government had received multiple bids for privatisation of Shipping Corporation of India.

The Department of Investment and Public Asset Management (DIPAM) in December 2020, had invited expressions of interest (EoI) for strategic disinvestment of its entire stake of 63.75 per cent in Shipping Corp of India, along with the transfer of management.

The Cabinet in November in 2020, had given in-principle approval for strategic divestment of Shipping Corp.

The privatisation of SCI is now likely to be completed in the current fiscal. The government has budgeted to garner Rs 65,000 crore from CPSE disinvestment in the ongoing 2022-23 fiscal.

While the government has already raised Rs 3,000 crore from minority share sale in ONGC, another Rs 21,000 crore would come in from the ongoing IPO of Life Insurance Corporation this month and Rs 211.14 crore after the handover of Pawan Hans management control to Star9 Mobility Pvt Ltd, a consortium of Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Global Opportunity Fund SPC, by June. PTI JD DRR DRR

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A total of 3,21,59,055 bids were received for 2,96,48,427 shares reserved for NIIs, reflecting a subscription of 1.08 times, according to the data posted on stock exchanges at 7 pm.

However, the Qualified Institutional Buyer (QIB) category received a poor response as just 0.67 per cent of the shares earmarked received the bids on the fourth day of the IPO.

The overall LIC issue was subscribed 1.66 times. Against 16,20,78,067 shares on offer, 26,83,18,335 bids were received.

Retail individual investors bid for 10.06 crore shares as against 6.9 crore shares set aside for this segment, translating into an over-subscription of 1.46 times.

Of the total, the policyholders’ portion was subscribed 4.67 times, while that for employees was subscribed 3.54 times.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.

LIC’s public offer will remain open for subscription even on Sunday to enable people to participate in the mega IPO of the state-owned insurer.

The initial public offering (IPO) will close on May 9.

The government aims to generate about Rs 21,000 crore by diluting 3.5 per cent stake in the insurance behemoth.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued and 88.8 per cent in terms of the number of group policies issued. PTI DP MR MR

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The launch of digital broking solution ‘E-Broking’ was a strategic step towards complete digitalisation of its offerings to customers, a bank statement said.

“E-Broking, an instant and paper-less demat and trading account opening is integrated in the bank’s mobile banking application,” it said.

IndOASIS, the bank’s mobile banking application, would offer customers, a seamless experience from demat and trading account opening to discounted broking services backed by research based investment in the secondary market starting from equity, futures, options, and initial public offerings in a single platform, it said.

“This is a key initiative in line with our digitalisation mission to provide all financial products and services to our customers in an affordable manner under one roof,” the bank’s executive director, Ashwani Kumar said.

“This will also help the bank to increase its CASA (current account, savings account)…,” he said.

The bank said the initiative also enables its customers to invest in the ongoing LIC Initial Public Offering seamlessly.

The product was launched in association with the bank’s financial technology partner Fisdom.

“We are thrilled to partner with Indian Bank to transform the way its customers experience wealth management and specifically digital broking journey,” Fisdom co-founder and CEO, Subramanya S V said.

“The product is among the best in the country and we are confident that the partnership will be able to deliver great products and high quality service,” he said. PTI VIJ VIJ HDA HDA

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Most of the branches are ASBA (Application Supported by Blocked Amount) designated with rapid digitisation.

“Considering extensive usage of online subscription of IPO among the investors, we are of the considered view that most of the branches will not get even a single application on Sunday in the physical format. In such circumstances, the decision to keep open all the bank branches is per se farcical and banks cannot afford to bear such humongous expenditure,” AIBOC said in a statement.

This has naturally created angst and displeasure among the officers fraternity of the banks, who are actually the drivers of the industry, the All India Bank Officers’ Confederation (AIBOC) said.

While the DIPAM has been over-enthusiastic to ask branches to work on holiday, it said, the RBI has not assessed the actual requirement to keep all the branches open.

The decision will not yield any result rather impose huge financial burden which is estimated to be more than Rs 100 crore on account of employee compensation and other operational costs to keep the branches open on a holiday, it said.

Considering all these aspects, the RBI should review its decision and recall its order of opening branches on Sunday, the union said.

The Reserve Bank of India (RBI) on Wednesday had directed banks that all ASBA-designated branches will remain open for public on Sunday to facilitate processing of applications for LIC’s initial public offering (IPO).

State-owned LIC’s IPO, the country’s biggest ever offer, closes on May 9. There will be bidding on May 7 (Saturday) and May 8 (Sunday) as well. PTI DP CS DP ABM ABM

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“We would like to inform that RBI in its letter dated May 6, 2022 has conveyed its no-objection to our proposal for voluntary amalgamation of EHL (Equitas Holdings Ltd) with ESFB (Equitas Small Finance Bank),” they said in their stock exchange filings.

The RBI no-objection comes with conditions.

The merger is being effected to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40 per cent within five years of commencement of operations by the SFB (Small Finance Bank).

According to RBI conditions laid down for SFBs in June 2016 and guidelines for licensing of SFBs in private sector in November 2014, equity shares of SFBs should be listed on recognised stock exchange(s) within three years from the date the net worth of SFB reaches Rs 500 crore.

In case of ESFB, the applicable date for listing was September 4, 2019. However, it commenced its banking operations with a net worth of more than Rs 500 crore.

Compliance with regard to listing was honoured through an Initial Public Offering (IPO) and listing of shares of ESFB on exchanges from November 2, 2020.

The other condition requires that if a promoter holds more than 40 per cent stake in the subsidiary, it should be brought down to 40 per cent within five years from the date of commencement of banking operations. Here, the applicable date is September 4, 2021.

The conditions laid down by the RBI on no-objection for the purpose of amalgamation include divestment of shareholding by EHL in its subsidiary — Equitas Technologies — prior to the scheme taking effect.

Besides, Equitas SFB will have to seek RBI approval for bringing Equitas Development Initiatives Trust (EDIT) and Equitas Healthcare Foundation (EHF) under its ambit prior to the scheme taking effect.

“RBI has also indicated that the no-objection shall not be treated as granting exemption from any of the regulatory requirements of RBI, and any deviation from the existing regulatory instructions would have to be sought separately and that RBI may impose additional conditions that it deems appropriate,” they said in their respective stock exchange filing.

EHL held 74.59 per cent stake in ESFBL at end of March 2022.

Stock of Equitas Holdings closed at Rs 107.30 apiece on BSE, down by 1.69 per cent from previous close. Equitas SFB scrip ended 0.93 per cent higher at Rs 54.40 apiece. PTI KPM HVA

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The overall issue was subscribed 1.38 times, according to data posted on stock exchanges on 7 pm.

Against 16,20,78,067 shares on offer, 22,36,98,915 bids were received.

However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions are yet to be fully subscribed.

Subscription for non-institutional investors’ segment stood at 76 per cent, while that for QIBs’ portion was lower at 56 per cent.

Retail individual investors bid for 8.53 crore shares as against 6.9 crore shares set aside for this segment — translating into oversubscription of 1.23 times.

Of the total, the policyholders’ portion was subscribed a little over four times, while that for employees was subscribed three times.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.

LIC’s public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer.

The initial public offering (IPO) will close on May 9.

The government aims to generate about Rs 21,000 crore by diluting 3.5 per cent stake in the insurance behemoth.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued and 88.8 per cent in terms of the number of group policies issued. PTI DP DP ABM ABM

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The Kochi-based bank also guided towards 15 per cent asset growth and matching deposit mop-up this fiscal despite the end of the easy money regime of the past three years.

The largest private sector lender in Kerala booked a net income of Rs 1,889.82 crore for the full year, up 18.83 per cent year-on-year on a net interest income of Rs 5,961.96 crore, which expanded by 7.74 per cent.

Its managing director and chief executive Shyam Srinivasan and group president and chief financial officer Venkatraman Venkateswaran sounded bullish on FY23, forecasting a 15 per cent loan and deposit growth, despite the RBI delivering a hard, unscheduled rate increase only two days ago hiking steeply the repo rate by 40 bps to 4.40 per cent and CRR increase of 50 bps.

Normally, at the beginning of the interest rate hike cycle, people tend to advance their credit demand as they want to be ahead of the curve. This tends to higher demand in the first two-three quarters of the rate hike season. So, I expect credit demand to be strong in the first two-three quarters, Srinivasan told reporters in an earnings call.

Given that the system-wide blended credit demand was around 10 per cent in FY22, I expect the same should print in this year, too, unless the Ukraine war grows into a mega global problem and the pandemic again rears its head. And for a bank like us, with over 90 per cent of the assets locked in the retail book, we should be able to grow much above the system level, say at 15-odd per cent credit and a matching liabilities growth as well, he added.

The better set of numbers was aided by improved asset quality wherein gross dud loans came down to 2.80 per cent (Rs 4,136.74 crore) of the assets from 3.41 per cent year-on-year, and the net bad loans also fell to just 0.96 per cent of the book (Rs 1,392.62 crore) from 1.19 per cent.

This has the bank making lower provisions but increasing the provision coverage ratio to 65.54 per cent, Venkateswaran said.

The key profitability gauge, net interest margin stood at 3.20 per cent and he expects the margin to improve this fiscal as there is a lag of a couple of quarters before the liabilities are repriced in a rising interest rate cycle.

The bank also ruled out capital raising in the near term, citing the high 15.77 per cent capital adequacy ratio, up from 14.62 per cent year-on-year with the core capital at 14.43 per cent up from 13.85 per cent.

The total business grew 7.10 per cent to Rs 3,29,340 crore from Rs 3,07,521.19 crore a year ago.

Gross advances grew 9.46 per cent to Rs 1,47,639.45 crore from Rs 1,34,876.71 crore led by agri loans that jumped 19.93 per cent to Rs 19,238 crore from Rs 16,041.43 crore; business banking loans registered a 15 per cent growth to Rs 13,869 crore, and commercial banking advances grew 12 per cent to reach Rs 14,806 crore.

On the other hand, deposits recorded a growth of 5.25 per cent to Rs 1,81,700.57 crore from Rs 1,72,644.48 crore; of which the low-cost casa deposits constituted 36.94 per cent or Rs 67,121.21 crore; resident savings deposits grew 16.04 per cent to Rs 29,953.44 crore.

Venkateswaran said as much as 44 per cent of its loans are linked to the external benchmark, 27 per cent on the fixed-rate and 18 per cent on the MCLR and almost all the retail and home loans are on the external benchmarked rate.

When asked how has been the performance of the NRI book, Srinivasan said it has been a record year, as normally when the rupee falls and crude prices jump, the remittance flow increases, and given the same phenomenon last year was very high, the bank made it good.

Of the Rs 60,600 crore NRI deposits that flew into the state through 12 official channels /banks, we commanded 21 per cent in FY22. Our share was only 7-8 per cent say five-six years ago, Srinivasan said.

The bank has been holding back branch expansion in the past three years to make sure that each branch is profitable, Srinivasan said.

The bank closed the year with 1,282 branches and 1,885 ATMs. That apart it has representative offices in Abu Dhabi and Dubai and an IFSC banking unit in the Gift City.

Srinivasan also said they are awaiting the Sebi nod for the IPO of its JV arm Fedfina, which has already filed the draft IPO papers.

He also said, the front load growth in the early quarters of the fiscal, they will be on a hiring binge, which will also be front-loaded.   The Federal counter closed 3.6 per cent down at Rs 90.70 on the BSE, battered by the third consecutive day of market rout after the RBI hiked the rates. PTI BEN BAL BAL

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Venus Pipes & Tubes on Friday said it has fixed a price band of Rs 310-326 a share for its Rs 165-crore initial public offering (IPO).

The initial share-sale will be open for public subscription on May 11 and conclude on May 13. The bidding for anchor investors will open on May 10, according to the company.

The public issue comprises sale of 50.74 lakh fresh equity shares of the company and there is no offer-for-sale (OFS) component.

At the upper end of the price band, the company is expected to mop-up Rs 165.41 crore.

Proceeds from the public issue will be used for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.

Investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.

The Gujarat-based company is one of the growing stainless-steel pipes and tubes manufacturer and exporter in India having about six years of experience in manufacturing of stainless-steel tubular products in two broad categories — seamless tubes and pipes; and welded tubes and pipes.

The company under the brand name “Venus” supplies its products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.

For the financial year ended on March 31, 2021, the revenue from operations stood at Rs 309.33 crore and its net profit was at Rs 23.63 crore.

For nine months ended December 31, 2021, the revenue from operations was at Rs 276.76 crore and its net profit was Rs 23.59 crore.

SMC Capitals is the sole book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE. PTI SP DRR

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Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received — translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm.

However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions have received a tepid response so far. Non-institutional investors’ segment was subscribed 47 per cent, while QIBs’ portion was slightly lower at 40 per cent.

Retail individual investors picked up nearly 93 per cent of the 6.9 crore shares set aside for this segment.

Of the total, the policyholders’ portion was subscribed a little over three times, while that for employees was subscribed 2.21 times.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.

LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer.

The initial public offering (IPO) will close on May 9.

The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued and 88.8 per cent in terms of the number of group policies issued. PTI DP DP ABM ABM

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At the upper end of the price band, the company is valued at Rs 35,284 crore, Delhivery announced in a virtual press conference.

The three-day initial share sale will conclude on May 13 and the bidding for anchor investors will open on May 10.

The size of the IPO has been cut to Rs 5,235 crore from Rs 7,460 crore planned earlier. The public issue now comprises fresh issuance of equity shares worth Rs 4,000 crore and an Offer for Sale (OFS) component of Rs 1,235 crore by existing shareholders.

Under the OFS, investors Carlyle Group  and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company.

CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of Rs 454 crore while SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload  shares worth Rs 365 crore.

Deli CMF Pte Ltd, a wholly owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth Rs 200 crore and Times Internet will offload shares worth Rs 165 crore.

In addition, Delhivery’s co-founders —  Kapil Bharati, Mohit Tandon and Suraj Saharan — will sell shares worth Rs 5 crore, Rs 40 crore and Rs 6 crore, respectively.

At present, SoftBank owns 22.78 per cent stake, Carlyle has 7.42 per cent stake, Bharti owns 1.11 per cent, Tondon has 1.88 per cent and Saharan holds 1.79 per cent stake in the company.

Proceeds of fresh issue to the tune of Rs 2,000 crore will be used towards funding organic growth initiatives and Rs 1,000 crore for inorganic growth through acquisitions and other strategic initiatives, besides, money will be used for general corporate purposes.

The company said that 75 per cent of the issue has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. In addition, the company has set aside shares worth Rs 20 crore for eligible employees, who will get a discount of Rs 25 per equity stock during the bidding process.

Investors can bid for a minimum of 30 equity shares and in multiples thereof.

Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery, warehousing, supply chain solutions, cross-border express and freight services and supply chain software, along with value added services such as e-commerce return services, payment collection and processing, installation and assembly services.

The e-commerce logistics company operates a pan-India network and provides services in 17,045 postal index number (PIN) codes.

The company’s express parcel delivery network, which serviced 17,488 PIN codes in the nine months ended December 2021, covered 90.61 per cent of the 19,300 PIN codes in India.

The company provides supply chain solutions to a diverse base of 23,113 active customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.

The Gurugram-based company said about five customers contributed to more than 40 per cent of its revenues in FY21.

Speaking about the company’s key business strategies, Delhivery’s Executive Director and Chief Business Officer said the company will focus on expanding investment in infrastructure and network while continuing to build scale in existing business lines, deepen the customer relationships, enhance the technology capabilities, expand into high growth international markets similar to India, and pursue strategic alliances and select acquisitions and investment opportunities.

Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company and Citigroup Global Markets India are the book running lead managers to the issue.

The equity shares of the supply chain company will be listed on the stock exchanges — BSE and NSE — on May 24.

In August, Delhivery acquired Spoton to further scale their partial truckload (PTL) freight services business. PTI SP SP AJ AJ

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The public issue, comprising sale of 50.74 lakh equity shares of the company, will conclude on May 13. The bidding for anchor investors will open on May 10, according to the red herring prospectus (RHP).

Proceeds from the public issue will be used for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.

The company has about six years of experience in manufacturing of stainless-steel tubular products in two broad categories — seamless tubes & pipes; and welded tubes & pipes.

The company under the brand name “Venus” supplies its products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.

It is one of the growing stainless-steel pipes and tubes manufacturers and exporters in India.

SMC Capitals is the sole book running lead manager to the issue. The equity shares of the company are proposed to be listed on BSE and NSE. PTI SP ANU ANU

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The government aims to generate about Rs 21,000 crore by selling 3.5 per cent stake in the insurance behemoth.

LIC’s initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.

The portion reserved for policyholders was subscribed 1.9 times, while that for employees was fully subscribed during the first day itself, as per data available on the BSE.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60.

However, demand from qualified institutional buyers (QIBs) and non-institutional investors was muted. The non-institutional investors’ portion was subscribed 27 per cent while QIBs’ portion was slightly higher at 33 per cent.

Retail Individual Investor category picked up nearly 60 per cent of the 6.9 crore shares set aside for this segment.

The offer received bids for 10,86,45,360 shares against the offered 16,20,78,067 equity shares (excluding shares offered to anchor investors), as per data available on the bourses at 7 pm.

The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.

LIC has already mopped up a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual products (16 participating and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. PTI DP DP ABM ABM

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He expects a 100 basis points repo rate hike in the current fiscal.

The RBI on Wednesday after an unscheduled MPC meeting hiked the benchmark lending rate by 40 basis points (bps) to 4.40 per cent to contain inflation that has remained stubbornly above the target of 6 per cent for the last three months.

“It was pretty clear that the wolf of inflation is getting more entrenched. And therefore, there was clearly a need to move. I read this (repo rate hike) as a very strong message by the RBI that they’re taking the point on inflation and inflationary expectations seriously and you cannot allow the wolf to get deep in it and then becomes that much trouble to get the wolf out,” Kotak, the managing director and CEO of Kotak Mahindra Bank, told reporters.

Kotak said as the increase in repo rates get priced into deposit rates, MCLR-based loans will gradually get repriced.

The loans linked to repo rate too will get repriced.

On impact of the rate hike on the bank’s book, he said, “Our book is the largest in repo rate benchmarked, followed by MCLR-based benchmark. We have the smallest fixed rate loan book. Impact for us to be able to pass on appropriately based on RBI pricing is fair and reasonable.” Speaking on the initial public offering (IPO) of Life Insurance Corporation of India (LIC), which opened for subscription on Wednesday, Kotak said the retail investors’ response on the first day of the issue was one of the most heartening things.

“LIC is a very strong brand in the minds of every investor. When you have such a strong brand and a national franchise of the scale and size of LIC, I am very happy with the retail investors’ response which has come today,” Kotak said. PTI HV ABM ABM

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The government aims to generate about Rs 21,000 crore by selling 3.5 per cent stake in the insurance behemoth.

The LIC initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.

The portion reserved for policyholders was subscribed 1.9 times, while that for employees was fully subscribed during the first day itself, as per data available on the BSE.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60.

However, demand from qualified institutional buyers (QIBs) and non-institutional investors was muted. The non-institutional investors’ portion was subscribed 26 per cent while QIBs’ portion was slightly higher at 33 per cent.

Retail Individual Investor category picked up nearly 50 per cent of the 6.9 crore shares set aside for this segment.

The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.

LIC has mopped up a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual products (16 participating and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. PTI DP ABM MR

The post LIC IPO: Policyholders’ portion oversubscribed; overall subscription at 66 pc on day 1 appeared first on Trade Brains.

The government aims to generate about Rs 21,000 crore by selling 3.5 per cent stake in the insurance behemoth.

The LIC initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.

The portion reserved for policyholders was subscribed 1.9 times, while that for employees was fully subscribed during the first day itself, as per data available on the BSE.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60.

However, demand from qualified institutional buyers (QIBs) and non-institutional investors was muted. The non-institutional investors’ portion was subscribed 0.26 per cent while QIBs’ portion was slightly higher at 0.33 per cent.

Retail Individual Investor category picked up nearly 50 per cent of the 6.9 crore shares set aside for this segment.

The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.

LIC has mopped up a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share.

LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual products (16 participating and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. PTI DP DP ABM ABM

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State-owned LIC’s Initial Public Offering (IPO), the country’s biggest ever offer, opened for subscription by retail and institutional investors on Wednesday.

The offer will close on May 9 and there wil be bidding on May 7 (Saturday) also.

The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI said in a statement on Wednesday.

“The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,” it said.

Generally, ASBA is the mechanism through which investors apply for shares in a public issue.

On Wednesday, the first day of the IPO, the quotas reserved for employees and policyholders were oversubscribed while the overall subscription stood at 0.66 per cent.

The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share.

The share sale is through the Offer For Sale (OFS) of up to 22.13 crore equity shares and the listing is likely on May 17. PTI NKD RAM RAM

The post ASBA-designated bank branches to remain open on Sunday for LIC IPO: Reserve Bank appeared first on Trade Brains.

State-owned LIC’s Initial Public Offering (IPO), the country’s biggest ever offer, opened for subscription by retail and institutional investors on Wednesday.

The offer will close on May 9 and there wil be bidding on May 7 (Saturday) also.

The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI said in a statement on Wednesday.

“The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,” it said.

Generally, ASBA is the mechanism through which investors apply for shares in a public issue.

On Wednesday, the first day of the IPO, the retail portion has been oversubscribed while the overall subscription stood at 0.64 per cent.

The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share.

The share sale is through the Offer For Sale (OFS) of up to 22.13 crore equity shares and the listing is likely on May 17. PTI NKD RAM

The post ASBA-designated bank branches to remain open on Sunday for LIC IPO: Reserve Bank appeared first on Trade Brains.

LIC public offer, the country’s biggest-ever IPO, was subscribed 0.29 times till noon by investors on the first day of bidding on Wednesday.

Of the total, the policyholder portion was subscribed fully while the reserved employees’ portion was subscribed 0.49 times, as per the data on stock exchanges.

Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portion has received a tepid response so far.

The LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on May 9.

The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share.

The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.

LIC has cornered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share.

It has reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing market condition. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. PTI DP DP BAL BAL

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The IPO (Initial Public Offering) will have a fresh issue of 1,64,52,000 equity shares, according to the Draft Red Herring Prospectus (DRHP).

The company may consider a pre-IPO placement of equity shares. If such a pre-IPO placement is undertaken, the fresh issue size will be reduced.

The firm intends to utilise the net proceeds towards funding the capital expenditure for setting up of a new manufacturing unit for house wires, aluminium cables and solar cables to expand its product portfolio.

Further, it plans to use the proceeds towards working capital requirements of the company, and general corporate purposes.

The Delhi-based company is into the business of manufacturing, marketing and selling of wires, aluminium cables and fast moving electrical goods.

It had a profit of Rs 4.37 crore in FY21 while revenue from operations stood at Rs 145.38 crore during the same period.

Pantomath Capital Advisors Private Limited is the sole book running lead manager to the issue. PTI HG RAM

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New Delhi, May 3 (PTI) Ahead of its initial public offering, insurance behemoth LIC on Tuesday approached its policyholders through SMS and other medium to inform them about the share sale.

The Initial Public Offering (IPO) of LIC opens for retail and institutional investors on Wednesday and will close on May 9.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will also get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share.

The share sale is through an Offer-For-Sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.

“LIC filed red herring prospectus(RHP) dt 26.4.22 with SEBI/Stock Exchanges for its IPO reserving shares for eligible policyholders. For details & risks in investing in LIC IPO and disclaimers, see RHP and links….,” said the SMS sent by the insurer to the policyholders on their registered mobile numbers.

LIC has been informing about the IPO for several months through various channels including print and TV advertisements.

Earlier in the day, LIC informed it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions.

Anchor Investors’ (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to stock exchanges.

The country’s largest insurer reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing market condition.

Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As on December 2021, LIC had a market share of 61.6 per cent in terms of gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. PTI DP HVA

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The IPO, which is entirely an Offer for Sale (OFS) of 85,49,340 equity shares, will close on May 12. The bidding date for anchor investors will be May 9, according to the Red Herring Prospectus (RHP).

As part of the OFS, selling shareholders — Wagner Ltd, an entity of TA Associates, will offload 82,81,340 equity shares and Shirish Patel, Whole Time Director and Chief Executive Officer of Prudent, will sell up to 2,68,000 equity shares.

At present, Wagner owns 39.91 per cent shareholding in Prudent while Patel has 3.15 per cent stake.

The company is backed by US-based private equity investor TA Associates.

Prudent is one of the leading independent retail wealth management services groups (excluding banks) in India and among the top mutual fund distributors in terms of average assets under management and commissions received.

Apart from mutual funds, it also distributes financial products like insurance, portfolio management schemes, alternative investment funds, bonds, unlisted equities, stock broking solutions, loans against securities, NPS, among others.

ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers to the issue. PTI HG RAM RAM

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Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO).

Anchor Investors’ (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges.

Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.

Besides, investment was made by some domestic insurance companies and pension funds. Some of the prominent names in this category included ICICI Prudential Life Insurance, SBI Life Insurance, Kotak Mahindra Life Insurance, PNB Metlife Insurance, SBI Pension Fund and UTI Retirement Solutions Pension Fund Scheme.

Foreign participation included Government of Singapore, Monetary Authority of Singapore, Government Pension Fund Global and BNP Investment LLP.

As per the prospectus, out of the 22.13 crore shares offered for sale, 5.93 crore shares were reserved for anchor investors.

The government by diluting 3.5 per cent stake in LIC would raise Rs 21,000 crore, the biggest ever IPO in the Indian market. The previous such high fundraising was seen in the IPO of Paytm in 2021 at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.

The price band for LIC IPO is Rs 902-949 per equity share.

Policyholders will get a discount of Rs 60 per equity share, while retail investors and employees will get a discount of Rs 45 on each share.

Of the total shares on offer, over 9.88 crore shares are reserved for qualified institutional buyers and over 2.96 crore shares for non-institutional buyers. Up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders.

LIC would get listed and start trading on the stock exchanges on May 17.

LIC’s embedded value, which is a measure of the consolidated shareholders’ value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Based on investor feedback, the market value of government-owned LIC has been pegged at 1.1 times its embedded value or Rs 6 lakh crore.

LIC was formed by merging and nationalizing as many as 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. PTI DP ANU ANU

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The issue opened for anchor investor subscription on Monday and saw ‘excellent’ response, the official said, adding that the list will be uploaded to exchanges tonight.

“Anchor book is to be allocated up to the maximum allowable limit of Rs 5,620 crore. It’s fully done,” the official told PTI.

The government is selling 22,13,74,920 shares in Life Insurance Corporation (LIC) at a price band of Rs 902-949 a share, targeting to raise about Rs 21,000 crore. The issue would open for institutional and retail buyers from May 4 -9.

The LIC share sale would be the biggest ever amount raised through an initial public offering in the Indian stock market. The previous such high fund-raising was seen in the IPO of PayTM in 2021 at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.

Of the over 22.13 crore LIC shares on offer, over 9.88 crore shares are reserved for qualified institutional buyers and over 2.96 crore shares for non-institutional buyers.

Up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders.

While retail investors and LIC employees will get a discount of Rs 45 per share, LIC policyholders bidding in IPO would get a discount of Rs 60 a share.

LIC would get listed and start trading on the stock exchanges on May 17.

LIC’s embedded value, which is a measure of the consolidated shareholder’s value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Based on investor feedback, the market value of government-owned LIC has been pegged at 1.1 times its embedded value or Rs 6 lakh crore. PTI JD ANZ MR MR

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He is very passionate about art which he practiced over the years on his own and over a period of five decades evolved himself into a full-fledged artist. While he works predominantly in acrylic medium, he is equally adept at working with oils, pastels, water colours and mixed media, on canvas and paper. He has been also creating digital art over the last few years. Padmakar is very fond of both abstract and figurative art expressions.

The inspiration behind “Life & its Scaffoldings” A building is built on sound foundations. As it grows more, we put scaffolds to add or delete what we wish to. This framework of scaffolding is a requirement for form, symmetry, balance, aesthetics, and the much needed artistry and meaning making. Are our lives any different? Externally, it appears to be the same, but every minute everything of us and our insides are constantly changing, we are never the same, Foundations are laid through genes from both sides, most of it being an enigma to us in the absence of recorded history of our ancestors. Norms, mores, ethnic practices, and cultural aspects defined by time and tradition, as well as gender norms and behaviour – these are what define us. Also defining us are the Karmic patterns of past lives, intended to be decoded in our current life to learn lessons of ascending order, so as to realise the Omnipotent. With so many experiences or phenomena shaping us all the time, as to who we are, the process constantly redefines the “I” within, exposing the empty spaces of the Soul to be filled with light, love, and purpose.

We come with blank minds and go filled with deep experiences and insights, only to repeat ourselves all over without a clue of the past influences of life. These vacuous spaces guide us into making meanings through bridges of relatedness and relationships, seeking love in the materialistic and the mystic worlds, while toiling through the fog of illusions and ‘maya’ – finding something but yet with the true essence going out of hands like flowing sands.

These paintings represent the continuous growth and degradation of Self, with a deep unchanging inner core with the shapes of life’s experiences formed on those unseen scaffolds, serving to strengthen the Soul inside. These give myriad meanings to grow at Soul level yet stripping away and decaying those parts that are no longer relevant – which hide themselves deep inside the consciousness layers only to regain shape at the slightest provocation. They do so by changing shapes and colours so much like the nature around us, through continual decay and growth. Retaining us in our wholesomeness as if nothing has changed but in fact changing the colours of the lenses through which we perceive life and its meanings very differently.

Through all this we realise the futility of ‘I’ versus the Soul, yet vainly try to strike our own roots of fleeting permanency with hopes of leaving some indelible footprints – literally clutching at the straws of life. Scaffolds of Life, not one but many in their broken parts delicately held together through unseen gossamer webs.

PWR PWR

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By providing such a facility for taking exposure to ‘paired contracts’, the broker has engaged itself in trades capable of exposing its clients to the risk involved in trading in a product that did not have regulatory approval, Sebi said in its order.

The act raised “doubts on the competence of the noticee (Alpha Commodity) to act as an honest and diligent registered securities market intermediary,” it added.

“By indulging in participation/ facilitation in the trading in ‘paired contracts’ on NSEL, with an aim to earn illegal profit by turning a blind eye to all the illegalities taking place on the exchange platform of NSEL, has seriously hampered the trust of the regulator in the integrity of the Noticee,” Sebi said.

The broker was a member of NSEL and had facilitated trading in paired contracts on the NSEL platform.

After committing such grave misconduct, Alpha Commodity can no longer be called a “fit and proper person” for holding the certificate of registration as a commodity derivatives broker in the securities market, it added.

Sebi has asked the broker to allow its existing clients to withdraw or transfer their securities or funds held in its custody within 60 days.

In case of failure of any clients to withdraw or transfer their securities or funds within this period, the broker will transfer the funds and securities to another broker within 30 days thereon, under advice to the said client.

In September 2009, NSEL (now defunct) introduced the concept of ‘paired contracts’ for trading which allowed buying and selling in the same commodity through two different contracts at two different prices on the exchange platform, wherein the investors could buy a short duration contract and sell a long duration contract and vice versa at the same time and at a pre-determined price.

It was further noticed that trades for the buy contract (T+2 /T+3) and the selling contract (T+25/ T+36) used to happen on the NSEL on the same day at the same time and at different prices, involving the same counterparties.

The scheme of ‘paired contracts’ traded on the NSEL ultimately caused a huge loss to the investors to the extent of Rs 5,500 crore.

In a separate case, the regulator has barred 13 entities from the capital markets for five years for diverting the IPO proceeds for purposes other than the purposes stated in the prospectus in the matter of Aster Silicates Ltd.

Sebi found that substantial portions of the IPO proceeds were transferred/diverted for purposes other than the purposes disclosed in the prospectus and instead, were diverted for some other oblique reasons and the same has been ostensibly perpetrated by the company’s directors in collusion with other entities.

The order came after Sebi investigated the Initial Public Offer (IPO) of equity shares of Aster Silicates Ltd. (now known as Shri Aster Silicates Ltd).

The company came out with an IPO to raise Rs 53.10 crore by way of issue of 45 lakh equity shares in July 2010. PTI SP SP BAL BAL

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New Delhi, Apr 29 (PTI) The Rs 1,581-crore initial public offer of Rainbow Children’s Medicare was subscribed 12.43 times on the last day of subscription on Friday.

It received bids for 25,49,03,787 shares against 2,05,14,617 shares on offer, according to data available with the NSE.

The category for Qualified Institutional Buyers (QIBs) got subscribed 38.90 times, while non institutional investors portion received 3.73 times subscription and Retail Individual Investors (RIIs) 1.38 times.

The offer, comprising fresh issue aggregating up to Rs 280 crore and an offer for sale of up to 2,40,00,900 equity shares, had a price range of Rs 516-542 apiece.

On Tuesday, the multi-speciality pediatric hospital chain said it garnered nearly Rs 470 crore from anchor investors.

The company proposes to utilise the net proceeds from the fresh issue for early redemption of non-convertible debentures in full, capital expenditure towards setting up of new hospitals and purchase of medical equipment, and general corporate purposes.

Rainbow Children’s Medicare, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

Kotak Mahindra Capital Company, J P Morgan India and IIFL Securities are the managers to the offer. PTI SUM SHW SHW

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More than the embedded value one should look at the value for new business (VNB) going forward, and it should reach 12-13 in the future, he said in an interview with PTI here.

VNB margin is what investors would be looking at and it is 9 for LIC at present, he said.

On whether there is enough money on the table, he said, “It is based on the perception of the market. LIC is starting at low VNB and has potential to grow”.

VNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through the writing of new policies during a specified period.

At these price levels, LIC IPO is valued at 1.11 times its embedded value compared to 0.21 of China Insurance or 0.54 of Ping An Insurance.

When pointed out that the previous listing of two insurance firms — New India Assurance and GIC Re — have not generated returns for investors, Kumar said they are into different businesses and margins are wafer-thin there.

The issue price of New India Assurance was Rs 800 per share while for GIC Re it was Rs 912 per unit. However, their shares are trading at Rs 119.15 and 130.15, respectively.

These two public sector insurance firms were listed in 2017.

Defending the reduction of LIC IPO size to 3.5 per cent from 5 per cent earlier, he said it is the right size considering the capital market environment and expects significant retail participation in one of the most valuable corporations in India.

Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

In February, the government had planned to sell a 5 per cent stake in the company.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares and will open on May 4 and close on May 9. The shares are likely to be listed on May 17.

The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share.

LIC was formed by merging and nationalising as many as 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.

Its product portfolio comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued. PTI DP CS BAL

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The Initial Public Offering (IPO) was slated to issue fresh shares worth Rs 370 crore, besides an Offer for Sale (OFS) of equity stocks aggregating to Rs 370 crore by Inox Wind.

The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on February 7 with the Securities and Exchange Board of India (Sebi).

However, the draft offer documents for the IPO have been withdrawn on April 28 and the reasons for the withdrawal have not been disclosed.

“We have been informed by the IGESL that its board of directors vide their resolution passed by circulation dated April 28, 2022, the letter of consent from us dated April 28, 2022, and the resolution dated April 28, 2022 passed by our committee on operations, has decided to withdraw the DRHP filed with Sebi, and accordingly, the DRHP has been withdrawn on April 28, 2022 vide letter dated April 28, 2022 from the book running lead managers to the offer,” Inox Wind said in a regulatory filing to the BSE.

Any company looking to raise funds through sale of shares to public investors by way of instruments such as IPO needs to get a clearance from Sebi for the same.

Proceeds of the proposed issue was to be utilised for payment of debt and general corporate purpose.

IGESL is engaged in the business of providing long term operation and maintenance (O&M) services for wind farm projects, specifically for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs. PTI SP SP AJ AJ

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Under the Sebi’s minimum public shareholding norms, listed entities with a valuation of over one lakh crore need to have at least 25 per cent public shareholding within 5 years of listing.  The government had last year exempted public sector entities from this norm.

The government is selling over 22.13 crore shares in LIC at a price band of Rs 902-949 apiece in the initial public offering, which opens on May 4 and closes on May 9. LIC would start trading on stock exchanges on May 17.

The government expects to raise around Rs 21,000 crore from LIC IPO, which values the state-owned insurer at Rs 6 lakh crore.

Briefing reporters ahead of mega LIC IPO, Pandey said the government will not dilute its stake in Life Insurance Corporation within one year of listing.  “Going forward the roadmap for a very large player like LIC we will have to discuss with Sebi and Department of Economic Affairs for a right kind of roadmap for minimum public shareholding. We know it’s not easy. Even 5 per cent at this point of time would not be acceptable to the market,” Pandey said.

As per the Securities and Exchange Board of India (SEBI) norms, companies with a valuation of over Rs 1 lakh crore have to sell a minimum 5 per cent stake in IPO.  However, LIC has been exempted from this guideline.

“We had to seek special Sebi dispensation for relaxation for 3.5 per cent stake dilution. The reason for this was a very large corporate was entering the arena. We also had to be mindful of how it impacts the capital market in general. There was crowding out effect,” Pandey added.  Financial Services Secretary Sanjay Malhotra said: “…norms are not there for exceptional cases like LIC. Despite a huge reduction to 3.5 per cent (from 5 per cent), it (IPO) is still the largest. Norms take care of only the normal. LIC is not normal”.

Speaking at the event, Malhotra said that the embedded value of new companies is small, and they have a larger growth potential.  The EV growth potential is less for older companies like LIC, he said while clarifying the perceived low valuation of the country’s largest insurer.  LIC’s embedded value, which is a measure of the consolidated shareholders’ value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Based on investor feedback, the market value of government-owned LIC has been pegged at 1.1 times its embedded value or Rs 6 lakh crore.  “LIC is coming at a time… It is a very mature organisation. Normally Corporations grow with IPO, but here we have a full-blown and mature organisation. It not only gives an opportunity to reorient and reinvest itself, but it also gives a huge opportunity to investors.

“Policyholders have been given special dispensation… We have offered the highest discount to policyholders considering their role in creating value in LIC,” Pandey said.

While retail investors and LIC employees will get a discount of Rs 45 per share, LIC policyholders bidding in IPO would get a discount of Rs 60 a share.

When asked about possible Chinese investment in LIC IPO, Pandey said the anchor book will be known on May 2 and foreign investment in the corporation will be as per the DPIIT guidelines.

Of the over 22.13 crore, up to 15,81,249 shares and 2,21,37,492 shares are reserved for employees and policyholders, respectively.

Over 9.88 crore shares are reserved for qualified institutional buyers and over 2.96 crore shares for non-institutional buyers.

Separately, Irdai on Friday increased the investment limit by insurance companies in other financial and insurance entities to 30 per cent from the existing 25 per cent, a move which will provide greater flexibility to insurers to park their funds for better returns.

“The authority… permits all insurers to have exposure to financial and insurance activities up to 30 per cent of investment assets,” the Insurance Regulatory and Development Authority of India (Irdai) said in a circular. PTI JD DP JD BAL BAL

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The initial public offer of athleisure footwear company Campus Activewear was subscribed 51.75 times on the last day of subscription on Thursday, mainly helped by strong interest from institutional buyers.

According to the NSE data, the IPO (Initial Public Offer) got bids for 1,74,02,02,110 shares against 3,36,25,000 shares on offer.

The portion meant for Qualified Institutional Buyers (QIBs) received 152.04 times subscription, while the category for non-institutional investors got subscribed 22.25 times and Retail Individual Investors (RIIs) chunk 7.68 times.

The IPO was entirely an Offer for Sale (OFS) of up to 4,79,50,000 equity shares.

Those offering shares in the OFS include promoters — Hari Krishna Agarwal and Nikhil Aggarwal — and existing shareholders — TPG Growth III SF Pte Ltd, QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta.

At present, promoters hold 78.21 per cent stake in the company while TPG Growth and QRG Enterprises own 17.19 per cent and 3.86 per cent, respectively.

Price range for the IPO was at Rs 278-292 per share.

Campus Activewear on Monday garnered a little over Rs 418 crore from anchor investors.

JM Financial, BofA Securities India, CLSA India and Kotak Mahindra Capital Company are the managers to the offer.

Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family. PTI SUM SUM AJ AJ

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“The response to our IPO launch is wonderful. We have some figures: 6.48 crore policy holders have linked their PAN number with the policy details up to the cut-off date (February 28, 2022),” Rahul Jain, director of the Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance, told reporters.

The LIC has set a price band of Rs 902-Rs 949 per equity share. The government intends to raise Rs 21,000 crore through the issue.

The officer said 10 per cent reservation is given to the policyholders in the IPO, whose shares have been earmarked.

“Whosoever is the policyholder, if they have linked their PAN with the policy details by February 28, they are eligible to participate in the LIC IPO through reservation category,” Jain said.

Explaining, the DIPAM director said anybody who is a policyholder can invest up to Rs two lakh in the reservation category and also Rs two lakh in the retail category. The LIC policyholders would get Rs 60 discount in the IPO, he added.

According to Jain, the 6.48 crore policyholders are eligible to participate in the IPO if they open their DMAT account.

“As of now, through the depositories we could make out that around 1.21 crore DMAT accounts have been opened by the policyholders,” Jain said.

To a query on why the LIC intended to float, Jain said the government wishes to bring corporate governance to the LIC and “to share the good stories.” “The true value of the company is determined in the capital market. So you have to start with the capital market,” Jain said.

The bid opens on May 4 and closes on May 9. Minimum bid lot is 15 shares and in multiples of 15 equity shares thereafter. PTI GMS NVG NVG

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While JSW steel limited is all set to come up with its Rs 150 crore project in south Kashmir’s Pulwama district, Apollo Hospitals will set up its medicare facility in Jammu district, officials said.

“The possession of 70 kanals of land (8.75 acres) has already been handed over to JSW Steel Limited in Pulwama’s Lassipora industrial area to set up a Rs 150-crore steel plant,” a senior official said.

Apollo Hospitals is setting up a 250-bed super speciality hospital in the Jammu region, he added.

The administration has already earmarked 100 kanals (12.5 acres) at Jammu’s Miran Sahib for a medi-city, which will accommodate the country’s top health sector corporates to invest here, the official noted.

In Kashmir, Medi-city is coming up on 368 kanals (46 acres) in Sempora in Pulwama district as many groups have also shown equal interest to invest in the medi-city, the officials said.

The Administrative Council had approved the transfer of land measuring 750 Kanals in favour of the Industries and Commerce Department for setting up Medicity.

The operationalisation of the Medicity will bring the world-class healthcare infrastructure and facilities to the region, besides providing employment opportunities to the medical and pharma professionals, local pharmacists and vendors, SAC (State Administrative Council) had said.

Jammu and Kashmir is set to become the top investment destination in the country as it races up to various infrastructure projects and is reaching out to foreign and domestic investors through several forums and industrial summits, the officials said.

Investors from foreign countries, particularly the Middle East, are keen to invest in J&K, which Jammu and Kashmir has not received in the last 75 years, they added.

Before arriving in Palli village in Samba to participate in the National Panchayati Raj Day celebrations, Prime Minister Narendra Modi met a large delegation from UAE.

The Prime Minister said that a new story of development is being written and many private investors are interested in Jammu and Kashmir.

“For seven decades of independence, private investment of only Rs 17 thousand crore could be made in Jammu and Kashmir. But, this investment is now reaching around Rs 38,000 crore,” he said.

The Jammu & Kashmir administration has worked hard to convince Dubai-based investors to explore investment possibilities in the Union Territory. PTI AB AB TIR BAL BAL

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Announcing the LIC share sale through an OFS route, Tuhin Kanta Pandey, the secretary in the Department of Investment and Public Asset Management (Dipam), tried to justify the low valuation (about Rs 6 lakh crore) of the nation’s largest financial sector entity and the biggest market investor and the resultant issue proceeds.

The 10 investment bankers and valuers did their best to get “an apple to orange comparison” since there was no benchmark to look upon, Pandey said.

However, he could not answer why the issue is being rushed when the market is not holding and foreign investors have been in the quit-mode for months, along with comfortable government finances, saying “government needs money for investment in infrastructure and that capital receipts have only been accounted for and not paid yet”.

The government is raising Rs 20,557 crore by diluting 3.5 per cent of its stake entirely through an offer for sale route, and will still be the biggest initial public offering till date.

In February, the government planned to sell a 5 per cent stake at a presumed valuation of around Rs 10 lakh crore and to collect around Rs 60,000 crore. But the present valuation is only 1.1x of its embedded value and the average value of the previous four listings of private life insurers was 3.41x, according to LIC’s own admission in the DRHP.

“The LIC share sale is right-sized, considering the present market environment. It will not crowd out capital inflows given the current constraints,” Pandey told reporters.

The IPO gives an opportunity to all Indians to participate in wealth creation through the nation’s most valuable corporation, he said, adding that the government wants LIC to be a long-term value creator in the equity market.

The share sale, earlier planned for the last month of FY22, got pushed to this fiscal due to the volatile market conditions driven by geopolitical events, he added.

“The decision to list now has taken into account a combination of multiple factors, including market demand, which is a solid anchor book, stabilising market conditions, reducing volatility, domestic flows and the corporation’s financial performance,” he said but was quick to request the i-bankers “to ensure that the issue is sailed through”.

According to Pandey, the market is undoubtedly benefiting from a strong structural tailwind given the many concerns in other markets.

The market has recovered from temporary shocks due to the global geopolitical events (Ukraine invasion) and volatility has come down meaningfully from its earlier peak. While global sentiment is weak, our market is resilient on the back of consistently strong domestic growth.

Speaking on the valuation of LIC, he said the numbers which have been floating in the market were “guesstimates” and the government has not undertaken any such exercise.

“The valuation process itself is essentially a discovery process. Because you don’t know what we are comparing it with? Is LIC equal to HDFC Life or SBI Life or some of the Chinese peers or is it similar to Prudential or AIA?” he asked and said the 10 i-bankers and valuers did their best to arrive at this valuation and the price range of Rs 902-949 per share.

Expressing hope that the issue will be well received by the market, Pandey claimed there is a fair amount of domestic demand for the issue but was soon to admit that demand from foreign players is a little subdued and expressed the hope that the i-bankers will ensure that the issue is sailed through.

“One of the reasons, we went down from 5 per cent to 3.5 per cent of equity dilution because of the constrained environment”, he said and sounded confident of pulling it off given the kind of an optimum demand scenario that exists for the IPO and there is an anchor book to support it.

The government is also not planning to bring in another FPO within the next one year, he clarified.

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares and will open on May 4 and close on May 9. The shares will be listed on May 17.

The offer includes a reservation for eligible employees and eligible policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share.

LIC was formed by merging and nationalizing as many as 245 private life insurance companies on September 1, 1956, with an initial capital of  Rs 5 crore.

Its individual product portfolio comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The insurer’s group product portfolio comprises 11 group products.

As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or GWP, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued, and 88.8 per cent in terms of the number of group policies issued.

As all the questions from the media were around low valuation and timing of the share sale, the press conference was hurriedly called off and i-bankers did not take any questions on the sidelines.

Sanjoy Chatterjee, chairman and chief executive of Goldman Sachs Security India, when approached on the sidelines refused to answer any of the questions and instead asked the PTI reporters to approach the Dipam secretary.

The other nine investment bankers handling the issue are Kotak Mahindra Capital, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, JM Financial, JP Morgan India, Nomura Financial Advisory & Securities India and SBI Capital Markets. PTI HV BEN MR MR

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According to the Draft Red Herring Prospectus (DRHP), the initial share sale is entirely an Offer for Sale (OFS) of 15,731,942 equity shares by promoter group entities and existing investors.

Those offering shares in the OFS are promoter group entities — The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni — and investors — Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd.

Since the IPO (Initial Public Offering) would be entirely an OFS, the company will not receive any proceeds from the public issue.

This would be the company’s third attempt to go public. Earlier, Uniparts had filed its IPO papers with Sebi (Securities Exchange Board of India) in December 2018 and in September 2014. It also obtained the regulator’s clearance to launch the IPO on the two occasions but did not go ahead with the initial share sale.

Axis Capital, DAM Capital Advisors and JM Financial are the book running lead managers to the issue.

Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in agriculture and construction, forestry and mining and aftermarket sectors on account of its presence across over 25 countries.

It is a concept-to-supply player of precision products for off-highway vehicles with presence across the value chain. The company’s product portfolio includes core product verticals of 3-point linkage systems and precision machined parts as well as adjacent product verticals of power take off, fabrications and hydraulic cylinders or components thereof. PTI SP SP AJ AJ

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At the upper end of the price band the government will garner around Rs 21,000 crore.

With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 per cent stake in the insurer by selling 22.13 crore shares.

Speaking on the occasion, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said listing of LIC is part of the long-term strategic vision of the government and will highly enhance the value of the corporation in the long-run.

“This (LIC IPO) is right sized, considering the capital market environment and will not crowd out capital supply given the current market environment,” Pandey said here on Wednesday.

Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country, he said.

In February, the government had planned to sell a 5 per cent stake in the company.

“The decision to list now has taken into account the combination of multiple factors, including market demand, stabilizing market conditions, reducing volatility, domestic flows and the corporation’s financial performance,” he said.

Pandey said the market is undoubtedly benefiting from strong structural tailwind given concerns in other markets.

The market has recovered from temporary shock due to global geopolitical events seen earlier.

In the IPO, the retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per equity share.

The issue will open for subscription on May 4 and to close on May 9. The bid lot for the issue would be 15. PTI HV BEN DRR

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The company has decided to allocate a total of 8,663,404 equity shares to anchor investors at Rs 542 apiece, taking the transaction size to Rs 469.55 crore, according to a circular uploaded on BSE website.

Government of Singapore, Monetary Authority of Singapore, Amansa Holdings, Goldman Sachs (Singapore) Pte and IIFL Special Opportunities Fund are among the anchor investors.

In addition, shares have been allocated to Bajaj Allianz Life Insurance Company, Max Life Insurance Company, HDFC Life Insurance Company, SBI Mutual Fund (MF), Axis MF, Nippon India MF, DSP MF, Aditya Birla Sun Life MF, UTI MF, HSBC MF and Motilal Oswal MF in the anchor round.

The public issue comprises a fresh issue of equity shares aggregating up to Rs 280 crore and an offer sale (OFS) of up to 2.4 crore equity shares by promoters and investors.

Those selling shares in the OFS are promoters — Ramesh Kancharla, Dinesh Kumar Chirla and Adarsh Kancharla, promoter group entity Padma Kancharla and investors — British International Investment plc (formerly CDC Group plc) and CDC India.

The issue, with a price band of Rs 516-542 a share, will be open for public subscription during April 27-29. At the upper end of the price band, the IPO is expected to fetch Rs 1,581 crore.

The company proposes to utilise the net proceeds from the fresh issue for early redemption of non-convertible debentures (NCDs) issued by the company in full; capital expenditure towards setting up of new hospitals and purchase of medical equipment; and general corporate purposes.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

The offer also includes a reservation of up to 3 lakh shares for employees, who will receive shares at a discount of Rs 20 to the final offer price.

Investors can bid for a minimum of 27 equity shares and in multiples thereof.

Rainbow, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad.

Since then, it has established its reputation as a leader in multi-speciality pediatric services, with strong clinical expertise in managing complex diseases.

As of December 20, 2021, Rainbow operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds.

Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE. PTI SP ABM ABM

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Life Insurance Corporation (LIC) would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.

The issue is likely to open for subscription on May 4 and is expected to close on May 9, and the bid lot would be 15. Anchor investors can subscribe to the shares of the insurance company on May 2.

With this IPO, the government would offload a 3.5 per cent stake in the insurance behemoth by selling 22.13 crore shares.

LIC has reserved 2.21 crore shares or 10 per cent of the issue size for its policyholders while 15 lakh shares for employees, sources said.

After policyholders and share holders’ reservations, the remaining shares will be allocated in the ratio of 50 per cent for qualified institutional buyers (QIB), 35 per cent for retail investors and 15 per cent for non-institutional investors.

Sources said 60 per cent of the QIB portion has been reserved for anchor investors.

The government in February had planned to sell a 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.

However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war.

Last week, the government decided to lower the issue size to 3.5 per cent.

The government has also filed papers with Sebi seeking exemption from the 5 per cent stake sale norm, sources said.

According to the Securities and Exchange Board of India (Sebi) norms, companies with a valuation of over Rs 1 lakh crore have to sell a minimum 5 per cent stake in the IPO.

LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Based on investor feedback, the market value of government-owned LIC has been pegged at 1.1 times its embedded value or Rs 6 lakh crore.

LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal. The government has pegged disinvestment receipts at Rs 65,000 crore for the current financial year, up from Rs 13,531 crore raised in the last fiscal. PTI JD DP MR

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The company has decided to allocate a total of 14,325,000 equity shares to anchor investors at Rs 292 apiece, aggregating the transaction size to Rs 418.29 crore, according to a circular uploaded on the BSE website.

Abu Dhabi Investment Authority, Fidelity Funds, Nomura, Societe Generale, BNP Paribas Arbitrage and Goldman Sachs (Singapore) Pte are among the anchor investors.

In addition, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, ICICI Prudential Mutual Fund (MF), Aditya Birla Sun Life MF, Motilal Oswal MF, DSP MF, Nippon India MF and Invesco MF too participated in the anchor round.

The initial public offer (IPO) is entirely an offer for sale (OFS) of 4,79,50,000 equity shares by promoters and existing shareholders. Those offering shares in the OFS include promoters — Hari Krishna Agarwal and Nikhil Aggarwal — and existing shareholders — TPG Growth III SF Pte Ltd, QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta.

At present, promoters hold 78.21 per cent stake in the company while TPG Growth and QRG Enterprises own 17.19 per cent and 3.86 percent shareholding, respectively.

The issue, with a price band of Rs 278-292 a share, will raise Rs 1,400-crore at the upper end of the price band. The initial share-sale will open for public subscription on April 26 and conclude on April 28.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Further, two lakh shares have been reserved for the company’s employees.

Investors can bid for a minimum of 51 shares and in multiples thereof.

BofA Securities India, JM Financial, CLSA India and Kotak Mahindra Capital Company are the merchant bankers that advise the company on the public issue.

Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family.

As of fiscal year 2020, the brand had about 15 percent of market share in the branded sports and athleisure footwear industry in India by value, which increased to approximately 17 per cent in fiscal year 2021. PTI SP KVK KVK

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The initial public offering of the country’s largest insurer LIC will open on May 4 and close on May 9, sources said.

The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer. The IPO values LIC at Rs 6 lakh crore.

The government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.

However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war. Last week, the government decided to lower the issue size to 3.5 per cent.

The government has also filed papers with Sebi seeking exemption from the 5 per cent stake sale norm, sources said.

As the Securities and Exchange Board of India (Sebi) norms, companies with valuation over Rs 1 lakh crore have to sell 5 per cent stake in IPO.

LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Based on investor feedback, the market value of government-owned LIC has been pegged at 1.1 times its embedded value or Rs 6 lakh crore.

LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal. The government has pegged disinvestment receipts at Rs 65,000 crore in the current financial year, up from Rs 13,531 crore mopped up last fiscal. PTI JD ABM ABM

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The Delhi-based firm is launching its Rs 1,400-crore Initial Public Offering (IPO) through the offer for sale route on Tuesday at a price band of Rs 278-292 per share.

Massive growth in online sales has even surprised us. While online sales were only Rs 19 crore in FY19, it rose to Rs 50 crore in FY20 and grew three-fold to Rs 150 crore in FY21 and soared to around Rs 400 crore during the first nine months of FY22. This is as much as 37 per cent of our Rs 1,118 crore revenue in this period, Nikhil Agarwal, the company’s chief executive and the son of founder chairman H K Agarwal, told PTI on Monday.

He also said that the company would continue to drive this sales channel and expects the share to go up further, apart from pushing women’s and children’s segment that currently contributes only Rs 250 crore.

On an average, online sales gets the company an additional 500 basis points operating margin than traditional trade, where commission is around 35 per cent.

He said they are getting almost 50 per cent sales from the north followed by east and west, and admitted that its weak in the south.

As of December 2021, Campus — founded by H K Agarwal, who was also the founder of Action shoes in 1995 — reported Rs 1,118 crore in revenue and earned Rs 120 crore annualised basis in net income.

During the period, net margin rose to an industry-leading 10.1 per cent up from 7.3 per cent or Rs 26 crore on a revenue of Rs 711 crore in FY21, chief financial officer Raman Chawla said.

He explained that both net income and sales declined in FY21 due to the pandemic. The bottom line was also impacted by a Rs 25-crore write-off following changes in the Finance Act.

Campus, which was launched in 2006, competes with global brands like Adidas, Rebook and Puma, and domestic brands like Bata and Relaxo. Its market share rose from 15 per cent in FY21 to 17 per cent in FY22 and down from Rs 851 crore in the previous year, Chawla said.

The IPO is entirely an OFS sale by promoters and existing shareholders. Senior and junior Agarwals and other promoter shareholders (Rajiv Goel and Rajesh Kumar Gupta) will collectively sell 4 per cent of equity from 78.21 per cent of their stakes. Existing investors since April 2017 — TPG Growth (17 per cent) and QRG Enterprises (the family office of the Havel’s group founders holding 4.1 per cent) will pare their stakes to 9.6 per cent and 2 per cent, respectively.

TPG and QRG entered the firm at a valuation of Rs 1,650 crore in April 2017 investing Rs 330 crore, which has since grown steadily to Rs 9,000 crore now, Chawla said.

Campus has 28 million units production capacity across its five plants — two in Himachal Pradesh’s industrial belt of Baddi, one each in Dehradun and Haridwar in Uttarakhand, and Gannaur in Haryana. PTI BEN RAM

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Ricky Sandhu, Founder and Executive Chairman of Urban-Air Port, said the opening of Air-One in Coventry, central England, is momentous for Electric Vertical Take-Off and Landing (eVTOL) vehicles such as air taxis and autonomous cargo drones.

Air-One, which is open for demonstrations in Coventry until the middle of May, is expected to provide a blueprint for more than 200 vertiports planned worldwide by Urban-Air Port over the next five years.

“The opening of Air-One is a momentous moment – the starting gun for a new age of transport, an age of zero-emission, congestion-free travel between and within cities that will make people healthier, happier, and more connected than ever before,” said Sandhu.

“Cars have roads. Trains have rails. Planes have airports. Now, eVTOLs have an Urban-Air Port. From design, through to fabrication and now into operation, Urban-Air Port has delivered Air-One in just 15 months, setting the standard for deployment globally and opening up a world of possibilities for rapid response air mobility,” he said.

“Air-One is just the first model in our infrastructure fleet and our order book is not only open but already growing. The interest is turning into recognition of the need for our technology and into demand,” he added.

Urban-Air Port is backed by the UK government and supported by Hyundai’s Supernal, a US-based smart vehicles service provider.

Air-One is designed to demonstrate how purpose-built ground infrastructure can unleash the potential of advanced air mobility (AAM) to decarbonise transport and cut air pollution and congestion, whilst providing seamless passenger journeys and deliveries.

“The opening of Air-One, backed by government funding, will revolutionise the way people and goods travel across the nation. This step forward puts Britain at the vanguard of clean transport, bringing investment and high-skilled, green job opportunities to the nation while leveling up opportunities in the Midlands,” said Robert Courts, UK Minister for Aviation.

Despite a booming market and a strong pipeline of eVTOLs entering commercial operations this decade, the lack of ground infrastructure remains one of the biggest barriers to growth, according to an analysis by NASA.

Urban-Air Port said it is accelerating its plan to develop 200 similar “vertiports” worldwide, and the company’s order book for additional sites is growing, with vertiports already planned in the UK in the West Midlands and London, and internationally in the United States (Los Angeles), Australia, South Korea, France, Germany, Scandinavia, and southeast Asia.

“Air-One serves as a valuable, tangible asset to helping build stakeholder confidence and trust in emerging mobility technology and supporting systems,” said Mike Whitaker, Chief Commercial Officer of Supernal.

“The Coventry demonstration is an important first step forward to re-imagining how people across the world will move, connect and live. Developing a scalable system to support advanced air mobility operations requires collaboration from all industries and corners of the world. Supernal’s support of Urban-Air Port reinforces our belief in fusing technology and innovation to enable humanity and society to reach new levels of potential,” said Whitaker.

During the course of the next few weeks, Air-One will demonstrate aircraft command and control, eVTOL charging, cargo loading for unmanned drones, and will host demonstrator flights.

West Midlands Police and Skyfarer will be among the first to operate flights from the site, showcasing how Urban-Air Port’s vertiports can provide drone bases for “sky protection” and high-value cargo deliveries in the near future.

Flights of large cargo drones will also be demonstrated by UK-based drone developer Malloy Aeronautics, reportedly the first time a drone of this size has flown in such a dense and built-up urban environment.

Acting as a single solution to support the uptake of zero-emissions transport, Air-One will also host charging infrastructure for other modes of electric transport, including electric vehicles from some of the world’s biggest and most well-known automotive brands to “seamlessly integrate low carbon transport”.

A series of public engagement events at Air-One is envisioned as bringing future air mobility to life for the public and form part of Coventry’s City of Culture celebrations.

According to Urban-Air Port, Coventry was chosen for the site due to its location in the heart of the UK – with most parts of the country within four hours of travel – and its “historic leadership in the automobile and aerospace industries”.

Following the programme in Coventry, Urban-Air Port said it will redeploy Air-One to other locations in the UK and internationally to undertake a variety of demonstrations in different environments and settings. PTI AK PY PY PY PY PY

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The government in February had planned to sell a 5 per cent stake in Life Insurance Corporation (LIC). However, the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size.

At this price, LIC, which is 100 per cent government-owned, is valued at Rs 6 lakh crore.

LIC is likely to file the red herring prospectus with market regulator Sebi by Wednesday.

“LIC IPO is likely to come to the market in May first week. 3.5 per cent stake dilution, subject to regulatory approval,” an official said.

Reservations for policyholders and employees, and discounts, issue dates and issue price will be known by Wednesday, the official added.

In February, LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 31.6 crore shares in the state-run insurer.

LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal.

The government has pegged disinvestment receipts at Rs 65,000 crore in the current fiscal, up from Rs 13,531 crore raised in the last fiscal. PTI JD ANZ MR MR

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Multi-speciality pediatric hospital chain Rainbow Children’s Medicare Ltd on Friday said it has fixed a price band of Rs 516-542 a share for its Rs  1,581-crore initial public offering (IPO).

The-three day initial share sale will be open for public subscription during April 27-29, and the bidding for anchor investors will open on April 26, according to the company.

The public issue comprises a fresh issue of equity shares aggregating up to Rs 280 crore and an offer sale (OFS) of up to 2.4 crore equity shares by promoters and investors.

Those selling shares in the OFS are promoters — Ramesh Kancharla, Dinesh Kumar Chirla and Adarsh Kancharla, promoter group entity Padma Kancharla and investors — British International Investment plc (formerly known as CDC Group plc) and CDC India.  The company proposes to utilise the net proceeds from the fresh issue for early redemption of non-convertible debentures (NCDs) issued by the company in full; capital expenditure towards setting up of new hospitals and purchase of medical equipment for such new hospitals; and general corporate purposes.

At the upper end of the price band, the public issue is expected to fetch Rs 1,581 crore.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.  The offer also includes a reservation of up to 3 lakh shares for employees, who will receive shares at a discount of Rs 20 to the final offer price.

Investors can bid for a minimum of 27 equity shares and in multiples thereof.

Rainbow, backed by UK-based development finance institution CDC Group plc, established its first 50-bed pediatric speciality hospital in 1999 in Hyderabad. Since then, it has established its reputation as a leader in multi-speciality pediatric services, with strong clinical expertise in managing complex diseases.

As of December 20, 2021, Rainbow operates 14 hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds.  Its core specialities are paediatrics, which includes newborn and pediatric intensive care, pediatric multi-speciality services, pediatric quaternary care (including multi-organ transplants); and obstetrics and gynaecology, which includes normal and complex obstetric care, multi-disciplinary fetal care, perinatal genetic and fertility care.  Kotak Mahindra Capital Company, JP Morgan India and IIFL Securities are the book running lead managers to the issue.

The equity shares are proposed to be listed on BSE and NSE. PTI SP BAL BAL

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The IPO will be a fresh issue of 1,02,00,000 equity shares, with no offer-for-sale component, according to the draft red herring prospectus (DRHP).

Proceeds from the issue will be utilised for manufacturing of new Flexible Intermediate Bulk Containers (FIBC) plant and expansion of production capacity; funding working capital requirements for the new project; and payment of certain debt.

Udaipur-based Sah Polymers is primarily engaged in manufacturing and selling of polypropylene (PP)/ high density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer based products.

It provides tailored bulk packaging solutions to business-to-business (B2B) producers in a variety of industries, including agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics, and steel.

Its revenue from operations climbed 12.16 per cent to Rs 55.07 crore in fiscal 2021 from Rs 49.10 crore in the previous year.

Pantomath Capital Advisors Pvt Ltd is the sole book running lead manager to the issue. The equity shares are proposed to be listed on the BSE and NSE. PTI SP ANU ANU

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Canada Pension Plan Investment Board (CPPIB) has also increased its stake in Paytm from 1.57 to 1.71 per cent in the quarter ended March 2022, according to the regulatory filing.

Foreign Portfolio Investors’ shareholding more than halved in the company to 4.42 per cent in March 2022 quarter compared to 9.36 per cent stake held by them in December 2021 quarter.

The updated shareholding pattern shows retail investors shares in the company increased to 5,00,42,638 in March 2022 quarter, representing 7.72 per cent stake from 2,26,52,322 shares (3.49 per cent) in December 2021 quarter.

In April, top mutual fund houses and asset management companies that have bought new shares of One97 Communications included SBI Mutual Fund, ICICI Prudential MF, LIC Mutual Fund, IDBI Mutual Fund, IDFC Mutual Fund, DSP BlackRock MF, Edelweiss MF, L&T Mutual Fund, Nippon India MF and UTI Mutual Fund.

In line with the global fintech stocks rout seen in major tech companies, Paytm has also witnessed some foreign investors leaving the company’s shareholding.

Paytm founder and CEO Vijay Shekhar Sharma had recently expressed confidence that the company will achieve operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) break-even in the next six quarters.

The company came out with the Initial Public Offering (IPO) late last year with the issue price of Rs 2,150 per share. However, the scrip has since taken a beating on the bourses and even touched an all-time low of Rs 520 apiece.

Early this month, Sharma had said that the shares of Paytm declined significantly due to volatile market conditions for high growth stocks.

Paytm shares on Thursday closed at Rs 641.25 apiece on the BSE, up by 0.26 per cent compared to its previous close. PTI PRS HVA

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With relaxation of pandemic-related curbs, high vaccination rates, increase in air travel, school holidays, and pent up travel demand, there has been a significant rise in travel bookings during the summer season.

“Industry experts expect the demand for summer travel to rise by an average of 60 per cent in the coming days. Celebrated across different parts of the country, the festive fervour around Vishu, Baisakhi and Easter between 14-17 April contributed to this growth. This trend further reveals that people are keen to travel every chance they get,” the company said in a statement.

A majority of the bookings for patron hotels and homes came from OYO’s direct channels, mainly the OYO app, website and corporate bookings.

Moreover, on an average, 20 per cent of the bookings were made by OYO’s Wizard members.

At its peak, over 950 storefronts (hotels and homes) were sold out with 100 per cent occupancy on April 16. Manali, Haridwar, Amritsar, Goa and Mysore were the most sought-after leisure destinations over the weekend, OYO said.

“Our data also indicates a rise in bookings across leisure destinations such as Gangtok, Srinagar, Coorg, McLeodganj, Nainital, Rishikesh, Darjeeling, Manali and Shillong,” Shreerang Godbole, SVP – Product & Chief Service Officer – OYO, said. PTI RSN RUJ RUJ

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The three-day initial share-sale will open for public subscription from April 26 and the bidding for anchor investors will open on April 25, according to the company.

The IPO is entirely an offer for sale (OFS) of 4,79,50,000 equity shares by promoters and existing shareholders. Those offering shares in the OFS include promoters —  Hari Krishna Agarwal and Nikhil Aggarwal — and existing shareholders — TPG Growth III SF Pte Ltd,  QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta.

At present, promoters hold 78.21 per cent stake in the company while TPG Growth and QRG Enterprises own 17.19 per cent and 3.86 per cent shareholding, respectively.

At the upper end of the price band, the public issue is expected to fetch Rs 1,400 crore.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Further, 2 lakh shares have been reserved for the company’s employees.

Investors can bid for a minimum of 51 shares and in multiples thereof.

BofA Securities India, JM Financial, CLSA India and Kotak Mahindra Capital Company are the merchant bankers that advise the company on the public issue.

Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family.

As of fiscal year 2020, the brand has about 15 per cent of market share in the branded sports and athleisure footwear industry in India by value, which increased to approximately 17 per cent in fiscal year 2021. PTI SP ANU

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The three-day initial share-sale will open for public subscription from April 26 and the bidding for anchor investors will open on April 25, according to the company.

The IPO is entirely an offer for sale (OFS) of 4,79,50,000 equity shares by promoters and existing shareholders. Those offering shares in the OFS include promoters —  Hari Krishna Agarwal and Nikhil Aggarwal — and existing shareholders — TPG Growth III SF Pte Ltd,  QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta.

At present, promoters hold 78.21 per cent stake in the company while TPG Growth and QRG Enterprises own 17.19 per cent and 3.86 per cent shareholding, respectively.

At the upper end of the price band, the public issue is expected to fetch Rs 1,400 crore.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Further, 2 lakh shares have been reserved for the company’s employees.

Investors can bid for a minimum of 51 shares and in multiples thereof.

BofA Securities India, JM Financial, CLSA India and Kotak Mahindra Capital Company are the merchant bankers that advise the company on the public issue.

Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family.

As of fiscal year 2020, the brand has about 15 per cent of market share in the branded sports and athleisure footwear industry in India by value, which increased to approximately 17 per cent in fiscal year 2021. PTI SP SP ANU ANU

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An exclusive branding and sales team has been set up for the expansion plan and the company has earmarked Rs 3 crore in the first phase for this purpose, said head of U Foods India Pvt Ltd (marketing and sales) Pradesh Lenka.

“Indian confectionery market is valued at Rs 14,000 crore (as per a study) in 2022 and India was the world’s fastest growing markets. Our products are being retailed in a phased manner. Starting from north and west, we are now targeting south,” he told reporters.

The official and top executives, including chief operating officer Adwait Pradhan, were here to unveil their popular brand “Yoli Yola.” Yoli Yola soft candies have been priced from Re 1 to Rs 300 while Lollipop range from Rs five to Rs 120 a stick. Yoli Yola chocolate balls have been priced from Rs 10 to Rs 75 and cup jellies at Rs five to Rs 300, he said.

Pradhan said the products were manufactured at its facility in Kundli, Haryana, for which Rs 100 crore has been invested. “Our plant have the relevant ISO certifications and follow stringent quality parameters. We have a well-equipped research and development laboratory where we constantly innovate,” he said.

“We have developed a robust distribution network to retail our multiple products to Indian consumers,” he said.

According to Lenka, the company’s products were being retailed in a phased manner. “Our initial response in this (southern) market bolstered our confidence and hope to expand and consolidate in South,” he said.

“We have built a strong distribution network across India and Yoli Yola is visible across 42,000 outlets to begin with…we have invested approximately Rs 3 crore in the first phase as our promotional budget,” he said.

The company was planning to add more products such as noodles and syrup-based products in the future, he said. PTI VIJ NVG NVG

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New Delhi, Apr 20 (PTI) Capital markets regulator Sebi on Wednesday streamlined the payment of processing fee through the Unified Payments Interface (UPI) system for shares applied for and allotted during an initial public offering (IPO).

In addition, the regulator has devised a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by Self Certified Syndicate Banks (SCSBs) and their corresponding date of actual unblock.

The new format has been put in place after reviewing the performance of SCSBs on timely unblocking of application amounts and feedback received from market intermediaries, Sebi said in a circular.

To claim the processing fee, SCSBs will have to make an application to the merchant bankers with a copy to the Registrar to the Issue in the prescribed format.

This is subject to certain conditions, including the application being made no later than 30 days from the finalisation of basis of allotment by Registrar to the Issue.

Further, SCSBs will have to make the application only after unblocking of application amount and paying the applicable compensation relating to investor complaints.

The SCSBs will continue to be responsible to provide information requested by the merchant bankers/ Registrar to the Issue/ issuer and also remain liable to pay compensation for delays in unblocking of application amounts after the processing fee has been claimed by SCSBs.

“Needless to state that SCSBs are liable to face appropriate action under Securities Laws for non-compliance with the requirements of this circular,” Sebi said.

With regard to SMS alert to investors, Sebi said the SCSBs/UPI apps eligible for public issues will send SMS alerts to investors for all ASBA applications and may also provide the invoice in the inbox as an additional feature to verify the UPI mandate details.

This comes after NPCI had approached Sebi with a proposal to include invoice in the inbox as one of the options for ensuring timely information to investors.

The details that need to be sent through SMS include name of the IPO, application amount and date on which amount was blocked in case of blocking of ASBA application amounts through bank, online and UPI channels.

In case of debit and unblocking of ASBA application amounts, the SMS should have details such as name of the IPO, amount to be debited and date on which amount was debited in full allotment scenario. In the case of non-allotment, SMS should have information about amount to be unblocked and date on which amount was unblocked.

This circular will come into force with immediate effect. Provisions of this circular will become part of the offer documents, including draft red herring prospectus (DRHP) and red herring prospectus (RHP), Sebi said.

In March 2021, Sebi had put in place measures to have a uniform policy to further streamline the processing of ASBA applications through UPI process among intermediaries or SCSBs, and also to provided a mechanism of compensation to investors. PTI SP RUJ ABM ABM

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The three-day Initial Public Offering (IPO) will conclude on April 28. The bidding for anchor investors will open on April 25, according to the company’s draft red herring prospectus filed with markets regulator Sebi.

The IPO is entirely an offer for sale (OFS) of 4.79 crore equity shares by promoters and existing shareholders.

Those offering shares in the OFS include promoters —  Hari Krishna Agarwal and Nikhil Aggarwal — and existing shareholders — TPG Growth III SF Pte. Ltd,  QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta.

At present, promoters hold 78.21 per cent stake in the company while TPG Growth and QRG Enterprises own 17.19 per cent and 3.86 per cent shareholding, respectively.

BofA Securities India Limited, JM Financial, CLSA India and Kotak Mahindra Capital Company are the merchant bankers that advise the company on the public issue.       Campus Activewear introduced the brand ‘Campus’ in 2005 and offers a diverse product portfolio for the entire family.

The brand enjoys about 15 per cent of market share in the branded sports and athleisure footwear industry in India by value for fiscal 2020, which increased to approximately 17 per cent in fiscal 2021. PTI SP HVA

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Godavari Biorefineries Ltd CEO and Managing Director Samir Somaiya told PTI that the company has already received the market regulator Sebi’s final approval for its initial public offering (IPO).

“We got Sebi’s final comments on our IPO request during November-end (2021). We have one year to get listed. We will look at the right time for the listing,” he said.

Stating that the geo-political situation has changed in the last few months, Somaiya said: “We will see how the geo-political situation changes and if the time is right and the market is once again ready for the listing, then we will plan the listing.” The company has time till November this year to list the IPO. About Rs 370 crore would be the primary offering, he said.

Sources, however, said the cumulative size of IPO would be over Rs 700 crore from a mix of primary and secondary offerings.

“IPO funding is going for the investments that we are doing in Karnataka,” Somaiya added.

Godavari Biorefineries Ltd has two manufacturing sites — Bagalkot (Karnataka) and Ahmednagar (Maharashtra) besides research and development (R&D) units.

As there is huge opportunity in green and sustainable chemistry, Somaiya said the company has begun expansion of ethanol capacity from current 380 kilolitre per day (KLPD) to 570 KLPD and it will be completed by November this year.

The company is also in the “development stage” of manufacturing second generation ethanol and energy cane, he said.

“We are working much more on research. We have done a lot of work on 2nd, 3rd (generation) ethanol. We think the time for that will come (for 2nd generation ethanol). We know how to do it and gaps that need to be filled. I will say it is in the development stage,” he added.

Recently, the company performed a ‘bhoomi pujan’ of a speciality chemical plant and opened a research lab at Ahmednagar. Mumbai-headquartered Godavari Biorefineries exports both sugar and bio-chemicals. It has customers from over 20 countries. PTI LUX MR MR

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Unified Payments Interface (UPI), Buy Now Pay Later (BNPL), Central Bank Digital Currency (CBDC) and offline payments will drive growth of digital payments in India in the next five years, PwC India said in a report.

UPI is expected to continue to be the major contributor in the digital payments space, followed by BNPL, it said.

The Indian digital payments market saw steady growth at a CAGR of 23 per cent (volume wise), and is expected to reach 217 billion (21,700 crore) transactions in FY26 from 59 billion (5,900 crore) in FY22, said the report titled ‘The Indian Payments Handbook – 2021-26’.

In 2020-21, UPI transactions reached a record 22 billion (2,200 crore), and it is expected to reach 169 billion (16,900 crore) by 2025-26, growing at a CAGR (compounded annual growth rate) of 122 per cent, it said.

Partnerships with other countries in Asia to enable low-value transactions and cross-border remittances through UPI will contribute to this growth. BNPL, which is currently estimated at Rs 363 billion (Rs 36,300 crore), is expected to reach Rs 3,191 billion (Rs 3,19,100 crore) by the end of 2025–26, according to the report.

“We expect the payments industry to focus heavily on enhancing customer experience and providing customer options for payment, enhancing security, undertaking innovations in technology like distributed ledger technology (DLT) and emerging tech like IoT (Internet of Things) over the next couple of years.

“With the efforts and initiatives of key stakeholders such as regulators, banks, payment/fintech companies, card networks and service providers, the industry is going to see tremendous growth in the coming years,” Mihir Gandhi, Partner & Payments Transformation Leader, PwC India, said.

Presenting a snapshot of the trends that will contribute to growth of digital payments industry in India, the report said that existing products and emerging use cases such as UPI, Fastag, transit (NCMC) and cards will continue to make inroads and gain additional wallet share of the Indian customers. These methods will continue to drive the growth in adoption and transactions numbers, said the report.

Enabling recurring payments and IPO subscriptions along with cross-border remittances will provide a boost to UPI. Parking and fuel payments are being explored as new use cases for Fastag, PwC report said further.

“The emergence of new players with a focus on digital journeys and expanding customer base in tier 3 and 4 locations will drive the growth for cards. Integration of NCMC with debit and credit cards alongside prepaid with news of public transport operators going live with acceptance infrastructure will bode well for the transit segment.” Further, it said, with the RBI allowing to expand the scope of tokenisation to cover additional use cases like laptops, desktops, wearables, IoT devices along with card-on-file tokenisation (CoFT), with enhanced card-related security, will ensure that the overall customer check-out experience remains intact.

This is significant for leading merchants in grocery and retail, food delivery and apparel, among others who experience repeated purchase transactions from their customers, said the report.

With regard to offline payments, PwC report said the recent RBI guidelines on offline payments have provided a much-needed impetus to the segment.

“Poor connectivity and lack of access to online payment methods have opened up an opportunity for offline payments. Efforts have been made by various players in the past to develop and deploy such solutions but with limited success.” They will give the necessary directions to the participants in developing offline payments solutions. Further, it will encourage banking and non-banking companies to collaborate with the solution developers, as per the report.

In the corporate payments space, financial institutions and service providers are offering payment solutions which can fulfil all the requirements of organisations and increase their operational efficiencies.

Integrating payments into enterprise resource planning software that helps to automate essential business functions, and utilising payments data to improve operational efficiency and optimise essential processes are some of the use cases.

On the proposed CBDC, it said, given the present scenario, the central bank’s digital currency will need to co-exist along with the existing rails rather than replace them.

“Some of the prominent use cases of CBDC that are applicable in the Indian context are programmable direct benefit transfer, online and offline retail payments and cross-border remittances,” it said. PTI KPM HVA

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The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC.

The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.

Last month, Sebi gave approval to the draft papers and the insurer is in the process of filing a request for proposal with changes.

Following the Cabinet approval, the Department for Promotion of Industry and Internal Trade (DPIIT) on March 14 had amended the Foreign Direct Investment (FDI) policy to facilitate overseas investment in LIC ahead of the mega public offer.

FEMA notification was required to operationalise the provisions DPIIT issued through a press note, including FDI policy changes that will allow large foreign portfolio investors to subscribe to shares of LIC.

“These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022,” said a gazette notification issued recently.

The notification has inserted a paragraph in the existing policy, allowing up to 20 per cent FDI in LIC through the automatic route.

Since the foreign inflows’ ceiling for public sector banks is 20 per cent under government approval route as per the present FDI policy, it has been decided to allow foreign investment of up to 20 per cent in LIC and other such corporate bodies.

“Foreign investment in LIC shall be subject to the provisions of the Life Insurance Corporation Act, 1956, (LIC Act) as amended from time to time and such provisions of the Insurance Act, 1938, as amended from time to time, as are applicable to LIC,” it said.

Setting the stage for the country’s biggest-ever public offering, Sebi has approved the draft prospectus for sale of a 5 per cent stake by the government for an estimated Rs 63,000 crore.

According to the draft paper, LIC’s embedded value, a measure of the consolidated shareholders’ value in an insurance company, has been pegged at about Rs 5.4 lakh crore as of September 30, 2021 by international actuarial firm Milliman Advisors.

Although the DRHP does not disclose the market valuation of LIC, as per industry standards it would be about three times the embedded value or around Rs 16 lakh crore.

The LIC public issue is expected to be the biggest IPO in the history of the Indian stock market. Once listed, LIC’s market valuation will be comparable to top companies like RIL and TCS.

So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

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Sports and athleisure footwear company Campus Activewear plans to expand its distribution network and deepen its footprints in western and southern regions, a top official of the company said.

According to market sources, the company is planning to get listed on stock exchanges in May 2022.

Besides, the homegrown footwear maker, which is backed by equity fund TPG Growth and QRG Enterprises, also plans to expand its offering in the high-margin women and kids portfolio, Campus Activewear CFO Raman Chawla said.

As part of that, Campus will strengthen its network of exclusive brand outlets (EBO) and enhance its omnichannel presence and online sales.

“Campus will continue to build the D2C channel for driving premiumization and growth in other consumer segments like women and kids. We expect that these initiatives will substantially increase our network coverage across India,” Chawla told PTI.

The company also plans to hire additional hands to supplement its sales network expansion.

Presently, Campus has around 100 exclusive brand stores, of which around 65 are company-owned and the rest are on the franchise model, he said.

In FY21, Campus added 190 new distributors while in the first half (April-September) of FY22, it added 53 distributors.

The Delhi-based company, which has an installed capacity to manufacture 25.6 million pairs annually, said it has achieved sales of around Rs 1,000 crore from April to December 2021.

Chawla also raised concerns over inflationary pressure on the key raw material inputs and said it has forced the company to go for around a 5 per cent price hike in FY21.

While the pandemic impacted FY21, its revenues from operations were Rs 711.28 crore.

The company has been growing at a CAGR of 25 per cent in the last 10 years, Chawla said.

While talking about e-commerce, he said 20 per cent of its business is now coming from new-age digital sales channels. “It has gone up from Rs 20 crore to Rs 400 crore in the last three years,” Chawla said.

Around 75 per cent of its sales come from non-metro cities and tier-I regions contribute the rest.

As part of its strategy, the company is focusing on the domestic market and it believes that it has enough headroom to grow. Citing a Technopak Report, Chawla said the sports and athleisure footwear market is around Rs 9,000 crore, which is shifting toward branded players.

Campus Activewear claims a market share of 17 per cent in branded sports and athleisure footwear industry in India by value for FY21.

The company filed a draft red herring prospectus (DRHP) last year and has proposed an offer for sale (OFS) of 5.1 crore equity shares by promoters and existing shareholders in the initial public offering (IPO).

Those offering shares in the OFS include promoters Hari Krishna Agarwal and Nikhil Aggarwal and investors such as TPG Growth III SF Pte Ltd and QRG Enterprises Ltd.

At present, promoters hold a 78.21 per cent stake in the company, TPG Growth and QRG Enterprises own 17.19 per cent and 3.86 per cent, respectively. The balance 0.74 per cent stake is held by individual shareholders and current employees.

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The IPO consists of a fresh issue of equity shares aggregating to Rs 650 crore, and an offer for sale (OFS) of up to 7.2 crore equity shares by a promoter and an existing shareholder, according to the draft red herring prospectus (DRHP).

The OFS comprises sale of up to 37 lakh equity shares by promoter Ramesh Kunhikannan and up to 35 lakh equity shares by existing shareholder Freny Firoze Irani.

The offer also includes reservation of up to Rs 1.5 crore for subscription by eligible employees.

The company may consider a further issue of equity shares, including a rights issue, private placement, preferential offer, or any other method aggregating up to Rs 130 crore. If such placement is completed, the fresh issue size will be reduced.

The proceeds from the fresh issue worth Rs 130 crore will be used to repay debt and Rs 98.93 crore will be utilised for funding capital expenditure for its manufacturing facilities at Mysore and Manesar.

Also, the company plans to use Rs 149.30 crore towards investment in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka. It will use up to Rs 114.74 crore for funding working capital requirement and general corporate proposes.

Mysore-based Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services.

It has experience in providing conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things, information technology (IT) and other segments.

The company has eight production plants in the states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand. It has a total capacity of approximately 600 million components as of December 2021.

For FY21, the company posted a revenue of Rs 420.63 crore as against Rs 368.24 crore in the preceding fiscal. Net profit for the period under review was at Rs 9.73 crore as compared to Rs 9.35 crore in the previous financial year.

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue. PTI SP ABM ABM

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The IPO of Senco Gold comprises fresh issue of equity shares aggregating up to Rs 325 crore and an offer for sale of equity shares of Rs 200 crore from existing private equity shareholder, SAIF Partners India IV Limited.

According to the DRHP, the company proposes to utilise Rs 240 crore of net proceeds from the fresh issue for funding working capital requirements and the rest for general corporate purposes, the sources said.

Besides, the company may consider a pre-IPO placement of equity shares aggregating up to Rs 65 crore. If the pre-IPO placement is undertaken, the amount raised from the pre-IPO placement will be reduced from the fresh issue.

SAIF Partners India IV Limited had been an investor in the company since 2014 and will make an exit in the IPO.

The eastern India largest jewellery chain recently concluded raising of Rs 75 crore from another PE fund, Oman India Joint Investment Fund II, it said.

Senco Gold currently has 127 showrooms – 70 company operated showrooms and 57 franchisee showrooms with a total area of approximately 393,342 square feet in 89 cities and towns across 13 states in India.

Some of its franchisee showrooms are located in areas other than metros and tier-I cities providing a greater reach in tier-2 and tier-3 locations, the DRHP said.

Its revenue from operations grew at a CAGR of 9.92% from Rs 2420 crore as of March 31, 2020 to Rs 2660 crore as of March 31 2021, the document said.

The revenue from operations was Rs 2467 crore for the eight months ended November 30, 2021 on a consolidated basis, while profit in this period crossed the Rs 100 crore mark, it added. PTI BSM KK KK

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The deal activity showed an increase of 54 per cent by value at USD 15.5 billion across 360 deals, largely on the back of heightened activity in the startup space, the monthly report by IVCA and EY said.

“While India’s position as an attractive destination for PE/VC investments is expected to remain strong in 2022 given its high growth and macroeconomic and policy stability, the continuing geopolitical tensions, rising inflation, quantitative tightening by the US FED and inversion in the US yield curve are potential downside risks, making investors circumspect,” Partner at EY Vivek Soni said.

Exit activity showed a 16 per cent decline at USD 4 billion for the quarter, making it the lowest in the last five quarters in the absence of large strategic and secondary deals.

“A drought in PE-backed IPOs has further dampened the value of PE/VC exits. Nonetheless, the past three months have recorded a rising trend in the number of exits despite the absence of PE-backed IPOs,” Soni added.

On the investment front, there were 45 large deals aggregating to USD 10.1 billion in the quarter ended March, compared to 30 large deals aggregating to USD 6.7 billion in the year-ago period, and 53 large deals worth USD 19.5 billion in the preceding December quarter, the report said.

If one were to exclude investments in real estate and infrastructure sectors, the total bets were recorded at USD 13.9 billion in the March quarter, which is 77 per cent higher than the USD 7.8 billion recorded in the year-ago period, and 36 per cent lower than the value recorded in the December quarter at USD 21.6 billion, it added.

The report further said that the start-up investments were the highest in the March quarter with USD 7.7 billion invested across 255 deals as compared to USD 2.8 billion across 175 deals in the year-ago period and USD 9.6 billion across 233 deals in the preceding December quarter.

From a sectoral perspective, five sectors recorded more than USD 1 billion in investments in the quarter, among which, financial services received the highest value of investments at USD 3.2 billion across 71 deals, followed by the e-commerce sector which recorded USD 2.7 billion across 47 deals, and the technology sector with USD 2.6 billion invested across 59 deals.

The March quarter saw USD 4.6 billion in fundraising compared to USD 1.7 billion in the year-ago period and USD 1.6 billion in the preceding December quarter, the report noted. PTI AA AJ AJ

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This acquisition will further strengthen RR Kabel’s consumer electrical goods business, which has a portfolio of fans, lights and appliances, company’s Managing Director Shreegopal Kabra said while sharing updates about the deal in a virtual press conference.

Besides, RR Kabel plans to bring its IPO and get the company listed on stock exchanges in the last quarter of 2023, he added.

The Luminous Power deal is subject to closing adjustments and expected to complete in May this year, Kabra added.

When asked about the valuation of the deal, Kabra said:”Both the companies are unlisted and have decided not to disclose the amount.” Luminous’ HEB consists of fans and lights and would help RR Kabel enter into the premium segment of this category.

Under this category, Luminous recently introduced its series of energy-efficient star-rated premium designer fans in India.

As part of the deal, RR Kabel would have rights to use the Luminous brand for four years for the existing product lines of fans and lighting under a Brand Licensing Agreement, Kabra added.

In 2011, Schneider had acquired 74 per cent stake of Luminous Power and later in 2017, it acquired the balance 26 per cent.

When asked about the synergy between the business of the company and the acquired entity, Kabra said Luminous is operating in the premium category, which was the “missing link” for the Fast Moving Electrical Goods (FMEG) business of RR Kabel.

Commenting on the development, RR Kabel CEO – Consumer (FMEG) Business Vivek Abrol said, after the deal, the company is now “reorienting” its target for the segment.

“Earlier, our vision without this Luminous HEB was, touching Rs 1,000 crore business in next 3-4 years time. However, the goal is now reoriented. We want to touch about Rs 2,000 crore in next 5 to 6 years,” Abrol added.

RR Kabel had a revenue of Rs 300 crore from the fan and light segment last fiscal year.

“We are getting exciting assets from HEB such as R&D, an entire sales infrastructure with 500 to 600 channel partners. This will add up and make it overall 1,000 channel partners,” he said.

RR Kabel is a part of RR Global, a USD 1.25 billion conglomerate, in which TPG Capital owns 21 per cent stake. The US private equity firm had invested around Rs 630 crore in September 2018.

“They have a strategic role,” he said adding the equity firm helps in the organic and inorganic growth strategy.

When asked about any plans to get the company listed on exchanges, Kabra said they are not in a hurry but it could be in the last quarter of 2023.

RR Kabel’s overall revenue is around Rs 5,400 crore and the company expects to reach the Rs 10,000-crore mark in the next two years, said Kabra. PTI KRH KRH ANU ANU

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Shares of Hariom Pipe Industries on Wednesday jumped nearly 51 per cent against the issue price of Rs 153 in its debut trade.

The stock made its debut at Rs 214, registering a jump of 39.86 per cent against the issue price on the BSE. It later zoomed 46.86 per cent to settle at Rs 224.70.

On the NSE, the stock opened at Rs 220, a gain of 43.79 per cent from the issue price and jumped 50.98 per cent to settle at Rs 231.

The Rs 130-crore Initial Public Offering (IPO) of Hariom Pipe Industries was subscribed 7.93 times earlier this month.

The issue was open for subscription from March 30 to April 5.

The Hyderabad-based company manufactures steel products and has a wide distribution network in south India. It caters to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, solar power, power, cement, mining and engineering. PTI SUM SUM AJ AJ

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The city-based company hopes to have around Rs 820 crore revenues in the fiscal ended March 31, 2022, up from over Rs 530 crore recorded in FY21.

Further, the company aims to grow 20 per cent in the current fiscal. As of December 2021, its revenue stood at Rs 607 crore and operating profit at Rs 89 crore while the net margin stood at 14.6 per cent.

JK Files & Engineering’s Managing Director Balasubramanian V told PTI that if the market improves and the China-plus-one strategy works the way it is being planned, the company hopes to cross the Rs 1,000-crore revenue mark this fiscal, which will be a growth of 20 per cent over FY22.

The company expects to clock a net income of Rs 50 crore in FY22 and Rs 75 crore this fiscal, he added.

It had filed for a Rs 800-crore initial public offering last month.

JK Files is a global leader in steel files in terms of market share and manufacturing capacity with five plants across Chipulin and Ratnagiri in Maharashtra, Vapi in Gujarat, and Pithampur near Indore.

“We are doing everything to leverage the China-plus-one strategy adopted by global companies. We aim to cash in on this and increase our international distribution network to expand our presence in North America, Europe, Latin America and Asia. Further, we seek to further increase market share in markets like Africa,” Raymond Group Chief Financial Officer Amit Agarwal told PTI.

With a capacity of 7.3 million steel files, JK Files is the world leader in the category commanding 25-27 per cent of the global supplies and is also the second largest supplier globally of steel files under its own brand names with a market share of 10-12 per cent in terms of volume in 2020, according to a Crisil report.

JK Files nets 53 per cent of its revenue from exports selling its wares in as many as 55 markets, and has a strong presence in the Asian, African and Latin American markets and is the largest brand in Africa commanding 50-55 per cent of steel files volume.

It also is a leading player in the drills segment in the domestic market with a share of 8-10 per cent in value in fiscal 2021, according to Crisil.

On expansion, Balasubramanian said the company is increasing the ring gear capacity from 8.20 million units per annum (as of June 2021) to 9.20 million units, and water pump bearing capacity from 3.90 million units per annum (as of June 2021) to 5.70 million units per annum.

The company is also planning a second phase of expansion to take the ring gears and water pump bearing capacity by 2 million units and 3 million units, respectively, and flex plates capacity by 0.40 million units, he said.

Agarwal said the company typically spends around Rs 40 crore annually on capex, but the next two years will see investment outgoes touching Rs 150-160 crore to aid the planned massive expansion.

JK Files arm Ring Plus Aqua enjoys 52-56 per cent of the ring gears market among domestic passenger vehicle industry and 46-50 per cent of the domestic commercial vehicle industry.

It is the sole domestic manufacturer of flex plates, catering to 25-27 per cent of the demand. Its auto components clients include Tata Motors, Mahindras, John Deere, Maruti, Toyota among others, Balasubramanian said.

Being a debt-free company, JK Files intends to fund expansion through internal accruals, Agarwal said, adding that the entire IPO proceeds of Rs 800 crore will be utilised to reduce the debt in the parent’s books which was around Rs 1,250 crore. PTI BEN RAM RUJ

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The IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by promoter and existing investors, according to the draft red herring prospectus (DRHP).

As a part of the OFS, promoter Meena Bindra will offload up to 37.52 lakh equity shares and private equity investors, Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund will sell up to 1.84 crore and 55.86 lakh equity scrips, respectively.

Fund raised through the fresh issuance of equity shares will be used to repay debt and for general corporate purpose.

Launched in 1986, the company’s flagship brand ‘BIBA’ is a ‘category creator’ in the women’s Indian wear segment.

The company develops, designs, sources, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands, catering to almost all of a woman’s Indian wear needs and also offers consumers a range of products across jewellery, footwear, wallets and fragrances.

According to a Technopak Report, the women’s apparel market in India was estimated at USD 21.8 billion, or 36 per cent of the total apparel market in the country, as of financial year 2020, and is expected to outgrow other major market segments, such as menswear and kidswear, and may reach USD 33.8 billion by financial year 2025.       JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue. PTI SP ANU ANU

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In contrast, on the NSE, it ended at Rs 131.25 apiece, lower by 4.19 per cent. Earlier in the day, it opened at Rs 125, a discount of 8.75 per cent. During the day, shares of the company hit a high of Rs 131.25 and a low of Rs 125.

The stock made its debut at Rs 157, a gain of 14.59 per cent on the BSE. During the day, it jumped 20.32 per cent to Rs 164.85. The stock settled at Rs 160.40 apiece, a gain of 17 per cent.

In traded volume terms, 22.89 lakh shares were traded on the BSE and 30.43 lakh shares on the NSE during the day.

The initial public offering of Veranda Learning Solutions Limited was subscribed 3.53 times late last month.

The Rs 200-crore public offer had a price range of Rs 130-137 a share.

The company offers diversified and integrated learning solutions in online, offline-hybrid and offline-blended formats to students, aspirants and graduates, professionals and corporate employees. PTI SUM SHW SHW

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The IPO comprises fresh issue of equity shares aggregating up to Rs 300 crore and an offer-for-sale (OFS) up to 12,826,224 equity shares by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP).

As a part of the OFS, promoters — Suresh Tyagi and Jimmy Tyagi — will offer up to 1,019,995 equity shares each and investor PI Opportunities Fund-I will sell up to 10,786,234 equity shares.

The company proposes to utilise the net proceeds from the fresh issuance of equity shares towards funding debt as well as working incremental requirements and general corporate purposes.

Gold Plus Glass Industry is one of the leading float glass makers in India, with 16 per cent share of manufacturing capacity in fiscal 2021. The company’s products cater to a range of end-use industries including automotive, construction and industrial sectors, with a variety of applications.

IIFL Securities, Axis Capital, Jefferies India and SBI Capital Markets are the book running lead managers to the issue. PTI SP DRR

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Shares of Veranda Learning Solutions Ltd made a mixed debut on the exchanges on Monday, where it listed with nearly 15 per cent premium on BSE, against the issue price of Rs 137.

In contrast, at the NSE, it opened at Rs 125, a discount of 8.75 per cent. It hit a high of Rs 131.25 and a low of Rs 125.

The stock made its debut at Rs 157, a gain of 14.59 per cent on the BSE. Later, it jumped 18.97 per cent to Rs 163.

The initial public offering of Veranda Learning Solutions Limited was subscribed 3.53 times late last month.

The Rs 200-crore public offer had a price range of Rs 130-137 a share.

The company offers diversified and integrated learning solutions in online, offline-hybrid and offline-blended formats to students, aspirants and graduates, professionals and corporate employees. PTI SUM DRR

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“The Reserve Bank has over the years taken a number of measures to enhance consumer protection. These measures include laying down regulatory frameworks on customer service, internal grievance redress and the Ombudsman mechanisms,” RBI Governor Shaktikanta Das said while announcing bi-monthly monetary policy.

In view of the transformation underway in the financial landscape due to innovations in products and services, deepening of digital penetration and emergence of various service providers, he said, a committee was proposed to set up to examine and review the current state of customer service in the RBI Regulated Entities (RE), adequacy of customer service regulations and suggest measure to improve the same.

Regulatory instructions are issued to regulated entities based on the conditions prevailing in the financial system, findings of conduct supervision, analysis of complaints received, and recommendations received from various Committees set up for this purpose.

The important committees set up by the RBI on customer service over the years include Talwar Committee on Customer Service (1975), Goiporia Committee (1990), Tarapore Committee on Procedures and Performance Audit on Public Services (CPPAPS, 2004) and Damodaran Committee on Customer Service (2010).

To facilitate better understanding and assessment of the potential impact of climate-related financial risks by Regulated Entities, Das said, a Discussion Paper on Climate Risk and Sustainable Finance will be published shortly for feedback.

Climate change may result in physical and transition risks that could have implications for the safety and soundness of individual regulated entities as well as financial stability.

Thus, there is a need for Regulated Entities to develop and implement a sound process for understanding and assessing the potential impact of climate-related financial risks in their business strategy and operations, as per the Statement on Developmental and Regulatory Policies.

This would require, among other things, an appropriate governance structure and a strategic framework to effectively manage and address these risks. Further, some regulatory initiatives in the area of climate risk and sustainable finance would also help the regulated entities to better handle climate risk and guide them in the transition period, it said. PTI DP DRR

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The listing will help insurance players to raise capital for growing their business and also deepening the insurance penetration in the country, he said.

“We are asking insurance companies to go for listing so that they can have access to the capital. Today, with the LIC’s listing, close to 60 per cent of the market gets listed.

“That brings in a lot of transparency, disclosures and access to the market to raise capital. This will help them grow and our ultimate target of deepening insurance penetration will happen,” Panda, who took over the charge of Irdai Chairman last month, told reporters.

The chairman was in Mumbai on a two-day visit starting April 6 to meet various stakeholders of the insurance industry.

Panda, the former financial services secretary, said the insurance regulator is nudging the players for listing and will also facilitate them in the process.

“We will also ask them to give us a road map on what time they will be able to go for a listing. It is a multi-pronged strategy so that they have easy access to capital,” he said.

The regulator is also revisiting the current investment norms that have been laid down and will look at relaxing some of the regulations to remove any bottleneck for insurance companies in getting more capital, Panda said.

In February this year, the government had filed the draft red herring prospectus (DRHP) with markets regulator Sebi for Life Insurance Corporation of India’s (LIC) initial public offering.

Sebi had approved the mega IPO proposal of LIC in March.

The government is expecting to garner over Rs 60,000 crore by selling about 31.6 crore or 5 per cent stake in state-owned life insurer. PTI HV BAL BAL

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The public issue comprises fresh issue of equity shares, aggregating up to Rs 500 crore, and an offer for sale of equity shares to the tune of up to Rs 100 crore by promoters — NCBG Holdings Inc and VNG Technology, according to the Draft Red Herring Prospectus (DRHP).

Besides, the company may explore pre-IPO placement, aggregating up to Rs 50 crore. If such placement is completed, the amount raised through the fresh issue will be reduced.

The company proposes to utilise the net proceeds from the fresh issue towards debt payment, funding working capital requirements, investment in its wholly-owned subsidiary Raneal Advanced Systems to fund its capital expenditure expenses and general corporate purposes.

The Bengaluru-based company is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies, and are also involved in kitting.

DCX Systems’ revenue from operations grew at a CAGR of 46.22 per cent from Rs 299.87 crore in fiscal 2019 to Rs 641.16 crore in fiscal 2021, and revenue from operations was at Rs 728.23 crore in nine months ended December 31, 2021. The company’s order book has increased from Rs 1,042.30 crore as of March 31, 2019 to Rs 2,855.01 crore as of March 31, 2021.

Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors are the book running lead managers to the issue. The equity shares are proposed to be listed on both the bourses, BSE and NSE. PTI SP SHW SHW

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The public issue received bids for 6.74 crore shares as against the 85 lakh on offer, translating into a subscription of 7.93 times, according to the data available on NSE website.

The IPO received robust response from retail investor as the portion set aside for them was subscribed the most at 12.15 times, followed by non-institutional investors (8.87 times) and qualified institutional buyers (1.91 times).

The issue, which kicked off for subscription on March 30, concluded on April 5.

Hariom Pipe Industries is expected to garner Rs 130 crore at the higher end of the price band of Rs 144-Rs 153. The proceeds generated will be utilised for funding capital expenditure requirements, working capital requirements and the remaining for general corporate purpose.

The Hyderabad-based company manufactures steel products and has a wide distribution network in south India. It caters to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, solar power, power, cement, mining and engineering. PTI SP SP RUJ RUJ

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The initial public offering (IPO) of Hariom Pipe Industries was subscribed 3.44 times on the fourth day of the bidding on Monday.

The public issue received bids for 2.92 crore shares as against the 85 lakh on offer, translating into a subscription of 3.44 times, according to the data available on NSE website.

Retail portion of the IPO was subscribed the most at 7.18 times, followed by non-institutional investors (1.93 times) and institutional buyers (83 per cent).

The issue, which kicked off for subscription on March 30, will be open till April 5.

Hariom Pipe Industries is looking garner Rs 130 crore at the higher end of the price band of Rs 144-Rs 153. The proceeds generated will be utilised for funding capital expenditure requirements, working capital requirements and the remaining for general corporate purpose.

The Hyderabad-based company manufactures steel products and has a wide distribution network in south India. It caters to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, solar power, power, cement, mining and engineering. PTI SP RUJ RUJ

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International Telecommunication Union (ITU) is the United Nations specialised agency for information and communication.

Aprajita Sharrma, currently posted as Deputy Director General (DDG), Budget and Public Enterprise Finance in the Department of Telecommunications, will be the vice chairperson of the Council Standing Committee for 2023 and 2024 and its chairperson for 2025 and 2026, an official statement said.

Sharma is actively involved with ITU activities. She is also the Rappourteur for study group 2 at ITU development sector, and is instrumental in writing final report along with ITU and member countries for 2018/2021 period on ICTs and environment, which deals with e-waste management and role of frontier technologies in climate change mitigation, according to the statement.

The ITU is governed by the Plenipotentiary Conference and the Administrative Council. The Plenipotentiary Conference is the supreme organ of the Union, which determines the direction of the Union and its activities.

The Council, on the other hand, acts as the Union’s governing body in the interval between Plenipotentiary Conferences.

Its role is to consider broad telecom policy issues to ensure that the Union’s activities, policies and strategies fully respond to today’s dynamic, rapidly changing telecommunications environment, the release said. PTI MBI MBI HVA HVA

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The company will not receive any proceeds from the offer as all of it will go to the promoter selling shareholder.   KFin is majority owned by funds managed by General Atlantic, a leading global private equity investor, which holds a 74.94 per cent stake in the company. Last year, Kotak Mahindra Bank had acquired 9.98 per cent stake in the company.

The company provides services to asset managers and corporate issuers across asset classes in India. It also provides solutions, including transaction originating and processing for mutual funds and private retirement schemes in Malaysia, Philippines and Hong Kong.  KFin is the country’s largest investor solutions provider to Indian mutual funds based on the number of asset management company (AMC) clients serviced as on January 31, 2022. The firm provides services to 25 out of 42 AMCs in India, representing 60 per cent market share.

For the nine months ended December, KFin posted revenues from operations at Rs 458 crore and a net profit of Rs 97.6 crore, representing a year-on-year growth of 35 per cent and 313 per cent, respectively.

ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE as well as NSE. PTI SP SP RUJ RUJ

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The Rs 200-crore public offer received bids for over 4.15 crore shares against 1.17 crore shares on offer, according to the data available with the NSE.

The category meant for Retail Individual Investors (RIIs) received 10.76 times subscription, while non-institutional investors portion got subscribed 3.87 times and Qualified Institutional Buyers (QIBs) 2.02 times.

The Initial Public Offering (IPO) had a price range of Rs 130-137 a share.

Systematix Corporate Services was the manager to the offer.

The company offers diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants and graduates, professionals and corporate employees.

The equity shares are proposed to be listed on both BSE and NSE. PTI SUM SHW SHW

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Gurugram-based DreamFolks Services, which is awaiting the regulatory nod to launch its Rs 1,000-1,200-crore primary share sale, is the largest airport lounge services aggregator serving 51 of the leading airports and its contract from the Railways makes it the only provider of such services at railways stations.

“The Railways has awarded us the contracts to offer our services at the lounges of the New Delhi, Ahmedabad, Ernakulam, Madurai, and Sealdah stations. We are working on to launch the services at the earliest,” Liberatha Peter Kallat, founder-chairperson and managing director of DreamFolks, told PTI from Hyderabad.

Entering railway stations is part of the company’s planned expansion into newer sectors so that it can create more customer engagement and provide better loyalty management solutions, she added.

Recently, airport lounge services facilitated by DreamFolks were launched in Srinagar and Visakhapatnam as well as at Phoenix Sky Harbor airport in Arizona in the US and also at the Aberdeen airport in Scotland, she said.

Kallat expressed hope that the government’s plans to build 25 new airports over the next four years is a large opportunity for her company.

Quoting a Frost & Sullivan report, she said airport services may register a high growth of Rs 5,385 crore by FY30 as the number of lounges is expected to grow to 295 by 2040.

Airport services revenue rose from Rs 1,305 crore in FY17 to Rs 1,842.5 crore in FY19, and further to Rs 1,888 crore in FY21, according to the Frost & Sullivan report.

Between fiscal years 2019 and 2020, DreamFolks’ revenue grew from Rs 248.5 crore to Rs 3,67.8 crore while its pre-tax profit rose from Rs 21.8 crore to Rs 43.5 crore. Revenue for fiscal 2021 was much down at Rs 1,08 crore due to the pandemic. For the first six months of FY22, its revenue stood at Rs 84.9 crore and net income at Rs 1.1 crore.

DreamFolks currently provides services to all credit card networks like and many banks apart from managing airlines’ loyalty programmes and lounges. PTI BEN ANU RAM

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Edtech startup Vedantu on Thursday said it is on track to be “IPO-ready” in 18-24 months, and is upbeat about the India market prospects that offer ample headroom for growth.

With COVID-19 cases receding and offline learning modes opening up, the blazing pace of growth in online learning has sobered a bit, but the market is still yielding robust growth numbers, it said.

The company said that as much as 90-95 per cent of the market remains unpenetrated, offering massive scope for edtech players to expand.

Vedantu said it is adequately funded for now, and does not anticipate fresh funding requirement for the next two years. The company, last year, raised USD 100 million from a clutch of investors, and had entered the coveted unicorn club.

“Within the time frame of 18-24 months we want to be IPO-ready, which means the shape of our P&L (Profit and Loss), our systems and associated processes, we want to be robust and mature in those,” Vamsi Krishna, CEO and co-founder of Vedantu, said at a virtual briefing.

On the IPO plans, Krishna said that the company is looking at a broad timeline of 18-24 months, and “everything seems to be on track for that”.

Vedantu experienced “12 times” growth on its key metrics amid the pandemic. The company now sees “hyper growth”, making way for “growth” post-COVID.

“Even before COVID, our growth rates were pretty strong, not as strong as during COVID times… but 2-2.5 times is still strong growth. What COVID did was that it accelerated that growth. With cases receding, the acceleration will go back and normalcy will come, which is over 2-2.5 times,” Krishna said.

Vedantu on Thursday launched WAVE 2.0, an interactive and engaging classroom, at its event Vtopia.

“The patented technology will redefine the learning experience and performance recognition at a whole new level. The 2.0 version of the WAVE (Whiteboard Audio Video Environment) learning platform envisions inspiring every child, making quality education accessible and creating an impact at scale in India,” the company said in a statement.

Vedantu offers individual and group classes across K-12 and test preparation segments. Students can take individual or group classes on its app or website. Classes are delivered in real time and interactive online learning environment. PTI MBI MBI HVA HVA

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The company operates and manages private hospitals in the Delhi-NCR region.

The Initial Public Offering (IPO) consists of a fresh issue of equity shares aggregating up to Rs 610 crore and an Offer For Sale (OFS) offer for sale of up to 65.51 lakh equity shares by the company’s promoters and promoter group entities.

As many as 37.43 lakh equity shares would be sold by Vimla Tyagi, 20.21 lakh equity shares by Prem Narayan Tyagi and 7.87 lakh equity shares by Neena Tyagi.

The company may also consider a pre-IPO placement aggregating up to Rs 122 crore.

The firm intends to utilise the net proceeds for repayment or prepayment in full or part of certain borrowings availed by the company and its subsidiaries, and for funding capital expenditure expenses, among others.

The proceeds will also be used for funding inorganic growth initiatives through acquisition and other strategic initiatives, and for general corporate purposes.

The company operates three super specialty hospitals in Delhi-NCR and recently, it expanded to Madhya Pradesh.

Intensive Fiscal Services Pvt Ltd, Ambit Pvt Ltd and IIFL Securities Ltd are the book-running lead managers for the IPO. PTI HG RAM

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Conducted across over 2,200 hospitals in 27 countries, the survey is based on recommendations from medical professionals, results from patient surveys and medical key performance indicators. This includes recommendations from over 8,00,000 medical experts (doctors, hospitals managers, healthcare professionals), publicly available data from existing patient surveys and medical key performance indicators such as quality of treatment and hygiene measures.

Speaking on the recognition, Dr. Naresh Trehan, Chairman and Managing Director, Medanta, said, ‘Being recognized as the best private hospital in India for three consecutive years is a testimony to the standards of clinical care delivered by our team of highly accomplished doctors and staff, world-class medical infrastructure, and advanced medical technology that we offer. While the world was disrupted with COVID-19, Medanta was quick to adapt and evolve, and strived to provide full spectrum of healthcare services in a safe environment across all super specialties. We are honored to receive this recognition from a reputed and independent platform like Newsweek and will continue furthering our commitment to making world-class healthcare accessible to all.’ Link to the survey: World’s Best Hospitals 2022 – India (newsweek.com) About Medanta : Founded by Dr. Naresh Trehan, a world-renowned cardiovascular and cardiothoracic surgeon who has been awarded the prestigious Padma Bhushan and the Padma Shri, the third and fourth-highest civilian awards in India and the B C Roy award in recognition of his distinguished contribution to medicine, Global Health Limited (the “Company”) is one of the largest private multi-speciality tertiary care providers operating in the North and East regions of India, with key specialties of cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology, according to the report titled ‘An assessment of the healthcare delivery market in India, September 2021’ by CRISIL Limited.

Under the “Medanta” brand, the Company has a network of five hospitals currently in operation (Gurugram, Indore, Ranchi, Lucknow, and Patna). Spanning an area of 3.7 million sq. ft., its operational hospitals have 2,176 installed beds as on March 31, 2021. It also has one hospital planned for development in Noida. As of March 31, 2021, the Company provides healthcare services in over 30 medical specialties and engages over 1,100 doctors led by highly experienced department heads. The Company’s facilities have received national and international accreditations, including the NABH accreditation for the hospital and blood bank at Gurugram. The Gurugram hospital was also featured in the list of world’s best specialized hospitals for cardiology in 2021 and cardiology and neurology in 2022 rankings released by Newsweek.

twitter.com/medanta Certain Information in this press release is from the report titled ‘An assessment of the healthcare delivery market in India, September 2021’ by CRISIL Limited, which is subject to the following disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). CRISIL does not guarantee the accuracy, adequacy or completeness of any material contained in or referred to in Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. Global Health Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL Ratings Limited / CRISIL Risk and Infrastructure Solutions Ltd (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL Ratings Limited / CRIS. No part of this Report may be published/reproduced in any form without CRISIL’s prior written approval.

Disclaimer Global Health Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (“Offer”) and has filed a Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and the respective websites of the book running lead managers to the Offer, Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, Jefferies India Private Limited at https://www.jefferies.com, Credit Suisse Securities (India) Private Limited at https://www.credit-suisse.com/in/en/investment-banking-apac/investment-banking-in-india/ipo.html and JM Financial Limited at www.jmfl.com. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus which may be filed with the Registrar of Companies, National Capital Territory of Delhi & Haryana in the future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with the SEBI in making any investment decision. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States to “qualified institutional buyers” (as defined in Rule 144A and referred to in the Draft Red Herring Prospectus as “U.S. QIBs”) pursuant to private transactions exempt from the registration requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of the Equity Shares in the United States.

Photo: https://mma.prnewswire.com/media/1776630/Medanta_Gurugram.jpg PWR PWR

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The Initial Public Offering (IPO) will comprise fresh issue of equity shares aggregating up to Rs 500 crore and an Offer For Sale (OFS) of equity shares worth up to Rs 1,500 crore by its promoters.

According to the Draft Red Herring Prospectus (DRHP), OFS comprises offloading of up to Rs 500 crore worth of shares each by Jayesh Mohan Dama, Mohan Sunderji Dama and Minal Mohan Dama.

The company may consider a pre-IPO placement of up to Rs 100 crore.

The company will use the net proceeds worth Rs 129.71 crore for funding the capital expenditure requirement for the capacity expansion at Saykha industrial estate and Rs 48.34 crore for repayment or pre-payment of certain borrowings.

Besides, Rs 93.87 crore will be utilised for investment and repayment or prepayment of certain borrowings in its wholly-owned subsidiary HCCPL and Rs 150 crore for funding the company’s long term working capital requirement.

The proceeds will also be used for general corporate purposes.

JM Financial and Kotak Mahindra Capital are the book running lead managers for the IPO.

The Gujarat-based firm derives 60-70 per cent of its revenue from exports, with presence in high-growth regions such as Asia Pacific, Latin America, the United States, Russia, Africa and Australia.

For the financial year ended March 31, 2021, the company had a profit after tax of Rs 170.30 crore while the total revenues at Rs 1,148.31 crore. PTI HG RAM

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The Initial Public Offering (IPO) will comprise fresh issue of equity shares aggregating up to Rs 500 crore and an Offer For Sale (OFS) of equity shares worth up to Rs 1,500 crore by its promoters.

According to the Draft Red Herring Prospectus (DRHP), OFS comprises offloading of up to Rs 500 crore worth of shares each by Jayesh Mohan Dama, Mohan Sunderji Dama and Minal Mohan Dama.

The company may consider a pre-IPO placement of up to Rs 100 crore.

The company will use the net proceeds worth Rs 129.71 crore for funding the capital expenditure requirement for the capacity expansion at Saykha industrial estate and Rs 48.34 crore for repayment or pre-payment of certain borrowings.

Besides, Rs 93.87 crore will be utilised for investment and repayment or prepayment of certain borrowings in its wholly-owned subsidiary HCCPL and Rs 150 crore for funding the company’s long term working capital requirement.

The proceeds will also be used for general corporate purposes.

JM Financial and Kotak Mahindra Capital are the book running lead managers for the IPO.

The Gujarat-based firm derives 60-70 per cent of its revenue from exports, with presence in high-growth regions such as Asia Pacific, Latin America, the United States, Russia, Africa and Australia.

For the financial year ended March 31, 2021, the company had a profit after tax of Rs 170.30 crore while the total income from operations stood at Rs 1,148.30 crore. PTI HG RAM

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The Initial Public Offering (IPO) will comprise fresh issue of equity shares aggregating up to Rs 150 crore and an Offer For Sale (OFS) of equity shares worth up to Rs 330 crore by its promoters.

According to the Draft Red Herring Prospectus (DRHP), OFS comprises offloading of up to Rs 120 crore worth shares by Wajid Ahmed and shares valued at Rs 49 crore each by Gulzar Ahmad, Mohd Mehmood Qureshi, Mohd Ashraf Qureshi and Zulfiqar Ahmad Quraishi. Besides, shares worth Rs 14 crore will be sold by Parvez Alam.

The company will use the net proceeds worth Rs 135 crore for funding working capital requirements as well as for general corporate purposes.

The Agra-based firm is among the largest exporters of frozen buffalo meat products from India. Its products are exported to over 40 countries all over the globe. More than 90 per cent of its sales comes from of exports.

For the financial year ended March 2021, the company posted a profit after tax of Rs 73 crore while the total income from operations stood at Rs 1,720 crore.

Aryaman Financial Services is the book running lead manager for the IPO. PTI HG RAM

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The Initial Public Offering (IPO) will comprise fresh issue of equity shares and there will be no Offer for Sale (OFS), according to the Draft Red Herring Prospectus (DRHP).

The company will use the net proceeds worth Rs 1,400 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and Rs 463.90 crore for financing the opening of eight new showrooms. The funds will also be utilised for general corporate purposes.

The Kerala-based firm is into sale of gold jewellery, studded jewellery, and other jewellery products, including diamonds, platinum and silver.

More than 90 per cent of its revenue comes from the Southern region followed by the Western region. The company plans to add 8 new showrooms over the next 2 years across Telangana, Maharashtra, Odisha and Karnataka.

Joyalukkas clocked a profit of Rs 471.75 crore in FY21 as against Rs 40.71 crore in the year-ago period.

Edelweiss Financial Services Ltd, Haitong Securities India Pvt Ltd, Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the book running lead managers for the IPO. PTI HG RAM

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Travel service provider Yatra Online Ltd on Monday said it has filed a draft prospectus with markets regulator Sebi for its initial public offering that includes a fresh issue of shares aggregating up to Rs 750 crore.

Yatra also announced the appointments of Rohit Bhasin, Deepa Misra Harris and former bureaucrat Ajay Narayan Jha as non-executive independent directors.

“The company has also filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) comprising a fresh issue aggregating up to Rs 750 crore and an offer for sale of up to 93,28,358 equity shares, including 88,96,998 equity shares by THCL Travel Holding Cyprus Ltd, one of its promoters,” Yatra said in a statement.

Commenting on the IPO plans, Yatra Online Ltd Whole-time Director & CEO Dhruv Shringi said, “The proposed equity offering and the listing will help us accelerate our organic growth plans and provide further capital for exploring inorganic growth opportunities as the travel and tourism industry recovers on the back of easing COVID restrictions”.

On the appointment of the three independent directors, he said, “Given their experience and passion” they will be an invaluable asset to the company.

“We are thrilled to embark on our new journey with them as part of our team and the DHRP filing in India as the industry continues to grow,” Shringi said.

Bhasin, a chartered accountant, also serves as an independent director and chairman, audit committee on Star Health and Allied Insurance Ltd and an independent director and chairman, nomination & remuneration committee of Tanla Solutions Ltd, the company said.

Harris, on the other hand, is currently an independent director on the boards of PVR Ltd, Jubilant Foodworks Ltd, ADF Foods Ltd, TCPL Packaging Ltd, Prozone Intu Properties Ltd and Taj Safaris, the statement said.

Former civil servant, Jha was Union Finance Secretary and Expenditure Secretary (2017-2019) from where he retired from service, it added. PTI RKL BAL BAL

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The initial share sale comprises a fresh issue of equity shares aggregating up to Rs 87 crore and an offer-for-sale (OFS) of equity shares aggregating up to Rs 327 crore by its promoters, according to the draft red herring prospectus.

There will be no pre-IPO placement for this issue.

The company will use the net proceeds towards repayment or pre-payment in full or in part of all borrowing availed by the company and general corporate purposes.

The Gujarat-based firm is among the leading supplier of dispersing agents in infra-tech, dye and pigments and textile and leather industries.

For the financial year ended March 2021, the company reported a profit after tax of Rs 40 crore, while the total income stood at Rs 440 crore. Its restated profit for the FY2019-21 grew at a CAGR of 76.42 per cent.

INGA Ventures is the book running lead manager that will advise the company on the IPO. PTI HG BAL DRR DRR

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The initial share sale comprises a fresh issue of equity shares aggregating up to Rs 87 crore and an offer-for-sale (OFS) of equity shares aggregating up to Rs 327 crore by its promoters, according to the draft red herring prospectus.

There will be no pre-IPO placement for this issue.

The company will use the net proceeds towards repayment or pre-payment in full or in part of all borrowing availed by the company and general corporate purposes.

The Gujarat-based firm is among the leading supplier of dispersing agents in infra-tech, dye and pigments and textile and leather industries.

For the financial year ended March 2021, the company reported a profit after tax of Rs 40 crore, while the total income stood at Rs 440 crore. Its restated profit for the FY2019-21 grew at a CAGR of 76.42 per cent.

INGA Ventures is the book running lead manager that will advise the company on the IPO. PTI HG BAL

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The public issue comprises fresh issuance of 1.826 crore equity shares and an Offer For Sale (OFS) of 0.983 crore shares by its promoter, according to the Draft Red Herring Prospectus (DRHP).

The company may also consider a pre-IPO placement of 15 lakh equity shares.

Proceeds of the issue will be used to invest in subsidiaries — Halaipani Hydro Project Pvt Ltd and Garuda Construction — funding long-term working capital requirements, for funding strategic acquisitions and investments, among others.

The Mumbai-based company has three business verticals — construction and management, hospitality and management services.

For the financial year ended March 31, 2021, the company had a profit after tax of Rs 51.63 crore while the total income stood at Rs 265 crore.

IDBI Capital Markets & Securities and BOB Capital Markets are the book running lead managers that will advise the company on the IPO. PTI HG RAM

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Veranda Learning Solutions on Thursday said it has fixed price band of Rs 130-137 per equity share of face value of Rs 10 each for its forthcoming initial public offering scheduled to begin from March 29.

The offer consists of equity shares of face value of Rs 10 each of the issuer aggregating up to Rs 2,000 million (Rs 200 crore).

The offer to remain open from March 29 to March 31,2022 and bids can be made for a minimum of 100 equity shares and in multiples of 100 equity shares thereafter, the company said.

Veranda Learning said, “…not less than 75 per cent of the net offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIB)”.

“Further not more than 15 per cent of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10 per cent shall be available for allocation to retail individual bidders”, the company said.

The company said five per cent of the Net QIB shall be available for allocation on a proportionate basis to mutual funds only and the remainder of the Net QIB portion shall be available for allocation on a proportionate basis to all QIBs, mutual funds, subject to valid bids being received at or above the offer price, the company said. PTI VIJ VIJ SS SS

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Netcore Cloud group CEO Kalpit Jain told PTI that the company is looking to come up with an Initial Public Offering (IPO) in about a year, and will be filing a draft paper for the same by July or August.

Talking about Unbxd acquisition, Jain said that it is the fourth acquisition for the company in a span of three years.

“Today e-commerce is growing across the globe. Lots of companies want to go digital, and brands are looking to give a personalised experience to their consumers. Unbxd has been doing this for years for a lot of brands in developed countries like the US, UK etc. We have been very strong in India, South East Asia, Middle East and Africa. Unbxd plays a very important role in giving us entry into US and developed countries,” he said.

Bootstrapped Netcore will use internal accruals to buy stake from investors in Unbxd, and founders will continue to work at Unbxd. Unbxd has around 150 clients in developed countries, and Netcore will be able to cross-sell its customer management product suite to these clients, Jain said.

Netcore expects to close the current financial year with revenue of around USD 80 million and grow it to around USD 130 million by March 2024.

Jain said the company is looking to grow business in developed countries and push for sales of the entire suite of product portfolio to new-age companies.

The company will continue to look at inorganic expansion for growth, Jain said, adding that the IPO will enhance its brand reputation and help in attracting new talents.

“It will also give a currency to acquire new companies. A listed entity can also use stock as a currency for acquisition,” Jain said.

He said that 25 per cent of Netcore is owned by employees, and the IPO will provide them with wealth creation opportunities. PTI PRS HVA HVA

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The issue closes on March 28. The price band has been fixed at Rs 615 to Rs 650 per share.

Addressing a press conference here, Ramdev said the company has launched its FPO despite volatility in the stock market because of the war between Russia and Ukraine.

He said the company has already raised Rs 1,290 crore from anchor investors on Wednesday and expressed confidence that its FPO would be a huge success as people have faith in its products and brand.

Ramdev said the proceeds of the FPO would be utilised to retire the term loan of Rs 3,300 crore.

“Ruchi Soya will become debt-free,” he asserted.

Asked why the price band has been kept lower than the current market prices, Ramdev said this has been done to give a good return to investors.

Ruchi Soya shares closed on Wednesday Rs 897.45 apiece on the BSE.

“We have turnaround the Ruchi Soya after acquiring it through insolvency proceedings,” Ramdev said.

He said the company became bankrupt because of the mistakes committed by the previous management.

“We are running the company with transparency, accountability and corporate governance,” he said.

Currently, Patanjali Group owns about 98.9 per cent stake in Ruchi Soya.

Public shareholders own about 1.1 per cent stake.

Post the FPO, Patanjali Group’s holding in Ruchi Soya will come down to about 81 per cent, and the public will hold about 19 per cent.

The Securities and Exchange Board of India (SEBI) has given the nod for the launch of the Ruchi Soya FPO in August 2021, after the company filed the draft red herring prospectus (DRHP) in June 2021.

The firm is coming out with the public issue to meet Sebi’s norm of minimum public shareholding of 25 per cent in a listed entity. It has around three years to pare promoters’ stake to 75 per cent.

Ruchi Soya will use the proceeds from the issue for furthering the company’s business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes.

In 2019, Patanjali acquired Ruchi Soya, which is listed on the stock exchanges, through an insolvency process for Rs 4,350 crore.

Ruchi Soya primarily operates in the business of processing oilseeds, refining crude edible oil for use as cooking oil, manufacturing soya products and value-added products. The company has an integrated value chain in palm and soya segments, having a farm-to-fork business model.

It has brands like Mahakosh, Sunrich, Ruchi Gold and Nutrela. PTI KRH MJH BAL BAL

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The IPO consists of a fresh issue of up to Rs 1,500 crore and an Offer-for-Sale (OFS) of up to 5,000,000 equity shares by the selling shareholders, a company statement said.

Vikram Solar is a leading domestic module manufacturer. It produces solar photo-voltaic (PV) modules and is an integrated solar energy solutions provider offering engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) services.

The company said it has a global footprint through a sales office in the United States of America and a procurement office in China and has supplied solar PV modules to customers in 32 countries, as of December 31, 2021.

In India, the company’s customers include NTPC, Rays Power Infra, Amp Energy India, Azure Power India, West Bengal State Electricity Distribution Company Ltd, Solar Energy Corporation of India, West Bengal Power Development Corporation Ltd, Hindustan Petroleum Corporation Ltd, Keventer Agro Ltd.

The company’s international customers include Amp Solar Development Inc (customer since 2019), Safari Energy LLC, Standard Solar Inc and Southern Current.

As of December 31, 2021, the company had an order book (including framework agreement/letters of intent) of Rs 4,870 crore, of which Rs 1,621 crore comprise projects/ operations which are already under execution and Rs 3,248 crore comprise projects which are yet to be executed. The company clocked revenues Rs 1,610 crore in fiscal 2021.

The Book Running Lead Managers to the offer are JM Financial Limited and Kotak Mahindra Capital Company Ltd.

The equity shares are proposed to be listed on BSE and NSE. PTI KKS DRR

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The boards of directors of the two companies at their respective meetings approved the scheme of amalgamation between Equitas Holdings Ltd (transferor company) and Equitas Small Finance Bank (transferee company), the companies said in separate stock exchange filings.

The scheme proposes the amalgamation of Equitas Holdings into and with Equitas SFB and the dissolution without winding-up of the transferor company pursuant thereto, a filing said.

The amalgamation between the two entities is subject to approvals from RBI, stock exchanges, Sebi as well as the National Company Law Tribunal (NCLT).

The amalgamation between the holding company and the subsidiary SFB is aimed to meet RBI’s licensing conditions to bring down the shareholding of the holding company to 40 per cent within a period of five years from the date of commencement of business of the bank, which completed by September 4, 2021.

Further, RBI guidelines also mandates that shares of SFBs should be listed on stock exchanges within a time period of three years from the date the net worth reaches Rs 500 crore.

The lender had already started operations with net worth of over Rs 500 crore and complied with listing guideline by way of initial public offering in November 2020.

RBI guidelines also stipulates that a promoter of an SFB can exit after completing lock-in period of five years, subject to regulatory approvals.

As per the scheme of amalgamation, each of the equity shareholders of the transferor company (Equitas Holdings) will be allotted 231 equity shares for every 100 shares of the transferee company (Equitas SFB).

“Considering that transferor company is a company with no identifiable promoter and all its shareholders are public shareholders, issue of shares under the scheme would result in increase of public shareholding in the bank from 25.41 per cent (as on date) to 100 per cent,” Equitas SFB said in the filing.

Equitas SFB shares closed 0.93 per cent up at Rs 53 apiece on BSE while Equitas Holdings ended 1.24 per cent lower at Rs 107.90. PTI KPM MR

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Replying to a debate in the Rajya Sabha on the supplementary spending for the current fiscal, she said the decision to lower interest rate was taken by the central board of the provident fund managing body, EPFO, which has representatives of all stakeholders including employees’ unions.

Her ministry is the nodal authority for approving the recommendation of the Central Board of Trustees of Employees’ Provident Fund Organization (EPFO).

“EPFO has a central board which is the one which takes the call on what rate has to be given…and they have not changed it for quite some time. They have changed it now…to 8.1 per cent,” the Finance Minister said.

The minister further said that it is a decision taken by the EPFO Central Board which has a wide spectrum of representatives in it.

The rate was 8.5 per cent for 2020-21. The EPFO earlier this month, decided to lower the interest rate to a four-decade low of 8.1 per cent for 2021-22.

Sitharaman cited the comparative prevailing interest rates of other schemes saying Sukanya Samriddhi Yojana offers 7.6 per cent, Senior Citizen saving scheme (7.4 per cent) and PPF (7.1 per cent), while SBI’s 5-10 year fixed deposits attract 5.50 per cent interest rates.

“With all this, the EPFO has taken a call to give 8.1 per cent (interest rate),” she said.

She added that for 40 years the EPFO rates have not been brought down.

“Yes, 40 years. There are today’s realities which do keep us in the context of decisions taken by the Central Board of EPFO. It is yet to come to Finance Ministry for approval, but the fact remains that these are the rates that are prevailing today and it (EPFO) is still higher than the rest of them,” she said.

Later, the House returned a money bill moved by Finance Minister Nirmala Sitharaman, authorising the government for payment and appropriation of certain sums from the Consolidated Fund for the financial year 2021-22.

The Upper House of Parliament also returned another Appropriation Bill for the expenditure done in the 2018-19 financial year.

Both the Appropriation Bills were passed by the Lok Sabha earlier.

Sitharaman referred to pre-IPO valuation of LIC and said that the embedded value of the insurance behemoth was calculated in an “extremely scientific way” and was disclosed in draft IPO papers filed with SEBI.

The eligible policy holders of LIC will have 10 per cent reservation, and may get a discount on offer price, she said.

On excess spending approval being sought, she said that the government has borne higher cost of urea, and not passed it on to farmers.

She mentioned that devolution of state share in central taxes is projected at Rs 8.17 lakh crore in FY23, and the revised estimate of Rs 7.45 lakh crore for FY22 has already been released.

She further said that Rs 5,000 crore is proposed for recapitalisation of state insurance companies in third batch of supplementary demands for grants. PTI MBI ANZ MR

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The public issue comprises fresh issuance of equity shares worth Rs 350 crore and an offer for sale of 40 lakh shares by promoters, draft red herring prospectus (DRHP) filed with Sebi showed.

Proceeds from the fresh issue will be used for funding redemption of debentures, payment of debt, financing the capital expenditure for purchase of new equipment, infusion of equity into subsidiary company, funding incremental working capital requirements of the company and general corporate purposes.

Corrtech International is one of the leading focused providers of pipeline laying solutions including hydrocarbon pipeline laying works in India. It is also engaged in providing EPC (Engineering, Procurement and Construction) solutions towards process facilities for material and feed handling in oil and gas refineries and petrochemical complexes.

Equirus Capital is the sole book running lead manager to the issue. PTI SP SP RUJ RUJ

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Ms. Chhavi’s contribution since the formal inception of the company has been crucial where she managed and set up end to end processes for operations, workforce and skilling the workforce through various trainings and others. The award ceremony was graced by Shri. Anil Shrivastav, Ex Principal Consultant & Mission Director – National Mission on Transformative Mobility and Battery- NITI Aayog.

Speaking about the achievement, Ms. Chhavi Aggarwal, Co-Founder of Ipower Batteries Pvt Ltd said, “I am honoured to receive this award as in our country there are very few women at the decision-making level in the automotive industry. My journey with Ipower since its inception has been has been a learning for me of how to run an organisation and make it grow with constantly upgrading your knowledge base. I hope in future, many women will be able to assume important positions in organisations through their hardwork and will be able to bring about a change. We as a company have a long way to go in the coming future and many more learnings”.

Ipower Batteries is currently dedicating its time to developing new technologies and products to make their batteries world class through their state-of-the-art manufacturing capability.

For more information on their products and the company, please visit- www.ipowerbatteries.in About Ipower Batteries Pvt Ltd- Incorporated in December 2019, with a full-fledged state of the art manufacturing unit in Kundli (Haryana) which has a large capacity energy storage per month, Ipower Batteries is aimed at fulfilling the need for such solutions. The company has a strong backing in R&D and experience for over three decades from its parent company which allows them to work on innovative product line for the market. The company’s manufacturing has IMS certified (ISO 9001-2015,14001:2015,45001:2018) for producing high-quality Lithium-Ion batteries. With this they are ready to become the largest Clean Energy Storage Provider in India.

PWR PWR

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The Union Cabinet had last month approved the decision on FDI in the insurance behemoth.

The notification has inserted a paragraph in the existing policy allowing up to 20 per cent FDI in LIC through the automatic route.

Foreign investment in LIC shall be guided by Life Insurance Act, 1956 as amended from time to time and such provisions of the Insurance Act, 1938, said the notification which has bifurcated other conditions into two parts — LIC and other insurance companies.

Since as per the present FDI policy, the foreign inflows’ ceiling for public sector banks is 20 per cent under government approval route, it has been decided to allow foreign investment of up to 20 per cent for LIC and such other corporate bodies.

LIC being a statutory corporation, is not covered under either insurance company or intermediaries or insurance intermediaries, and no limit was prescribed for foreign investment in LIC under the LIC Act, 1956; the Insurance Act, 1938; the Insurance Regulatory and Development Authority Act, 1999 or regulations made under the respective laws.

Insurance company would be allowed aggregate holdings by way of total foreign investment in its equity shares by foreign investors, including portfolio investors, not exceeding 74 per cent of the paid-up equity capital, the DPIIT Press Note 1 of 2022 said.

Further, the Press Note introduced the concept share-based employee benefits issued to non-resident employees or directors.

Issue of stock option or sweat equity for share-based employee benefit cannot be availed by citizens of Bangladesh or Pakistan without prior approval of the Government of India, it added.

Setting the stage for the country’s biggest-ever public offering, Life Insurance Corporation (LIC) on February 13 filed draft papers with capital market regulator Sebi for sale of 5 per cent stake by the government for an estimated Rs 63,000 crore. The DRHP has been cleared by Sebi earlier in February.

The initial public offering (IPO) of over 31.6 crore shares or 5 per cent government stake was originally planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile currently.

Employees and policyholders of the insurance behemoth would get a discount over the floor price.

According to the draft red herring prospectus (DRHP), LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Although the DRHP does not disclose the market valuation of LIC, as per industry standards it would be about three times the embedded value or around Rs 16 lakh crore.

The LIC public issue would be the biggest IPO in the history of the Indian stock market. Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS.

So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. PTI RR DP DP ABM ABM

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The Union Cabinet had last month approved the decision to facilitate disinvestment of the country’s largest insurer. PTI RR ABM ABM

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As per Refinitiv data, Axis Bank ranks first in India in DCM with 17.1% market share, which is twice than that of its nearest challenger. With the most senior team of 80 investment bankers in the counts, Axis Bank was able to climb to the third position in ECM despite strong competition from foreign houses. The bank has also helped open new markets for different issuers, such as HDFC’s Rs. 30 Bn three-year floating-rate bond offering.

In a bid to strengthen its ESG commitments, Axis Bank has worked on numerous significant deals such as the Renew Sun Waves’ Rs. 10.02 Bn bond offering and, Vector Green Energy’s offering, which was the first AAA rated deal from the renewables sector. The bank also sold India’s first sustainable AT1 issue, a USD 600 Mn perpetual non-call five issue priced at 4.1%, while acting as a joint global coordinator.

Commenting on this achievement, Axis Bank’s Deputy Managing Director Rajiv Anand said, “We are honored and extremely proud to be recognized for our efforts by the prestigious IFR Asia Awards. Our ‘One Axis’ philosophy has been a key area of distinctiveness to showcase our ability as a one-of-a-kind, full-service Wholesale Bank. Our synergized efforts have helped us establish leadership across the capital markets.” This year, the bank has also won the ‘Best DCM House in India’ Award at the Finance Asia’s Country Awards. Axis Bank has been No. 1 on the Bloomberg League Table ranking for 15 consecutive calendar years and has maintained its leadership position in the domestic Debt Capital Market.

About Axis Bank Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,700 domestic branches (including extension counters) and 11,060 ATMs across the country as on 31st December 2021, the network of Axis Bank spreads across 2,665 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

For further information on Axis Bank, please refer to the website: www.axisbank.com.

Image: Asian Bank of the Year PWR PWR

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As part of the divestment, the government plans to sell its entire 45.48 per cent stake eventually.

The government may look to sell around a 26 per cent stake in the bank, along with management control to attract investors, the official said.

IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, following the acquisition of an additional 8,27,590,885 equity shares.

On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent following the issuance of additional equity shares by the bank under a Qualified Institutional Placement (QIP).

“We have been working on the proposal for a while now and most of the details have been finalised. We expect to invite the expression of interest from investors by end of next month or May,” the official said.

The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May last year.

Necessary amendments to the IDBI Bank Act have already been made through the Finance Act 2021, and transaction advisors have been appointed.

IPO-bound Life Insurance Corporation (LIC) plans to retain some stake in IDBI Bank so that the insurer continues to reap the benefits of the bancassurance channel.

“Going forward, we would like to have some stake in IDBI Bank. The whole idea of us picking up stake in the bank was strategic in nature and that has not gone away at all,” LIC Chairman MR Kumar had said last month.

In fact, IDBI Bank has been the strongest contributor for the bancassurance channel, he said, adding that this was something that would help LIC to grow that particular channel in the post-IPO scenario.

Bancassurance is an arrangement between a bank and an insurance company, allowing the latter to sell its products to the bank’s customers and others through the branch network.

“I, as LIC Chairperson, would like to see the relationship continuing in the future as well,” he had said.

On how much LIC would like to retain out of 49.24 per cent stake in IDBI Bank at present, Kumar said as of now there was no sense of the number as it was up to the Department of Investment and Public Asset Management (DIPAM) to kick off that exercise. PTI DP ANZ DP BAL BAL

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ICICI Securities, BofA Securities and Axis Capital, Credit Suisse Securities (India) Pvt Ltd and Edelweiss Financial Services are the book running lead managers to the public issue.      To enter the microfinance segment, Navi had acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied to Reserve Bank of India (RBI) for a universal banking licence. PTI SP ANU ANU

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The talks have been on for the last six months and both the conglomerates represent an interesting opportunity to invest, courtesy strong brand presence and an offline sales network, Rajeev Misra, the chief executive for the investor, said at the ET Global Business Summit.

“…we are speaking to a couple of conglomerates, Tata (and) Mahindra,” Misra said while replying to a question if the investor would look at taking a bet on one of the conglomerate-promoted businesses like Tata Digital.

SoftBank has billions of dollars invested across the world and its domestic bets include payments focused Paytm and other unicorns.

As per an August 2021 report, Tatas were looking to raise up to USD 5 billion as they go about building a ‘super app’ which will help it compete with the likes of Amazon and Reliance Industries’ Jio Platforms.

Misra further said one of the key aspects for a conglomerate to be successful is nimbleness of the business vertical, less bureaucracy and independence of the management team.

Quick decision making is essential in new age businesses and bureaucracy may not work, he said, pointing out that many big companies have failed in their attempts to incubate businesses.

Speaking on Paytm’s bombed initial public offering, Misra said SoftBank was the second largest investor in the company after the Chinese Alibaba Group and the pricing was set by the company’s board and the bankers.

From a value of USD 20 billion, the stock’s market capitalisation is now down to USD 8-9 billion and the same has to go up, he said.

He, however, added that other tech-enabled, consumer facing companies like Lenskart and Policybazaar have better businesses for capital market debuts. PTI AA ABM ABM

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Unacademy Group co-founder and CEO Gaurav Munjal also said the company is looking to expand its Relevel division — which is a test platform for private jobs — to global markets.

“In the next couple of years, we want to do an IPO,” he said on the sidelines of launching the company’s first experiential centre, Unacademy Store, here.

He said the company is looking to make its core business of test prep profitable in the next 12 months.

“In the next 12 months, we are eyeing profitability in our core business, which is the test prep business. We are on track to achieve it. We have started working towards it. In the next 12 months our test prep business will be profitable.

“Relevel is something that we want to build in India and globally. We will continue to invest in the expansion and growth of Relevel. This is the broader strategy,” Munjal said.

The company plans to double down on more distribution channels for the test prep business. He also said the company’s business has grown by about 60 per cent year-to-date.

“We are 60 per cent up without opening these stores. Last year also we grew by 60 per cent. This is just the right time when people are embracing online education. When we will go for an IPO, we will have a multi-product strategy,” Munjal said.

He added that the PrepLadder vertical of the company has been profitable since the last three months.

Valued at USD 3.44 billion, Unacademy claims to have 7.7 lakh active subscribers.

Talking about Unacademy Stores, Munjal said the company is planning to open the centres in three more cities — Kota, Jaipur and Lucknow — and further expansion will depend on the response of students.

He said the centre will not function as learning centres but will help students and their parents learn about online education and facilities provided by Unacademy. PTI PRS ABM ABM

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While UnlistedKart has revolutionized the market, they also identified a few glitches in their journey. One such pain point is substantial human intervention that doubles up as a scalability roadblock for investors, keeping instantaneous transactions out of their reach. Moreover, secondary markets investors are typically exposed to many risks relating to credit, market, liquidity, and valuation.

The UnlistedKart App Makes Its Debut UnlistedKart decided to solve such problems by launching their very own app on the Android and iOS app stores. Powered by Artificial Intelligence and Automation, the UnlistedKart App aims to reduce the probability of errors while delivering unlisted stocks to everyday investors. Common investors can seamlessly buy and sell unlisted stocks through the app without worrying about the complexities of the unlisted stock market! Furthermore, with various process parameters in place to smartly manage related risks, investors can have a portfolio that passes every due diligence checkpoint, conduct periodic market reviews, only deal with Unlistedkart as a seller / selling entity which eliminates the credit risk, and carefully select the stocks that can bag them maximum returns.

One of the app’s main features is the availability of top-notch market research reports that help investors understand the key valuation drivers of unlisted stocks and make well-informed investment decisions. What makes these reports stand out is that they are 100% neutral in nature and generated with the help of a proprietary AI technology. This ensures that no data point is missed out on, which is often the limitation that plagues manual research processes. Another great free feature is the insights section that constantly delivers updates and recent developments on unlisted companies.

Investors can choose to invest from a range of 50 unlisted stocks/scrips and invest as little as Rs. 5000.

Currently, the app offers a range of 50 stocks/scrips to invest in, and the number will only increase in the coming weeks. In the past 6 months that the app has gone live, it has garnered serious traction among investors, clocking 20k+ downloads. And it is clear why. The app not just gives access to unlisted stocks and impeccable research reports, but also doubles up as a portfolio tracker. Hence, even if they have invested in stocks through other platforms, they can simply enter their portfolio details and start tracking its performance in no time.

An Investor-First Philosophy Thus, UnlistedKart is on a mission not just to sell stocks but to urge investors to make well-informed decisions with the help of regular reports and market insights. The app has also solved longstanding woes for investors in the unlisted space. It gives them an edge over others regarding price discovery and helps them get better deals on investments. Investors can also track their individual portfolios and get alerts whenever there is any development or news related to their holdings.

About Unlistedkart Unlistedkart LLP is a research-driven, market-making platform focused on the secondary market for late-stage/Pre-IPO/unlisted companies. It enables HNIs, wealth managers, and other investors to invest early into the companies they believe in and provide much-needed liquidity to founders/ESOP holders to meet their vision.

Mail: hello@unlistedkart.com Website: https://unlistedkart.com/ Facebook: https://www.facebook.com/unlistedkart/ LinkedIn: https://www.linkedin.com/in/unlistedkart/ Instagram: https://www.instagram.com/unlistedkart/ Logo: https://mma.prnewswire.com/media/1689306/Unlistedkart_logo.jpg PWR PWR

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The funds will be garnered through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component, according to the draft red herring prospectus.

Also, the company may explore a pre-IPO placement of up to Rs 1,200 crore. If such a placement is completed, the issue size will be reduced.

Proceeds of the IPO will be used for funding the working capital requirements of the company’s subsidiaries — Ebix Travels and EbixCash World Money.

In addition, the funds would be utilized to acquire Ebix Mauritius’s outstanding compulsorily convertible debentures, for funding strategic acquisitions and investments, besides to support general corporate purposes.

The public issue includes a reservation of equity shares for subscription by eligible employees.

Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, through an integrated business model.

The company business encompasses four primary segments — payment solutions, travel, financial technologies and BPO services and startup initiatives.

As of December 31, it has over 6.5 lakh physical agent distribution locations throughout India and Southeast Asia for payment solutions, remittance, travel, and insurance products.

Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets, YES Securities (India) Ltd are the book running lead managers that will advise the company on the IPO. PTI SP DRR

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In a statement, 315Work Avenue said on Wednesday that it has signed up 800 seats with Square Yards. This office space is located at Amar Paradigm, Baner in Pune.

The co-working company currently manages around 20,000 seats spread over 1 million square feet across multiple prime locations in Bengaluru, Mumbai and Pune.

Manas Mehrotra, founder of 315Work Avenue, said: “This deal reaffirms the potential created by the consistently rising demand of flexible workspaces amongst companies — startups, SMEs, mid- and large-sized enterprises– that are looking to adopt hybrid workplace models, amidst the new normal.” Corporate clients are increasingly seeking solutions that reduces their capital expenditure, enhances agility and productivity, he said.

Anand Moorthy, CBO & Principal Partner – Asset Management Services & Data Intelligence, Square Yards, said: “It is highly essential that we provide a workspace to employees that is in tune with our focus on positive work culture and innovation, and 315Work Avenue meets all our requirements.” Moorthy also confirmed about the addition of 30,000 square feet space at 315Work Avenue’s centre and said, “We currently have 550 employees in Pune. We have taken this space to consolidate our operation and for growth.” The company plans to hire more aggressively this year to expand its business, Moorthy said.

In December last year, market sources had said that Square Yards intends to launch its initial public offer (IPO) to raise about Rs 1,500 crore for future growth of the business. The real estate consultant has already finalised investment bankers to prepare its draft red herring prospectus (DRHP) to be filed with market regulator Sebi.

The Gurugram-based company has so far raised USD 125 million, of which USD 60 million as equity and USD 65 million as debt capital.

Square Yards is mainly into property brokerage, home loan brokerage and rental businesses. It offers a full-stack digital real estate journey from search and discovery, transactions, home loans to home interiors, rentals, property management and post-sales services. The company reported a revenue of Rs 250 crore during the financial year 2020-21. PTI MJH HVA MR MR

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This comes amid the National Stock Exchange (NSE) facing the regulatory probe in a case related to governance lapses at the bourse as well as in the co-location matter.

“I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenure ends on July 16, 2022,” Limaye said in a statement.

The exchange’s MD & CEO said, “I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen and transform the NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth.” The NSE recently invited applications from candidates for the role of MD and CEO. The applications have been invited from candidates having IPO (initial public offering) experience for the role of the top post before March 25.

Limaye is eligible for another term but as per markets regulator Sebi’s rule, incumbent needs to compete with other candidates to win the next term.

He was appointed as the NSE chief in July 2017, following the exit of the exchange’s former MD and CEO Chitra Ramkrishna. Among various allegations, issues have been raised in various quarters that why application was not invited at the time when Ramkrishna was appointed as the MD and CEO in 2013.

Before joining the NSE, Limaye was MD and CEO of IDFC. The current chief, Limaye, is credited with re-branding the NSE, besides trading in derivatives witnessed tremendous growth under his leadership.

During Limaye’s tenure, the exchange’s revenues surged from Rs 2,681 crore in FY17 to Rs 8,500 crore (estimated) in FY22 and net profit climbed from Rs 1,219 crore to Rs 4,400 crore during the same period. Further, the company’s return on equity increased from 17 per cent to 34 per cent during the period under review.

Also, the NSE managed to increase its market share in all segments of business, including currency futures and options and equity futures and options.

Listing out eligibility criteria, the NSE’s notice stated that the candidate must have a track record of strengthening corporate governance, enterprise risk management and compliance management framework.

In addition, the candidates with exposure to working in a publicly listed company or having led an organisation through an initial public offering process “will be an added advantage”, it added.

The NSE is planning to come out with its initial share-sale for long. However, the plan to go public derailed after the bourse got embroiled in the co-location controversy, where certain brokers were allegedly given unfair access to the exchange data feeds over other members.

Following the deadline, the candidates will be short-listed by the nominations and remuneration committee (NRC) of the company.

A selection committee set up by the NSE, comprising NRC members and the independent external members, will recommend candidates to the board, which will then send the name to Sebi for final approval.

In a recent order, Sebi penalised the NSE’s former MDs and CEOs, Ramkrishna and Ravi Narain, and others for various violations in a case related to the appointment of Anand Subramanian as group operating officer and advisor to then MD Ramkrishna.

The regulator in its order revealed that Ramkrishna was steered by a “yogi” dwelling in the Himalayan ranges in the appointment of Subramanian.

Also, she was accused of sharing confidential information, including the bourse’s financial and business plans, dividend scenario, financial results with the yogi, and even consulted the yogi over the performance appraisals of the exchange’s employees.

The “yogi”, according to Ramkrishna, was a “spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational coordinates and largely dwelt in the Himalayan range”.

Besides, the e-mails exchanged between the yogi and Ramkrishna referred that the NSE was planning for a self listing, the order found. PTI SP HRS hrs

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“I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenure ends on July 16, 2022,” Limaye said in a statement.

The exchange’s chief said, “I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen and transform the NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth.” The National Stock Exchange (NSE) recently invited applications from candidates for the role of MD and CEO.

Limaye is eligible for another term but as per markets regulator Sebi’s rule, incumbent needs to compete with other candidates to win the next term.

He was appointed in July 2017 following the exit of former NSE chief Chitra Ramkrishna.

The current chief, Limaye, is credited with re-branding the NSE, besides trading in derivatives witnessed tremendous growth under his leadership. Before joining the NSE, Limaye was MD and CEO of IDFC.

Listing out eligibility criteria, the NSE’s notice stated that the candidate must have a track record of strengthening corporate governance, enterprise risk management and compliance management framework.

In addition, the candidates with exposure to working in a publicly listed company or having led an organisation through an initial public offering process “will be an added advantage”, it added.

Following the deadline, the candidates will be short-listed by the nominations and remuneration committee of the company.

A selection committee set up by the NSE, comprising NRC members and the independent external members, will recommend candidates to the board, which will then send the name to Sebi for final approval.

The NSE is facing the regulatory probe in a case pertaining to governance lapses at the bourse as well as in the co-location matter, where certain brokers were allegedly given unfair access to exchange data feeds over other members.

In a recent order, the regulator has penalised the NSE’s former MDs and CEOs,  Ramkrishna and Ravi Narain, and others for various violations in a case related to the appointment of Anand Subramanian as group operating officer and advisor to then MD Ramkrishna.

The regulator in its order revealed that Ramkrishna was steered by a “yogi” dwelling in the Himalayan ranges in the appointment of Subramanian as the exchange’s group operating officer and advisor to MD.

The “yogi”, according to Ramkrishna, was a “spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational coordinates and largely dwelt in the Himalayan range”. PTI SP HRS hrs

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IPO-bound fintech firm Mobikwik became profitable in the December 2021 quarter and expects to close the current financial year with almost two times growth in revenue, a top company official has said.

Mobikwik co-founder and Chief Operating Officer Upasana Taku told PTI that the company recorded profit of around Rs 7 crore in the third quarter of 2021-22, after losing money in the first and second quarters.

“In the last quarter, the company achieved profitability for the first time. We expect to be profitable in the fourth quarter as well. We expect our full financial year (FY) of 2022-23 to be profitable.

“This really validates our theory and the message that we have been giving that it is possible in the Indian fintech space to build a fast pace growth model while at the same time make money,” Taku said.

Sharing details of the nine-month period ended December 31, 2021, Taku said the company has achieved revenue of around Rs 400 crore, which is 86 per cent growth on a year-on-year basis.

“Given this… we expect that we will be closing the year at Rs 550-600 crore which is two times of our last financial year,” Taku said.

She said in order to achieve Rs 300 crore of revenue in FY’21, the company had a cash burn of Rs 98 crore, which is negative 32 per cent in terms of EBITDA as percentage to revenue.

“To reach this Rs 400 crore we have overall losses of Rs 78 crore for the nine month period, which is negative 19 per cent. This is a massive improvement from negative 32 per cent to 19 per cent for the nine month period,” Taku said.

She added that there are traditional financial institutions which are clocking huge profits but their growth rate is in the range of 20 per cent, and then there are startups which are showing 100-150 per cent growth but are hugely loss making.

“I think this is the fine balance that Mobikwik as a late stage, mature company is trying to straddle where we are able to showcase 100 per cent revenue growth and at the same time reaching break-even,” Taku said. PTI PRS ABM DRR

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Set on the scenic shore of Lake Powai in Mumbai, the hotel features 600 guestrooms with spectacular views of the Hiranandani skyline overlooking the tranquil waters of the Lake. Well-being meets style as The Westin Mumbai Powai Lake’s design philosophy takes inspiration from the concept of Biophilia, which posits that people have an innate need to connect with nature, and that our link to the natural world affects our well-being.

“We are excited to bring the second Westin hotel to Mumbai. With an increasing demand for wellness travel, the opening of The Westin Mumbai Powai Lake will further expand our portfolio in South Asia, offering industry-leading well-being experiences designed to empower a better you.” said Jennie Toh, Vice President, Brand Marketing and Brand Management, Marriott International Asia Pacific. “The hotel is committed to delivering the wellness promise that the brand is known for, giving travellers and locals new ways to experience this iconic destination.” The hotel experience comes to life through the brand’s six pillars of well-being – Sleep Well, Eat Well, Move Well, Feel Well, Work Well, and Play Well – allowing guests to personalize their stay and engage in programming that meets their needs. Guests can enjoy brand signatures such as refreshing amenities including White Tea Aloe Heavenly® Bath products and Sleep Well Lavender Balm to promote a revitalizing rest. The state-of-the-art WestinWORKOUT® Fitness Studio offers world class equipment, overlooking the breath-taking views of the Powai Lake. The outdoor pool offers the perfect complement to any workout. As a part of the Move Well program, our Run Concierge anticipates guest’s wellness routines and ensures that individuals maintain their workout regimens while travelling as well. To translate this on ground, the hotel has a 2km scenic track across 15 acres of lush greenery around the Powai Lake helping guests physically unwind.

“We are delighted to launch our Powai hotel in its new avatar of wellness and wellbeing, The Westin Mumbai Powai Lake. The team at the hotel looks forward to welcoming back our guests – the old loyalist as well as new adventurist to this upgraded hotel in Powai Mumbai. My best wishes to our colleagues at the hotel for the exciting times ahead.” Said, Mr. Sanjay Sethi, CEO and MD, Chalet Hotels Ltd.

The new hotel offers guests opportunities to indulge in the brand’s Eat Well offerings – as seen in all four dining venues. The Westin Mumbai Powai Lake offers a host of culinary experiences created by renowned chef – Gautam Mehrishi who’s known for his inept knowledge and skills with Indian cuisine. With trendsetting menus and authentic flavours, the Indian specialty restaurant, Nawab Saheb serves signature dishes inspired from the Northern Indian Frontier and royal Mughal era. Mayouchi is the elegant and intimate oriental tapas bar and also the ideal spot to catch stunning sunsets overlooking the city horizon. Lake View Café, is an award-winning all-day dining restaurant featuring global favourites and a sustainably sourced menu of nutritious foods, also includes an alfresco area where one can breathe in the serenity of the lake. Mumbai Express is the deli where guests can enjoy a wide selection of gourmet foods, healthy bowls and beverages perfect to grab and be on the move.

The Work Well offerings help guests to stay productive on the road. Smart, thoughtfully designed workspaces make collaboration easy and effortless while they are away from the office. The Westin Mumbai Powai Lake boasts over 102,325 sq. ft. of contemporary meeting and events space. Fully equipped with advanced audio-visual capabilities, the Grand Ballroom can accommodate up to 1,800 persons. Perfect for business meetings, the resort has 15 versatile indoor and outdoor venues that are ideal for large scale conferences or intimate social events. The hotel’s outdoor event space overlooks the Powai Lake, making it a popular choice to host weddings and social functions. From carefully curated Bright Breaks and energizing agendas, to inspiring flexible settings and responsible practices, the hotel ensures attendees and planners feel accomplished, invigorated, and ready to perform at their best. Resonating with the brands core philosophy, the business spaces have been crafted to allow flexibility in function through simple and intuitive design details.

“We at Renaissance Mumbai Convention Centre are delighted to embark on a new journey as we rebrand ourselves to The Westin Mumbai Powai Lake, becoming part of the globally acclaimed Westin Hotels & Resorts” said Nagesh Chawla, Cluster General Manager – The Westin Mumbai Powai Lake and Lakeside Chalet, Mumbai – Marriott Executive Apartments. “Located on the scenic shore of the Powai Lake, our hotel offers a sense of relaxation and escape for every type of traveller thanks to Westin’s signature approach to Eating Well, Sleeping Well and Moving Well. We look forward to providing our guests a new way to experience the city.” To explore the hotel and its facilities visit www.westinmumbaipowai.com About Westin® Hotels & Resorts Westin Hotels & Resorts, hospitality’s global leader in wellness for more than a decade, empowers guests to transcend the rigors of travel while on the road through the brand’s Six Pillars of Well-being: Sleep Well, Eat Well, Move Well, Feel Well, Work Well, and Play Well. At more than 225 hotels and resorts in nearly 40 countries and territories, guests can experience wellness offerings that include the brand’s iconic and award-winning Heavenly Bed®, TRX fitness equipment in the signature WestinWORKOUT® Fitness Studios, delicious and nutritious menu offerings on their Eat Well menu, and more. Stay connected to Westin on Twitter, Instagram, and Facebook. Westin is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enrol for free or for more information about the program, visit marriottbonvoy.com.

About Marriott Bonvoy® Marriott Bonvoy’s extraordinary portfolio offers renowned hospitality in the most memorable destinations in the world, with 30 brands that are tailored to every type of journey. Members can earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, and through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments, or through partners for luxurious products from Marriott Bonvoy Boutiques. To enroll for free or for more information about Marriott Bonvoy, visit marriottbonvoy.com.

About Westin® Hotels & Resorts Westin Hotels & Resorts, hospitality’s global leader in wellness for more than a decade, empowers guests to transcend the rigors of travel while on the road through the brand’s Six Pillars of Well-being: Sleep Well, Eat Well, Move Well, Feel Well, Work Well, and Play Well. At more than 230 hotels and resorts in nearly 40 countries and territories, guests can experience wellness offerings that include the brand’s iconic and award-winning Heavenly® Bed, TRX fitness equipment in the signature WestinWORKOUT® Fitness Studios, delicious and nutritious menu offerings on their Eat Well menu, and more. Stay connected to Westin on Twitter, Instagram, and Facebook. Westin is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com.

PWR PWR

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Sachin Bansal-led Navi Technologies is planning to file draft prospectus with capital markets regulator Sebi to raise around Rs 4,000 crore through an IPO, people familiar with the development said on Monday.

The company is expected to file its Draft Red Herring Prospectus (DRHP) this week and the Initial Public Offering (IPO) is expected to open in June, they added.

The public issue will entirely be through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component. Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO.

The company has appointed ICICI Securities, BofA Securities and Axis Capital to manage its public issue, people close to the development said.

Co-founded and promoted by serial entrepreneur and Flipkart’s Co-Founder Bansal, Navi Technologies is a tech-driven financial products and services company.

As per its website, Navi is a digital lending app which provides loans up to Rs 20 lakh instantly through a completely paperless process.

Its lending book is over Rs 3,500 crore right now, which comprises personal loans, home loans, and microfinance loans.

To enter the microfinance segment, Navi earlier acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India (RBI). PTI SP BJ SP RUJ RUJ

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The company’s public issue consists of a fresh issue of equity shares aggregating to Rs 100 crore, and an offer for sale (OFS) of up to 30,113,918 equity shares, according to the draft red herring prospectus (DRHP).

The OFS comprises sale of up to 77 lakh shares by Arun Purushottam Kelkar, up to 61.36 lakh shares by Subhash Purushottam Kelkar, up to 15 lakh shares by Anuradha Arun Kelkar, up to 25 lakh shares by Nutan Subhash Kelkar, up to 1.22 crore shares by Somerset Indus Healthcare Fund I Ltd and up to 73,668 shares by Mayur Sirdesai.

Hexagon Nutrition, which filed preliminary IPO papers with Sebi in December 2021, obtained its observations letter on March 4 2022, an update with the regulator showed on Monday.

In Sebi’s parlance, its observation implies its go-ahead to float the initial share-sale.

As per market sources, the issue size will be approximately in the range of Rs 500-600 crore.

Proceeds from fresh issuance will be used for debt payments, funding incremental working capital requirements, supporting capital expenditure for expanding an existing facility, investment in subsidiary and financing capital expenditure at the existing facility and general corporate purposes.

Mumbai-based Hexagon Nutrition is a fully integrated company engaged in product development and marketing, including research and development and nutrition manufacturing.

Founded by Arun and Subash Kelkar in 1993, Hexagon Nutrition started as a micro-nutrient formulations player, and today it has moved up the value chain to develop brands like Pentasure, Obesigo and Pediagold, which are leading names in the health, wellness and clinical nutrition space.

In 2016, offshore private equity firm Somerset Indus Healthcare Fund-I, along with Mayur Anand Sardesai, an advisor and director at Somerset Health Capital Advisors, had invested Rs 25 crore for a 10 per cent stake in the company.

Hexagon Nutrition had set up a trading company in South Africa in 2019 and has plans to build a facility there. The company is also setting up a factory in Uzbekistan that is expected to commence operations by the first quarter of 2022.

Equirus Capital and SBI Capital Markets are the book running lead managers to the issue. PTI SP BAL

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The initial share-sale comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer-for-sale (OFS) of up to 11,210,659 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).

Those offering shares in the OFS include Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal and Pankaj Garg.

According to market sources, the company is likely to raise around Rs 600 crore through the initial share-sale.

The company may consider a private placement of equity shares aggregating up to Rs 75 crore. If such pre-IPO placement is undertaken, the fresh issue size will be reduced.

Of the Rs 450-crore fresh issuance, the company is planning to use about Rs 316.91 crore for funding capital expenditure requirements for expansion of its existing infrastructure facilities, Rs 17 crore for the payment of debt, and for general corporate purposes.

Located in Greater Noida, India Exposition Mart is one of the country’s major venue planners and providers, providing technology-driven, world-class facilities and safety standards for worldwide business-to-business exhibits, conferences, congresses, product launches, and promotional events, among other things.

India Exposition Mart had revenues of Rs 13.30 crore in FY21 and for six months ended September 30, 2021, it had posted revenues of Rs 10.66 crore which primarily includes income from space rent for fair and exhibitions and income from maintenance services.

Emkay Global Financial Services is the sole book-running lead manager and Kfin Technologies is the registrar to the offer. PTI SP SP HRS hrs

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The funds will be raised through fresh issuance of equity shares, the draft red herring prospectus (DRHP) filed with Sebi showed on Monday.

Funds to the tune of Rs 315 crore will be used for payment of the borrowings of the company and its subsidiaries — Accord Estates, Iconic Property Developers and Skyline Realty.

Around Rs 45 crore will be utilised for acquisition of land or land development rights, besides, money will be used for general corporate purposes.

Suraj Estate Developers has been involved in the real estate business since 1986, and develops real estate across the residential and commercial sectors in the South Central Mumbai region.

At present, the promoter and promoter group holds around 95 per cent stake in the company.

Centrum Capital and Anand Rathi Advisors are the book running leads managers to the issue.

Shares of the company will be listed on the BSE and NSE. PTI SP DRR

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Since the Modi government came to power in 2014, it was only in the financial year 2019-20 that it failed to achieve the revised CPSE disinvestment target of Rs 65,000 crore. The mop-up during the year was only Rs 50,304 crore.

In the ongoing financial year 2021-22, the government was all set to go ahead with the share sale of Life Insurance Corporation (LIC) this month and draft papers for the same were also filed with markets regulator Sebi.

However, the Russia-Ukraine war has severely impacted the stock markets forcing the government to rethink about the timing of the IPO.

If the IPO fails to hit the market by March 31, the government will stare at a huge shortfall in the disinvestment mop-up. So far, the government has collected Rs 12,400 crore and was banking on LIC IPO to achieve the revised target of Rs 78,000 crore.

But for the financial year 2019-20, the government has invariably exceeded the Revised Estimates of the disinvestment proceeds.

In 2015-16, the actual mop-up was Rs 42,132 crore as against RE of Rs 25,313 crore. Similarly, in the financial year 2017-18, the government had set a record of sorts by raising over Rs 1 lakh crore, which was nearly the same as was mentioned in the RE.

As regard the current financial year, the government has raised Rs 12,434 crore so far, including Rs 2,700 crore from Air India sale and Rs 3,994 crore from sale of SUUTI stake in Axis Bank. PTI JD CS ANZ HRS hrs

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The government will take a call on the IPO of the country’s largest insurer LIC in the “best interest of the investors”, a senior official said on Friday as it is closely watching the market amid volatility caused by the Russia-Ukraine war.

DIPAM Secretary Tuhin Kanta Pandey said that while the government’s desire is to come out with the Initial Public Offer (IPO) of the state-owned life insurer in the current fiscal, it is a “dynamic situation”.

Through the IPO of Life Insurance Corporation (LIC), the government aims to garner over Rs 60,000 crore in the current fiscal to meet its revised disinvestment target of Rs 78,000 crore.

However, in the wake of the market volatility due to the Ukraine-Russia war, there might be a rethink on the timing of the LIC share sale.

“There are certain unanticipated events which have taken over right now. We are closely watching the market and certainly whatever the government will do, we will do in the best interest of the investors and also the IPO,” Pandey, Secretary of Department of Investment and Public Asset Management (DIPAM), said.

Speaking at the seventh National Conference on Economics of Competition Law, 2022, he also said the government’s desire to come up with the IPO of the state-owned insurer this fiscal year itself.

The financial year is ending on March 31.

“That is always been our desire, but now with this crisis which has come up, it is also a very dynamic situation. We are closely watching (the situation) and since you know you are dealing with the market all the time, so we have to be watchful and make our strategy accordingly,” Pandey stressed.

He also said the government is guided by professional advisors and whatever decision is taken, it will be in the best interest of the investors and the stakeholders.

“LIC is not really any strategic investment but yes it is a very important event, as LIC being a very old organisation to wider public ownership. This is also one of the important objectives of the government. We have brought in several listings in the recent past like Railtel, IRCTC, among others,” Pandey said.

He also said that it is because of the LIC IPO proposal that one crore new demat accounts have been opened.

“LIC alone has brought in something like one crore new demat (dematerialised) accounts. Now the demat accounts have gone up to more than 8 crore and tremendous amount of new energy has also come in terms of retail investors,” he added. PTI KPM CS RAM

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The exchange has invited applications from candidates having IPO (initial public offering) experience for the role of the top post before March 25, according to a public notice issued on Friday.

Limaye is eligible for another term. However, as per Sebi’s rule, the incumbent needs to compete with other candidates to win the next term.

He was appointed as the NSE chief in July 2017, following the exit of the exchange’s former MD and CEO Chitra Ramkrishna. Among various allegations, issues have been raised in various quarters that why application was not invited at the time when Ramkrishna was appointed as the MD and CEO in 2013.

Limaye is credited with rebranding of the NSE. Trading in derivatives witnessed tremendous growth under his leadership. However, the bourse also suffered an outage last year due to technical glitches.

Listing out eligibility criteria, the NSE’s notice stated that the candidate must have a track record of strengthening corporate governance, enterprise risk management and compliance management framework.

In addition, the candidates with exposure to working in a publicly listed company or having led an organisation through an initial public offering process “will be an added advantage”, it added.

The NSE is planning to come out with its initial share-sale since long. However, the plan to go public derailed after the bourse got embroiled into colocation controversy, where certain brokers were allegedly given unfair access to the exchange data feeds over other members.

After the deadline, the candidates will be short-listed by the nominations and remuneration committee of the company.

A selection committee set up by the NSE, comprising NRC members and the independent external members, will recommend candidates to the board, which will then send the name to Sebi for final approval.

The National Stock Exchange (NSE) is facing the regulatory probe in a case of governance lapses and in the colocation matter.

In a recent order, the regulator has penalised NSE’s former MDs and CEOs Ramkrishna, Ravi Narain and others for various violations in a case related to the appointment of Anand Subramanian as Group Operating Officer and Advisor to then MD Ramkrishna.

The regulator in its order revealed that Ramkrishna was steered by a yogi dwelling in the Himalayan ranges in the appointment of Subramanian. Also, she was accused of sharing confidential information, including the bourse’s financial financial and business plans, dividend scenario, financial results with the yogi and even consulted the yogi over the performance appraisals of the exchange’s employees.

The yogi, according to Ramkrishna, was a “spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational coordinates and largely dwelt in the Himalayan range”.

Also, the emails exchanged between Yogi and Ramkrishna referred that NSE was planning for a self listing, the order found. PTI SP BAL BAL

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Agrawal took charge on Wednesday, sources said.

This is the first time that LIC has appointed an outsider as CFO.

Prior to this, LIC Executive Director Shubhangi Sanjay Soman was holding charge as CFO of the insurance behemoth.

Agrawal was earlier the CFO of Reliance Nippon Life Insurance for over 12 years. He was also associated with ICICI Prudential Life Insurance for 5 years.

LIC had in September invited applications for the post of CFO. The post is contractual and the CFO would get remuneration of about Rs 75 lakh per annum.

The appointment will be for a period of three years or the candidate attaining 63 years of age, whichever is earlier.

LIC was preparing to go public in March itself. However, the prevailing geopolitical volatility triggered by the Russia-Ukraine conflict may defer the mega IPO.

Finance Minister Nirmala Sitharaman too had indicated review of LIC’s initial public offering (IPO) in view of the evolving geopolitical situation.

“Ideally, I would like to go ahead with it because we had planned it for some time based purely on Indian considerations,” Sitharaman had said in an interview with the Hindu Business Line. “But if global considerations warrant that I need to look at it, I would not mind looking at it again.” The Russia-Ukraine war entered its eighth day on Thursday, with fighting intensifying in Ukrainian capital Kyiv and other big cities.

The government was expecting to garner Rs 63,000 crore by selling 5 per cent stake in the life insurance firm to meet the curtailed disinvestment target of Rs 78,000 crore in the current fiscal.

If the IPO is deferred to the next fiscal, the government would miss the revised disinvestment target by a huge margin.

So far, the government has raised Rs 12,030 crore through CPSE disinvestment and Air India’s strategic sale this fiscal.

The government had earlier projected to garner Rs 1.75 lakh from disinvestment during 2021-22.

The IPO is offer for sale (OFS) by the Government of India and there is no fresh issue of shares by LIC. The government holds 100 per cent stake or over 632.49 crore shares in LIC. The face value of shares is Rs 10 apiece.

The LIC public issue would be the biggest IPO in the history of Indian stock market. Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS.

So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

Last week, the government had permitted up to 20 per cent foreign direct investment (FDI) under automatic route in LIC with an aim to facilitate disinvestment of the country’s largest insurer.

The decision in this regard was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi.

Foreign investors may be desirous of participating in the mega IPO. However, the existing FDI policy did not prescribe any specific provision for foreign investment in LIC, which is a statutory corporation established under the LIC Act, 1956. PTI DP BEN DP ABM ABM

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The move comes against the backdrop of a possible deferment of the initial public offering (IPO) of LIC, which was expected to fetch over Rs 60,000 crore, to the next financial year in view of the ongoing Russia-Ukraine war and its implication on Indian markets.

On the other hand, the government’s decision to bring back thousands of Indian students stranded in Ukraine will impose an additional burden on the exchequer.

According to officials, the daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed.

“The CBDT and CBIC have been asked to report flash figures up to the previous day latest by 12 noon. Besides, other non-tax and disinvestment receipts would have to be reported on a daily basis,” the official told PTI.

Officials said that the Controller General of Accounts (CGA) has been asked to provide daily revenue collection and expenditure figures of various ministries between March 15 and March 31 to the expenditure secretary.

The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) are the apex bodies responsible for collecting direct and indirect taxes, respectively.

Likely deferment of LIC IPO along with additional burden on bringing back Indians stranded in Ukraine will put pressure on the fiscal deficit, which has already been raised in the Revised Estimates (RE) to 6.9 per cent of GDP, from 6.8 per cent estimated earlier.

The government has collected Rs 15.47 lakh crore in net tax revenue, which is 87.7 per cent of the full-fiscal target of Rs 17.65 lakh crore.

Similarly, non-tax revenue collections stood at Rs 2.91 lakh crore till January, or 92.9 per cent of the RE target of Rs 3.13 lakh crore.

However, the government has raised only Rs 12,423 crore from disinvestments so far this fiscal, against the revised target of Rs 78,000 crore. It has been banking on LIC IPO to meet the target.

The government’s total expenditure till January-end worked out to be Rs 28.09 lakh crore, as against the RE of Rs 37.70 lakh crore for the entire fiscal. PTI JD CS ANZ JD HRS hrs

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Padariya joins OYO from the Netherlands-headquartered online payment solutions provider PayU, where he had served in a similar role, the statement said.

Padariya will directly report to the company’s Chief Technology Officer Ankit Mathuria.

“I am super excited to join OYO at this stage where all of travel is transforming and resurging post COVID-19. I am honoured to be a part of this team and can’t wait to start developing solutions to enhance the maturity of all of OYO’s products to the next level of security and privacy,” Padariya said. PTI RSN  RUJ RUJ

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UCO Bank customers will now be able to track stocks, evaluate their performance, learn about IPOs and secondary capital markets.

MD & CEO of the bank, S S Prasad, said that account holders will be able to enter the world of fintech services. PTI dc NN NN

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Biocon Biologics has entered into a definitive agreement with Viatris Inc to acquire its biosimilars business to create a fully integrated global biosimilars enterprise, Biocon Ltd said in a statement on Monday.

Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in Biocon Biologics Ltd valued at USD 1 billion, it added.

Biocon said Viatris will receive cash consideration of USD 2 billion on the closing of the transaction and up to USD 335 million as additional payments expected to be paid in 2024.

Additionally, upon closing of the transaction, Biocon Biologics will issue USD 1 billion of CCPS to Viatris, equivalent to an equity stake of at least 12.9 per cent in the company, on a fully diluted basis.

As part of the deal, Biocon Biologics will gain Viatris’ global biosimilars business whose revenues are estimated to be USD 1 billion next year along with its portfolio of in-licensed biosimilar assets.

The acquisition will help the company to have a comprehensive portfolio, comprising its current range of commercialised insulins, oncology and immunology biosimilars as well as several other biosimilar assets under development.

Biocon Biologics, which currently has a portfolio of 20 biosimilars, will also have access to the vaccine portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).

The Boards of Directors of both the companies have approved the transaction and the deal is expected to close in the second half of the year.

“This acquisition is transformational and will create a unique fully integrated, world-leading biosimilars enterprise. Our long-standing global partnership with Viatris has enabled us to achieve many firsts, setting new benchmarks for the global biosimilars industry.

“This strategic combination brings together the complementary capabilities and strengths of both partners and prepares us for the next decade of value creation for all our stakeholders,” Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw said.

The deal will enable Biocon Biologics to attain a robust commercial engine in the developed markets of the US and Europe, and fast-track Biocon’s journey of building a strong global brand, she added.

“It will also make us future-ready for the next wave of products. This development takes our partnership with Viatris to the next level to realise our shared purpose of impacting global health by providing affordable access to high-quality essential and life-saving biosimilar drugs,” Mazumdar-Shaw noted.

In an online press briefing, she noted that the deal would be value accretive to Biocon and its shareholders.

“Post closure of this deal, Biocon Biologics will realise the full revenue and associated profits from its partner products, which is a step up from the existing arrangement of realising a smaller fraction of the economic benefits of this partnership.

“It will just expand our EBITDA base and strengthen overall financials enabling us to invest in sustained long term growth,” Mazumdar-Shaw said.

According to her, the company is focused on the importance of vertical integration in the biosimilars industry to be agile and competitive. “Thus far we relied on the complementary capabilities of Viatris and Biocon biologics to provide vertical integration. As the biosimilar industry matures, a fully integrated model will become increasingly important for companies to drive sustainable growth”.

Mazumdar-Shaw also noted that the acquisition will make Biocon Biologics a unique global vertically integrated biosimilars leader.

She noted that the cash payment of USD 2 billion will be funded through a combination of equity infusion in Biocon Biologics as well as debt.

“The future considerations will be primarily funded from the cash generated in the business. The debt assumed that this transaction will be well supported by the larger EBITDA base, a combination of Biocon Biologics, Viatris and vaccine income streams and future equity infusions including IPO,” Mazumdar-Shaw stated.

Biocon Biologics Managing Director Arun Chandavarkar said the deal gives the company full ownership of Viatris’ rights in biosimilars assets, enabling it to recognise combined revenues and profits.

“This deal provides several advantages, including strategic agility and operational efficiencies, which will help us mitigate pricing pressures in a competitive global biosimilars landscape. We remain committed to sustainable growth with a strong financial profile, expanded geographical reach and continued investments in R&D to build a world-leading biosimilars franchise,” he added.

Viatris Executive Chairman Robert J Coury said: “Our unique collaboration with Biocon began more than a decade ago, even before a biosimilars pathway was defined in most countries. During that time, we have experienced many successes, and today is no exception as we join together to create a new, uniquely positioned world-class vertically integrated biosimilars leader”.

This transaction will allow Viatris to continue to participate in the global biosimilars space in a more optimised way while also allowing us to accelerate its own financial priorities, he added.

As part of the deal, Mazumdar-Shaw would continue as Executive Chairperson of Biocon Biologics while Viatris would designate Rajiv Malik, President of Viatris, to serve on the Biocon Biologics board.

The companies will also enter into a transition services agreement, pursuant to which Viatris will provide certain transition services, including commercialisation services, for an expected two-year period.

Viatris also will pay USD 50 million to Biocon Biologics to fund certain capital expenditures.

The Bengaluru-based company said the cash payment of USD 2 billion would be funded by USD 800 million raised through equity infusion in Biocon Biologics and the remainder to be funded by debt, additional equity or a combination thereof.

Biocon Biologics has received expressions of interest from financial institutions for debt financing and equity commitments from existing shareholders, it added.

Viatris was formed in 2020 through the combination of Mylan and Upjohn, a legacy division of Pfizer.

The company employs around 38,000 people and has presence across North America, Europe, the Asia Pacific region and emerging markets.

Viatris operates around 40 manufacturing sites to produce oral solid doses, injectables, complex dosage forms and active pharmaceutical ingredients. PTI MSS RAM

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Biocon Biologics, which has inked a deal to acquire Viatris Inc’s biosimilars business for up to USD 3.33 billion (about Rs 24,990 crore), aims to be a fully integrated global biosimilars company.

“We are ready to advance our biosimilar journey to the next level. This acquisition of Viatris’ biosimilar business is an important step to create a leading fully integrated global biosimilars company, setting us up for the next decade of value creation for all our shareholders. We expect to have an IPO of Biocon Biologics with this new structure within the next two years,” Mazumdar-Shaw said in an online press conference.

At the last round of funding, the biologics business was valued at USD 4.9 billion and certainly with this new deal, it jumps to around USD 8 billion, she stated.

“And obviously, we expect the IPO to be at a very, very attractive level. So if you look at it, it’s going to hugely create value for shareholders,” Mazumdar-Shaw said.

The Viatris acquisition would help Biocon Biologics become a unique global vertically integrated biosimilars leader, she added.

Mazumdar-Shaw noted the Viatris deal would enable the company to have one of the broadest and deepest commercialised biosimilars portfolios in the industry.

“This transaction will accelerate our direct commercialisation strategy for our current biosimilars portfolio. It will also make us future ready for the next wave of products…fast track our journey of building a strong global brand. Additionally, this strategic combination will prepare us for the next decade of value creation for all our stakeholders through an IPO which is being planned within the next 18 to 24 months,” she said.

Mazumdar-Shaw noted that the acquisition enables Biocon Biologics to fill the gaps in its missing capabilities in developed markets, especially around supply chain and commercialisation.

“Our long standing relationship with biologists positions us very well to seamlessly and rapidly integrate and thereby maximise value from this transaction. Additionally, it accelerates our readiness for the next wave of biosimilars which are under development,” she said.

The deal would also enable the company to realise regulatory and IP capabilities in developed markets as well as operational efficiencies, she added.

Mazumdar-Shaw said that its biosimilars business has demonstrated success and established global credibility with seven of its molecules having been commercialised worldwide.

“Through our comprehensive biosimilars portfolio we are serving over 3.6 million patients on a yearly basis. And in benefiting patients, we have also generated revenues of USD 384 million in FY21,” she stated.

Biosimilars offer a very attractive global opportunity as it is a class of drugs that has emerged as an effective alternative to reduce the cost of novel biologic therapies.

“Over 1,000 biosimilars and follow on biologics are under development for various therapy areas. Globally, the uptake of biosimilars has increased rapidly. About 65 per cent of all biosimilars approved in the US have gained their approval between 2018 and 2019. Even 50 per cent of biosimilars in Europe were approved between 2017 to 2019 as per an E&Y analysis,” Mazumdar-Shaw noted.

This trend looks to continue over the next decade, she said. According to IQVIA, the biosimilar value grew at a CAGR of 78 per cent between 2015 and 2020, reaching around USD 18 billion in 2020, and is expected to continue to grow at a compound annual growth rate (CAGR) of 15 per cent between 2020 and 2030, reaching an estimated USD 75 billion within the next decade, Mazumdar Shaw noted.

“And I’m pleased to say that Biocon Biologics is well positioned to have a global play in a major way in biosimilars,” she stated. Shares of the company however slumped over 11 per cent to Rs 348.95 a piece on Monday amid concerns of high debt on the company’s balance sheet.

Shrugging off concerns regarding high debt exposure on its books, Mazumdar-Shaw noted that debt is at a very manageable level as compared to any other companies.

“I think we have been very, very conservative, if I may say so in terms of our equity, or debt…I am confident not just committed that the present level of debt will certainly come down even beyond what it is today. But I think even at today’s level, we are very comfortable to pay off this debt very, very soon,” she said.

The Bengaluru-based company has noted that the cash payment of USD 2 billion for the Viatris deal would be funded by USD 800 million raised through equity infusion in Biocon Biologics and the remainder would be funded by debt, additional equity or a combination thereof.

Biocon Biologics has received expressions of interest from financial institutions for debt financing and equity commitments from existing shareholders, it added. PTI MSS ANU ANU

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The approval by the US Food and Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) of Divalproex Sodium extended-release tablets of strengths 250 mg and 500 mg, Unichem Laboratories Ltd said in a regulatory filing.

These are the generic equivalent of Depakote ER (Divalproex Sodium) extended-release tablets 250 mg and 500 mg, of AbbVie Inc, it added.

The tablets are indicated for the treatment of acute manic or mixed episodes associated with bipolar disorder, as monotherapy and adjunctive therapy and prophylaxis of migraine headaches, the company said.

The product will be commercialised from Unichem’s Goa plant, it added. PTI RKL MR

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The decision in this regard was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi.

The government has approved listing of shares of LIC on the stock market through an IPO by part-sale of its stake in the insurer and raising fresh equity capital.

Foreign investors may be desirous of participating in the mega IPO. However, the existing FDI policy did not prescribe any specific provision for foreign investment in LIC, which is a statutory corporation established under the LIC Act, 1956.

Since as per the present FDI policy, the foreign inflows ceiling for public sector banks is 20 per cent under government approval route, it has been decided to allow foreign investment of up to 20 per cent for LIC and such other corporate bodies.

Further, in order to expedite the capital raising process, such FDI has been kept under the automatic route, as in the case of the rest of the insurance sector, one of the sources said.

Increased FDI inflows will supplement domestic capital, technology transfer, skill development for accelerated economic growth and development across sectors.

Sources said other minor enhancements in the existing FDI policy have also been carried out in order to provide an updated, consistent and easily comprehensible FDI framework.

The FDI policy currently lists only ‘Insurance Company’ and ‘Intermediaries or Insurance Intermediaries’ under the insurance sector.

LIC being a statutory corporation, is not covered under either insurance company or intermediaries or insurance intermediaries and no limit was prescribed for foreign investment in LIC under the LIC Act, 1956; the Insurance Act, 1938; the Insurance Regulatory and Development Authority Act, 1999 or regulations made under the respective laws.

Further, with an intent to improve the overall FDI policy, certain changes and alignments under various provisions of the policy have been carried out.

“The reform in the FDI policy will have several benefits. It would facilitate foreign investment in LIC and such other corporate bodies, for which the government may have a requirement for disinvestment purposes.

“The reform will facilitate ease of doing business and lead to greater FDI inflows, and at the same time, ensure alignment with the overall intent/objective of FDI policy,” a source said.

Setting the stage for the country’s biggest-ever public offering, Life Insurance Corporation on February 13 filed draft papers with capital market regulator Sebi for the sale of 5 per cent stake by the government for an estimated Rs 63,000 crore.

The initial public offering (IPO) of over 31.6 crore shares or 5 per cent government stake is likely to hit D-street in March. Employees and policyholders of the insurance behemoth would get a discount over the floor price.

According to the draft red herring prospectus (DRHP), LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Although the DRHP does not disclose the market valuation of LIC, as per industry standards it would be about three times the embedded value or around Rs 16 lakh crore.

The LIC public issue would be the biggest IPO in the history of the Indian stock market. Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS.

So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. PTI RR DP ANZ ABM ABM

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The decision in this regard was taken by the Cabinet, chaired by Prime Minister Narendra Modi.

The government has approved listing of shares of LIC on the stock market through an IPO by part-sale of its stake in the insurer and raising fresh equity capital.

Foreign investors may be desirous of participating in the mega IPO. However, the existing FDI policy did not prescribe any specific provision for foreign investment in LIC, which is a statutory corporation established under the LIC Act, 1956.

Since as per the present FDI policy, the foreign inflows ceiling for public sector banks is 20 per cent under government approval route, it has been decided to allow foreign investment of up to 20 per cent for LIC and such other corporate bodies.

Further, in order to expedite the capital raising process, such FDI has been kept under the automatic route, as in the case of the rest of the insurance sector, one of the sources said.

Increased FDI inflows will supplement domestic capital, technology transfer, skill development for accelerated economic growth and development across sectors.

Setting the stage for the country’s biggest-ever public offering, Life Insurance Corporation on February 13 filed draft papers with capital market regulator Sebi for the sale of 5 per cent stake by the government for an estimated Rs 63,000 crore.

The initial public offering (IPO) of over 31.6 crore shares or 5 per cent government stake is likely to hit D-street in March. Employees and policyholders of the insurance behemoth would get a discount over the floor price.

According to the draft red herring prospectus (DRHP), LIC’s embedded value, which is a measure of the consolidated shareholders value in an insurance company, has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Although the DRHP does not disclose the market valuation of LIC, as per industry standards it would be about three times the embedded value or around Rs 16 lakh crore.

The LIC public issue would be the biggest IPO in the history of the Indian stock market. Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS.

So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. PTI RR DP ANZ ABM ABM

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Bikaji Foods International, a leading manufacturer of snacks and sweets, has filed preliminary papers with markets regulator Sebi for an initial public offer estimated to be worth Rs 1,000 crore.

Certain shareholders of the Rajasthan-based company, including two promoters, plan to offload around 2.94 crore shares through the Offer For Sale (OFS) route.

Bikaji was the largest manufacturer of Bikaneri bhujia with annual production of 26,690 tonne in fiscal 2021 and is a leading maker of packaged rasgulla, soan papdi and gulab jamun, according to the Draft Red Herring Prospectus (DRHP) filed with Sebi.

The company plans to sell up to 2,93,73,984 shares and the selling shareholders include two promoters — Ratan Agarwal and Deepak Agarwal.

Both the promoters are looking to offload up to 25 lakh company shares each.

According to market sources, around Rs 1,000 crore is expected to be raised from the IPO.

Other entities that will be selling their shares are India 2020 Maharaja, Ltd; Intensive Softshare Pvt Ltd; IIFL Special Opportunities Fund; IIFL Special Opportunities Fund – Series 2; IIFL Special Opportunities Fund – Series 3; IIFL Special Opportunities Fund – Series 4; IIFL Special Opportunities Fund – Series 5 and Avendus Future Leaders Fund I.

The company expects the listing will enhance its visibility and brand image as well as provide a public market for the equity shares in India.

JM Financial, Axis Capital, IIFL Securities Ltd, Intensive Fiscal Services Pvt Ltd and Kotak Mahindra Capital Company are the book running lead managers to the issue.

As per the DRHP, the company has more than 250 products that range from wholesome bites to indulgent treats, such as namkeen, sweets, papad, western snacks, chips and cookies.

“The Bikaneri bhujia was given the Geographical Identification (GI) tag in 2010 since it is a popular cottage industry of Bikaner, providing employment to a large group of people in the region. None other than the registered users are allowed to use the name of ‘Bikaneri bhujia’ as generic product,” it said. PTI RAM ANU ANU

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She also indicated that the Initial Public Offering (IPO) will happen in the current financial year.

On February 13, the state-owned insurer filed draft papers with capital markets regulator Sebi for the sale of a 5 per cent stake by the government for an estimated Rs 63,000 crore.

“Now that DRHP (for LIC IPO) is out, there is a buzz and a lot of interest in the market. I am glad the way in which it is crafted where shareholders also have a role to play. The way it has been crafted has created a lot of interest and we will be going ahead with it,” Sitharaman told reporters.

When asked whether the IPO will come in this financial year, Sitharaman said, “DRHP is not issued two years in advance. Is it?”.

DRHP refers to Draft Red Herring Prospectus.

LIC IPO is entirely an Offer for Sale (OFS) through which the Government of India would dilute 5 per cent of its stake by selling 31.63 crore shares.

Employees and policy holders of the insurance behemoth would get a discount over the floor price.

On Monday, LIC Chairman M R Kumar said the insurance behemoth was watching the geo-political situation carefully, though it was keen on listing the IPO in March.

“We are watching the situation closely and carefully…but we are very keen on having a listing in March,” Kumar had said when asked about the impact of the evolving geopolitical situation on the upcoming IPO.

Meanwhile, on Tuesday, LIC clarified that subscribers of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are not eligible for shares at a discounted price in the IPO.

“It is a group insurance product and (PMJJBY policyholders) isn’t eligible,” LIC said in a statement.

The clarification came a day after Kumar said PMJJBY subscribers are also eligible for the benefits available for policyholders. However, LIC said in the statement that it was “inadvertently mentioned”.

As per the DRHP filed last week, the maximum bid amount under the Policyholder Reservation Portion by an eligible policyholder would not exceed Rs 2,00,000 (net of policyholder discount).

LIC’s share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate the IPO.

Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period. PTI HV DP RAM

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Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 percent.

LIC’s ownership of G-secs peaked in March 2019 when it held 20.6 per cent and 20.5 per cent in March 2020, according to Swiss brokerage UBS Securities.

With USD 520 billion of total assets under management (AUM), LIC is the largest institutional investor in the around USD 3 trillion domestic equities market.

With 29 per cent share or USD 130 billion in AUM, LIC also has the largest share of domestic institutional equity AUM, which is a shade more than half of all equity mutual funds in the country, as per an analysis by the brokerage.

LIC has about 4 per cent stake in equities, making it the single-largest stakeholder after the government (promoter stake), but this is down from its 2017 peak when it held 4.7 per cent of the market.

LIC also has a disproportionately higher share in state-owned stocks with around 9 per cent share.

As of December, it owns 10 per cent of RIL, 5 per cent each in TCS, Infosys and ITC, and 4 per cent each in ICICI Bank, L&T and SBI.

After the listing, LIC would be the largest investment in the government’s portfolio of listed equities — 43 per cent of USD 377 billion in AUM.

This is important from the point of view of government budget financing through divestment and it will also be the third largest company in terms of marker cap of USD 172 billion after Reliance Industries (USD 214 billion) and TCS (USD 182 billion).

With 28 crore policyholders, LIC has the maximum share of household savings.

The report said nearly Rs 10 out of every Rs 100 saved by households each year goes to LIC, making it larger than even the perceived staple of household savings — SBI, which gets around 8 per cent of the bank deposits.

It will also be the 32nd-largest based on free float market cap as the government is selling only 5 per cent stake through the IPO. Again RIL leads the free-float market with USD 108.7 billion, followed by HDFC Bank at USD 88.2 billion, Infosys (USD84.7 billion), ICICI Bank (USD72.8 billion, HDFC (USD 58.2 billion) and TCS (USD 50.8 billion).

But among the state-owned companies, LIC will be the third largest in terms of free-float value at USD 8.6 billion, after SBI’s USD 27 billion and PowerGrid’s USD 9.4 billion. PTI BEN ABM ABM

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“PMJJBY is part of that and reservation will be there (for the policyholders),” Kumar said in an interaction with the media.

Launched in 2015, PMJJBY offers a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.

This government scheme is offered or administered through LIC. As per the Draft Red Herring Prospectus (DRHP) filed last week, the maximum bid amount under the Policyholder Reservation Portion by an eligible policyholder would not exceed Rs 2,00,000 (net of policyholder discount).

It further said policyholders having one or more policies of LIC as on the date of DRHP and bid/offer opening date and who are residents of India would be eligible to apply in this offer, under the Policyholder Reservation Portion.

The aggregate of reservation for eligible policyholders shall not exceed 10 per cent of the total offer size. The portion of the offer available for allocation to eligible policyholders on a proportionate basis is subject to the receipt of necessary approvals from the government.

LIC issued approximately 21 million individual policies in FY 2021, accounting for nearly 75 per cent of new individual policy issuances. The IPO is offer for sale (OFS) by Government of India. There is no fresh issue of shares by LIC.

The government holds 100 per cent stake or over 632.49 crore shares in LIC. The face value of shares is Rs 10 apiece. The LIC public issue would be the biggest IPO in the history of the Indian stock market.

Once listed, LIC’s market valuation would be comparable to top companies like RIL and TCS. The IPO of LIC is expected by March and the proceeds would be crucial to meet the revised disinvestment target of Rs 78,000 crore in the current fiscal year.

LIC’s share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate the IPO. Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period. PTI DP ANU ANU

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IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, following the acquisition of an additional 8,27,590,885 equity shares.

On December 19, 2020, IDBI Bank was reclassified as an associate company due to the reduction of LIC shareholding to 49.24 per cent following the issuance of additional equity shares by the bank under a Qualified Institutional Placement (QIP).

The government, which is the minority shareholder in IDBI Bank with a 45.48 per cent stake, has already expressed its intent to exit by selling the stake.

“Going forward, we would like to have some stake in IDBI Bank. The whole idea of us picking up stake in the bank was strategic in nature and that has not gone away at all,” LIC Chairman M R Kumar said during a media interaction.

In fact, IDBI Bank has been the strongest contributor for the bancassurance channel, he said, adding that this was something that would help LIC to grow that particular channel in the post-IPO scenario.

Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank’s customers and others through the branch network.

“I, as LIC Chairperson, would like to see that the relationship continuing in the future as well,” he said.

On how much LIC would like to retain out of 49.24 per cent stake in IDBI Bank at present, Kumar said as of now there was no sense of the number as it was up to the Department of Investment and Public Asset Management (DIPAM) to kick off that excercise.

“Since it was a strategic partnership to begin with, we might stick on to some stake in order that we continue our relationship on bancassurance and other areas which are a win-win-win for both LIC and IDBI Bank,” he said.

Elaborating on bancassurance channel, Kumar said LIC has distribution tie up with 58,000 branches of different banks. There is still a lot of scope and headroom for growth on that front, he added.

About new products, he said LIC was working on several participating (par) and non-participating (non-par) policies that would be launched going forward.

LIC filed the Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) this month. The government expects to mobilise about Rs 63,000 crore from the proposed Offer for Sale (OFS) to meet the lower disinvestment target of Rs 78,000 crore for the current financial year.

The insurer had infused Rs 4,743 crore in IDBI Bank on October 23, 2019 using policyholders’ funds while the bank further raised Rs 1,435.1 crore on December 19, 2020 by way of a QIP.

IDBI Bank has come out of the prompt corrective action framework in March 2021, subject to compliance with certain conditions and continuous monitoring. PTI DP RAM

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On the BSE, the shares closed with a gain of 1.89 per cent, at Rs 99.75 apiece.

It was trading at Rs 101.8 during the day.

On the National Stock Exchange (NSE), the shares closed at Rs 99.9 apiece, a 2.04 per cent higher over the previous close.

It touched an intra-day high of Rs 101.85 during the trading session.

FedFina has filed preliminary papers with markets regulator Sebi to raise funds through an IPO, Federal Bank said in a regulatory filing.

The public issue consists of a fresh issue aggregating up to Rs 900 crore and an offer-for-sale (OFS) of up to 45,714,286 equity shares by promoter and investor, according to the draft red herring prospectus (DRHP). PTI SRS HRS hrs

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Archean Chemical Industries, a speciality marine chemical manufacturer, has filed preliminary papers with markets regulator Sebi to raise as much as Rs 2,200 crore through an initial public offering (IPO).

The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,000 crore and an offer for sale of up to 1.9 crore shares by the promoter and investors, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital, according to the draft red herring prospectus (DRHP).

According to market sources, the company is expected to raise anywhere between Rs 2,000 crore and Rs 2,200 crore through the initial share-sale.

The company plans to use the proceeds of the fresh issue for the redemption of non-convertible debentures (NCDs) issued by it.

The move will reduce the company’s outstanding indebtedness, debt servicing costs, improve the debt-to-equity ratio and enable utilisation of its internal accruals for further investment in business growth and expansion.

Archean is focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. It produces its products from its brine reserves in the Rann of Kutch, located on the coast of Gujarat, and manufactures products at its facility near Hajipir in Gujarat.

The bromine produced by Archean is used as key initial level material, which has applications in pharma, agrochemicals, water treatment, flame retardant, additives, oil & gas and energy storage segments.

Industrial salt is an important raw material used in the chemical industry for the production of various other chemicals and compounds and sulphate of potash is used as a fertilizer and also has medical uses.

Archean’s revenue from operations has grown at a CAGR (compound annual growth rate) of 9.42 per cent from Rs 565.5 crore in fiscal 2019 to Rs 740.76 crore in fiscal 2021.

IIFL Securities, ICICI Securities and JM Financial are the book running lead managers to the IPO. PTI SP HRS hrs

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Federal Bank subsidiary Fedbank Financial Services Ltd (FedFina) has filed preliminary papers with Sebi for its initial public offering (IPO).

The draft red herring prospectus (DRHP) was filed with the capital markets regulator on February 19, 2022, Federal Bank said in a regulatory filing on Sunday.

“Our subsidiary Fedbank Financial Services has filed its draft red herring prospectus with Sebi for the proposed IPO of its equity shares on February 19, 2022,” it said.

The IPO comprises a fresh issue of equity shares and offer for sale by Federal Bank and True North Fund VI LLP.

“FedFina is proposing to undertake the IPO…comprising a fresh issue of equity shares by FedFina aggregating up to Rs 9,000 million (Rs 900 crore) (the fresh issue) and an offer for sale of up to 1,64,97,973 equity shares by our bank and up to 2,92,16,313 equity shares by True North Fund VI LLP,” Federal Bank said.

The private sector bank said the offer includes a reservation for subscription by eligible employees of Federal Bank and FedFina and the bank’s shareholders.

The offer is subject to receipt of requisite approvals, market conditions and other considerations, it added.

As of February 19, 2022, Federal Bank held 23,56,85,332 equity shares aggregating to 73.31 per cent of the issued, subscribed and paid-up share capital of FedFina.

FedFina had total revenues of Rs 697.72 crore in FY21, with net profit of Rs 61.68 crore.

The company’s net worth as on March 31, 2021 was Rs 834.73 crore.

Post the proposed IPO, FedFina would continue to be a subsidiary of Federal Bank, the lender said.

The non-banking financial company (NBFC) offers medium term and small ticket loans against property (LAP), business loans, as well as gold loans. It has 507 branches across 15 states and union territories (UTs) in India. PTI KPM ABM ABM

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Besides, such companies should make disclosures about their valuations based on issuance of new shares and acquisition of shares in the past 18 months before filing draft offer documents, according to a consultation paper.

The move comes against the backdrop of many new age companies, that do not have a track record of having an operating profit at least in the preceding three years, tapping the Initial Public Offering (IPO) route to raise funds.

Such firms generally remain loss-making for a longer period before achieving break-even as they opt for ways to gain scale of operations rather than profits in the initial years.

The Securities and Exchange Board of India (Sebi) has sought comments from the public on the consultation paper till March 5.

At present, the ‘Basis of Issue Price’ section in an offer document covers  disclosures of traditional parameters such as key accounting ratios. These include Earnings Per Share (EPS), price to earnings, return on net worth and net asset value of the company as well as comparison of such accounting ratios with its peers.

According to Sebi, these parameters are typically descriptive of companies which are profit making and do not relate to a loss-making firm. These parameters may not aid investors in taking investment decisions with respect to an loss-making issuer.

“It is obvious that disclosures in ‘Basis of Issue Price’ section, particularly for a loss making company, are required to be supplemented with non-traditional parameters like key performance indicators and disclosure of certain additional parameters such as  valuation based on past transactions/ fund raising by issuer company,” Sebi said in the consultation paper.

Apart from disclosing the financial ratios as per the current requirements, Sebi has proposed that the issuer company should also make the disclosures about the Key Performance Indicators (KPIs) that have been considered/have a bearing for arriving at the ‘Basis of Issue Price’.

An issuer company should disclose about relevant KPIs during the three years prior to the IPO and an explanation of how these KPIs contribute to form the ‘Basis of Issue Price’.

Also, an issuer company should disclose all material KPIs that have been shared with any pre-IPO investor at any point of time during the three years prior to the IPO.

However, for those KPIs which the issuer company deems are not relevant  for the proposed IPO, the issuer should provide adequate explanation with proper cross reference to a table disclosing the said KPIs.

KPIs stated by an issuer company should be described and defined clearly,  consistently and precisely and should not be misleading. Besides, all KPIs should be certified or audited by statutory auditors.

In addition, Sebi has suggested that comparison of KPIs with Indian listed peer companies and/or global listed peer companies (wherever available) should be disclosed in the offer document and comparison of KPIs over time should be explained.

Apart from KPIs, an issuer firm has been proposed to make disclosure of valuation of issuer company based on secondary and primary sale, in the 18 months prior to the date of filing of the DRHP/RHP.

This is subject to conditions where either acquisition or sale is equal to or more than 5 per cent of the fully diluted paid-up share capital of the issue firm in a single transaction or a group of transactions in a short period of time.

With reference to valuation of an issuer company based on secondary sale or  acquisition of shares and primary or new issue of shares, Sebi has suggested disclosure of floor price and cap price being times the Weighted Average Cost of Acquisition (WACA) based on primary/ secondary transaction(s) should be disclosed in a tabular form.

Sebi also said that an issuer firm should offer a detailed explanation for offer price along with comparison of the issuer ‘s KPIs and financials ratios such as EPS, return on net worth and net asset value for the last two full financial years and the interim period, if any, included in the offer document.

This will enable the investors to have a comparative view of the KPIs and other financial ratios for the same period, the regulator said in the consultation paper. PTI SP RAM

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• Analysts had expected Vedant Fashions Limited’s IPO to list at a discount or at par, but it got listed at a premium of 8% on its issue price.
• They suggested that the company has good fundamentals, but the valuation was a major concern.
• Some analysts believe that investors can exit as the valuations are a little expensive and there is a little room for further gains. 

Vedant Fashions Ltd., the owner of men’s celebration wear brand Manyavar and similar brands listed at a premium of 8% over its issue price of ₹866 per share on the NSE (National Stock Exchange) on February 16, 2022.

After its strong opening on the bourses, it managed to hold on in positive territory. Many investors made listing gains. It surged to almost reach the 4-figure mark, but could not. 

Its IPO was an offer for sale and many analysts had suggested that it might get listed at a discount or at par, owing to its perceived expensive valuations and weak response with a 2.57x subscription. However, the listing was much better than what was expected. It closed just marginally above the listing price.

“The company has strong brand value with good fundamentals, however, valuation is a major concern, therefore, investors should approach it from the long-term perspective where any dip of 15-20 per cent from current levels will be a good buying opportunity,” said Santosh Meena, head of research at Swastika Investmart.

Some analysts believe that investors can exit as the valuations are a little expensive and there is little room for further gains. Most of them had recommended it for long-term gains and not for listing gains.

“If non-allotted investors wish to buy on the listing day, it is better to wait and watch for better-discounted pricing, while risk-takers may consider holding it as a high-risk high-return with a long-term perspective,” said Prashanth Tapse, vice president of research at Mehta Equities.

 “The company has an asset-light EBO model that lets them focus on vendor and inventory management by understanding consumer preferences through the collected secondary sales data. Considering its operating margins and strong balance sheet backed with higher brand recall for celebration wear, we recommend to subscribe the issue for long term,” said Canara Bank Securities.

Vedant Fashions Ltd raised 3149.19 crores through the IPO and did not receive any proceeds as it was an offer for sale.

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State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator Sebi.

This includes interest earned over the outstanding unclaimed amount.

As per the Draft Red Herring Prospectus (DRHP) filed by the Life Insurance Corporation of India (LIC), the unclaimed amount was at Rs 18,495 crore at the end of March 2021 and Rs 16,052.65 crore at the end of March 2020.

The total unclaimed amount stood at Rs 13,843.70 crore at the end of March 2019.

Every insurer is required to display information about any unclaimed amount of Rs 1,000 or more on their respective websites (to continue even after completion of 10 years) and a facility is to be provided on the website to enable policyholders or beneficiaries to verify unclaimed amount due to them.

Further, it said, the unclaimed amounts circular by Insurance Regulatory and Development Authority of India (IRDAI) prescribes the procedures relating to the mode of payment of the unclaimed amount, communication to the policyholders, accounting, utilization of investment income etc.

The SCWF Act mandates the transfer of unclaimed amounts of the policyholders held beyond a period of 10 years to the Senior Citizens’ Welfare Fund (SCWF).

The Senior Citizens’ Welfare Fund Rules, 2016 (SCWF Rules) specifies the entities that are required to transfer the amounts into the SCWF and contains provisions pertaining to administration of the SCWF, it said.

The Unclaimed Amounts Circular prescribes that the unclaimed amount, on completion of 10 years, be treated in accordance with SCWF Rules, it said.

“All insurers must adhere to the accounting procedure issued by Budget Division, Department of Economic Affairs, the Ministry of Finance for transfer of the unclaimed amounts into the SCWF,” it said.  Every financial year the process laid down in the SCWF Rules read with the accounting procedure for transfer of the funds into the SCWF must be followed, it said, adding all insurers must make transfers to the SCWF on or before March 1 every year. PTI DP MKJ

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Vedant Fashions, which owns the ethnic wear brand Manyavar, made a positive debut on exchanges on Wednesday as the stock got listed with an 8 per cent premium over the issue price of Rs 866.

On BSE, the scrip made an opening at Rs 936, higher by 8.08 per cent in comparison to the issue price of Rs 866.

Similarly, on NSE, the shares listed at Rs 935, registering a premium of 7.96 per cent over the issue price.

The company got listed following the completion of its Rs 3,149-crore offer-for-sale of equity shares last week, which was subscribed 2.6 times.

The qualified institutional buyers category received maximum demand with 7.49 times subscription, non-institutional investors’ part was subscribed 1.07 times and retail investors’ portion obtained only 39 per cent subscription, which had a price range at Rs 824-866 per share. PTI SRS DRR

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The Delhi High Court has refused to interfere with Oravel Stays’ move to make an initial public offering (IPO) and dismissed a plea by Zostel Hospitality claiming seven per cent equity shares of OYO’s parent firm (Oravel Stay’s) pursuant to an arbitration award in its favour.

Justice C Hari Shankar stated that there was no case made out for granting an injunction against the floating of IPO by Oravel and ordered that “the petition is, therefore, dismissed”.

Zostel Hospitality Pvt Ltd and one of its investor-shareholders Orios Venture Partners were parties to a “Term Sheet” with Oravel Stays Pvt Ltd, under which Zostel would transfer its hotel business to Oravel and Orios, against which Oravel would transfer “identified assets” which included seven per cent of its shareholding to Zostel.

Subsequently, owing to defaults on the part of Oravel, Zostel was unable to acquire the assets of Oravel and an award was passed in March 2021 against Oravel in an arbitration proceeding.

Seeking interim protection from the high court after the award was passed, Zostel claimed that under the arbitral award, it is entitled to receive seven per cent of the equity shares of Oravel and therefore, Oravel could not be allowed to take any steps, including floating an IPO, which would frustrate the enforcement of the award.   Once an IPO is floated by Oravel, Zostel would no longer be able to obtain specific performance of the Term Sheet, which would render the Award completely unenforceable in law, it was submitted.

The court held that the arbitral award was not a decree for the execution but “merely a decree enabling Zostel to take proceedings for execution” of the arrangement in question.

“Where Mr. (Amit) Sibal appears (senior counsel for Zostel), however, to err, is in his contention that the arbitral award, in the present case, directs the specific performance. It does not do so. All it does is to recognize the right of Zostel to take appropriate proceedings for specific performance, specific performance of the Term Sheet being, as per the Award, Zostel’s entitlement,” the court stated in its order passed on February 14.

The court said that as of now, the right to receive seven per cent equity shares of Oravel has not crystallised in favour of Zostel and said that “no case, for injuncting making of the IPO by Oravel, can be said to exist.” “For the reasons already elucidated hereinabove, it cannot be said that, as on date, the right to receive seven per cent equity shares of Oravel has crystallised in favour of Zostel. Though Zostel’s entitlement, in this regard, stands recognized and, perhaps even certified, by the arbitral Award, the learned Arbitrator has, nonetheless, hedged in the certification by the caveat that the right, in that regard, could be invoked by Zostel only in terms of Clause 4 of the Term Sheet, “upon closing”,” it added.PTI ADS RKS RKS

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As part of the new identity launch, the company unveiled its new logo and tagline – LetsVenture Together, which augments LetsVenture’s vision to become partners and enablers to the Indian Private Market ecosystem by helping investors and founders, Invest Together and Build Together. The upgraded platform for angel investors comes with intelligent features and an enhanced design that allows investors to access live deals, top syndicates, upcoming pitching sessions, and product updates while even providing real-time updates on the respective investments while for syndicates the platform will allow them to manage their deal flow & commitments better. LetsVenture plans to develop and launch new products for the investor and startup community in the next 12 months.

LetsVenture, counts marquee startups in its portfolio such as Dukaan, Khatabook, Sugar Cosmetics, Melorra to name a few, saw a significant growth of 120% in the number of deals, with 225+ transactions in CY 2021. LetsVenture’s portfolio value is over USD 4 billion and the platform has enabled startup’s to raise USD 400 MN across 527+ rounds over the last 8 years. LetsVenture also has over 10,000+ investors on the platform from 60+ countries. LetsVenture recently partnered with MeitYStartup Hub to accelerate the pace of innovation across the startup ecosystem.

The upgraded platform and brand identity follows the emerging trends in the startup ecosystem which saw record levels of investment in 2021 and gave rise to over 40 plus unicorns. This has led to angel investing gaining significant traction amongst HNI’s, Family offices and more as a popular alternative asset class for portfolio diversification. There is a fundamental behavioral shift within this ecosystem led by technology which earlier was focused largely on asset allocation across traditional asset classes. To address this shift in the ecosystem, LetsVenture foresees technology to play a major role in building out this community, expanding the networks, improving access and in turn democratizing startup investing.

LetsVenture will strengthen its focus on investor and founder connect programmes to increase founder and investor pipeline on its platform. LetsIgnite-the flagship investor connect initiative of LetsVenture will expand its presence across the country to educate, connect and drive more awareness towards angel investing as an emerging asset class. LV Fuel, a first of its kind dedicated angel investing syndicate designed for seasoned founders to invest in upcoming founders, will also expand its presence across cities.

To cater to the needs of emerging investors and founders in line with the government’s vision of creating a digital first economy and digitizing businesses, LetsVenture will launch products and services tailored to the needs of the Indian startup ecosystem in order to make startup investing, fundraising and running a startup accessible to more people.

Commenting on the product platform & the new brand identity, Shanti Mohan, CEO & Co-founder, LetsVenture said, “The early stage ecosystem in India broke all records in India’s private market ecosystem in 2021. In 2022, we are seeing very high qualitystartup founders and a surge in the investors now entering this asset class owing to multiple liquidity events such as IPO, ESOP buy backs and more. Increased capital in growth stages is also adding to the confidence in the potential of the Indian startup ecosystem.

We believe that to push India further as one of the largest startup ecosystems in the world, technology led innovation will pave the way to achieve this vision of ours and LetsVenture will be at the forefront of this in the next 5 years.” Talking about the rebranding, Sonam Khurana, VP & Head – Brand & Marketing, LetsVenture, said, “The new brand identity is a reflection of the evolving and vibrant startup ecosystem in India where startups and investors today are growing together to create outlier outcomes. In order to be the catalyst for this innovation we rebranded to reflect this ethos within our products and services. In the next 12-24 months, we aim to launch a slew of brand campaigns in order to increase our presence in the ecosystem and make startups a part of everyday parlance.” About LetsVenture Founded in 2013 LetsVenture is today organizing India’s private market by making the process of fundraising easy, efficient and transparent for both startups and investors and bringing value-added products to the market. In the last 7 years, startups have raised INR 2,800+ crore across 527+ rounds and the marketplace has 29 Syndicates, 10000+ Angel Investors from 60 countries, and 100 Micro VC Funds.LetsVenture is backed by Accel, Chiratae Ventures, Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma, Anupam Mittal.LetsVenture partnered with MeitYStartup, established as an initiative of the Ministry of Electronics and Information Technology (MeitY) and also launched LV Fuel, an investment syndicate of founders exclusively from LetsVenture’s portfolio companies.

PWR PWR

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Macleods Pharmaceuticals has filed preliminary papers with capital markets regulator Sebi to mop-up Rs 5,000 crore through an initial public offering (IPO).

The initial share-sale is entirely an offer-for-sale (OFS) of up to 6.05 crore equity shares by promoters, according to the draft red herring prospectus (DRHP).

As per the DRHP, a portion of the IPO would be reserved for subscription for eligible employees.

Since the public issue is an OFS, the selling shareholders will be entitled to the entire proceeds of the offer and the company will not receive any proceeds from the public issue.

According to merchant banking sources, the size of the IPO is expected to be Rs 5,000 crore.

Macleods is engaged in developing, manufacturing, and marketing a wide range of formulations across several major therapeutic areas including anti-infectives, cardiovascular, anti-diabetic, dermatology, and hormone treatment.

The company is present across regions in India, through its sales team that comprised more than 4,900 medical representatives in India as on September, 2021.

Further, it has an extensive global presence in more than 170 countries across developed and emerging markets such as North America, Europe, Africa, Asia, South America, and the Commonwealth of Independent States.

Macleods is wholly-owned by its promoter and promoter group, and has grown organically since inception – through internal accruals, and without raising any external funding from private equity players.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Edelweiss Financial Services, ICICI Securities and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers to the IPO.

In August 2021, Emcure Pharma had filed draft papers with Sebi for a proposed Rs 4,500 crore- Rs 5,000 crore initial share-sale. PTI SP BJ DRR

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Based on the upper end of the IPO price band of Rs 866 a share, the company’s market cap stands at around Rs 21,000 crore.

The qualified institutional buyers category received maximum demand with 7.49 times subscription, non-institutional investors’ part was subscribed 1.07 times and retail investors’ portion obtained only 39 per cent subscription, which had a price range at Rs 824-866 per share.

Vedant will be listed on the National Stock Exchange (NSE) on Wednesday, a merchant banking said on Monday.

The offering was purely an offer-for-sale by the promoters and existing shareholders — by Rhine Holdings, Kedaara Capital Alternative Investment Fund; and the Ravi Modi Family Trust owned Ravi and Shilpi Modi.

While Manyavar is a category leader in the branded wedding and celebration wear market, its other brands include Twamev, Manthan, Mohey, and Mebaz and it competes with Aditya Birla Fashion Retail, Trent, Metro Brands and TCNS Clothing Company.

In the quarter to September, Vedant’s revenue grew 31 per cent to Rs 853 crore from Rs 651.1 crore a year ago.

Prior to the public issue, it had raised Rs 944.75 crore from 75 anchor investors such as government of Singapore, Fidelity, Nomura, Morgan Stanley, Abu Dhabi Investment Authority, SBI Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, UTI, ICICI Prudential Life, etc., at the upper price band of Rs 866 per share.

And, according to the merchant banking sources, in addition to anchor investors, GIC, Fidelity, Nomura, SBI MF, Kotak MF, White Oak, Axis MF, Premji and ADIA have also invested in the IPO, according to the market sources. PTI BEN HRS hrs

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• LIC has filed its DHRP with SEBI for selling 5%, i.e., 31.62 Cr shares. 
• The issue size could range from ₹ 53,500 crores to ₹ 93,625 crores, and the issue price from ₹ 1,693- ₹ 2,962 per share.
• This is purely an offer for sale by the promoters and LIC will not be receiving the proceeds. It will help the government to achieve its divestment target.
• LIC has a dominant position in the market with a 66% market share in the new business premium, however, it is losing market share to private players as they have a diversified product mix and strong distribution channels.

Insurance behemoth Life Insurance Corporation of India (LIC) filed its draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) on Sunday evening.

This will be the largest ever IPO in India, even larger than digital payments firm Paytm which raised ₹18,300 crores last year.

The IPO(Initial Public Offer) of the state-run insurer is an offer for sale of 31,62,49,885 equity shares by its promoter, i.e, the President of India acting through the ministry of finance, Government of India.

The issue size could range from ₹ 53,500 crores to ₹ 93,625 crores, and the issue price from ₹ 1,693- ₹ 2962 per share. The government has a total of 6,325 million shares which is 100% of the total equity in the company.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, in a Twitter post, said, “The IPO is 100 per cent OFS (offer for sale) by the Government of India and no fresh issue of shares by LIC.

For filing valuation about 316 million shares are on offer, representing 5 per cent equity. LIC has a 66 per cent market share in new business premia with 283 million policies and 1.35 million agents as of March 31, 2021. The embedded value of LIC as of September 30, 2021, is Rs 5,39,686 crore (about Rs 5.4 trillion).”

LIC will not receive any proceeds from the public issue, since it is an offer for sale. These proceeds are important for the government to be able to meet its divestment target which is ₹78,000 crores. So far, the centre has mopped up approximately 12,000 crores through divestment.

On September 30, 2021, Milliman Advisors LLP, an actuarial firm has estimated LIC’s embedded value at ₹5.39 trillion in September. The issue size is not mentioned in the DHRP. The embedded value is used to estimate the consolidated value of shareholders’ interest in an insurer.

According to the DHRP, the employee reservation portion shall not exceed 5% of the equity share capital post the offer and the policy reservation portion shall not exceed 10% of the offered size.

Foreign investors have pulled out more than $ 6 billion from the market and LIC’s IPO at this time will test the appetite of the domestic market.

Ten investment banks: Axis Capital, Kotak Mahindra Capital Company, ICICI Securities, BofA Securities India,  Goldman Sachs (India) Securities, JP Morgan India, JM Financial, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and SBI Capital Markets are handling LICs share sale.

LIC earned a net premium of ₹1.87 trillion, and ₹1.24 trillion in interest, dividends and rent, in the first half of FY22. It received ₹ 23,246 crores from the sale or redemption of investments. It earned a net profit of ₹1,504 crores during the same period. It bought down its gross NPA (non-performing assets) ratio in the debt portfolio to 6.57% at the end of September quarter FY22.

LIC has a dominant position in the market with a 66% market share in the new business premium, however, it is losing market share to private players as they have a diversified product mix and strong distribution channels.

LIC’s AUM (assets under management) were 39.6 trillion as in September last year and this is 3.3 times higher than the total AUM of all private players in life insurance in India, put together and 1.1 times the AUM of the entire mutual fund industry in India.

It is expected that the SEBI will give a nod to the IPO in another three weeks and the public issue will happen before March 31st this year.

Here are some of the risks and uncertainties in the IPO:

• The pandemic could adversely affect all aspects of the business, like the ability of its agents to sell products, increase in expenses due to changes in regulations, adverse effects on its investment portfolio and operational effectiveness and increasing risks in business.
• Its brand name, business, financial condition, cash flows and results of operations, may be affected by unfavourable publicity.
• LIC is subject to enhanced regulatory supervision measures.
• The risk management policies, procedures and internal controls, and the risk management tools may not be adequate or effective.
• There are significant technical complexities in the calculation of its embedded value and any change in key assumptions could materially change its embedded value.
• The profitability of the company may be adversely and materially affected by interest rate fluctuations.
• Business, financial condition and results of operations will get adversely and materially affected If actual claims experienced and other parameters are different from the assumptions used in pricing the products and setting reserves for the products.
• The segregation of the corporation’s life fund into a participating policyholders’ fund and a non-participating policyholders’ fund, effective September 30, 2021, may affect business, financial condition, results of operations and cash flows.

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The initial public offering of over 31.6 crore shares or 5 per cent government stake is likely to hit the D-street in March and employees and policy holders of the insurance behemoth would get a discount over the floor price.

According to the draft red herring prospectus, LIC’s embedded value, which is a measures of the consolidated shareholders value in an insurance company, has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Although the DRHP does not disclose the market valuation of LIC, as per industry standards it would about 3 times the embedded value or around Rs 16 lakh crore.

“The DRHP of LIC IPO has been filed today with the SEBI. For filing valuation about 31.6 crore shares are on offer representing 5 per cent equity,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

Merchant banking sources said the government is expecting to garner up to Rs 63,000 crore (about USD 8 billion) from the IPO.

The IPO is offer for sale (OFS) by the Government of India and no fresh issue of shares by Life Insurance Corporation (LIC). The Government holds 100 per cent stake or over 632.49 crore shares in LIC. The face value of shares is Rs 10 apiece.

The LIC IPO would be the biggest IPO in the history of Indian stock market and once listed LIC’s market valuation would be comparable to top companies like RIL and TCS.

So far, the amount mobilised from IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

“LIC has 66 per cent market share in new business premiums with 283 million policies and 1.35 million agents as of March 31, 2021,” Pandey added.

The Government, however, did not disclose in the DRHP the discount which will be given to policyholders or LIC employees in the public offering. As per norms, up to 5 per cent of issue size can be reserved for employees and up to 10 per cent for policyholders.

The IPO of LIC is expected by March and the proceeds would be crucial to meet the revised disinvestment target of Rs 78,000 crore in the current fiscal.

So far, the government has raised Rs 12,030 crore through CPSE disinvestment and Air India strategic sale this fiscal.

Life Insurance Corporation (LIC) share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate IPO.

Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.

Its new business premium growth rate stood at 554.1 per cent in the first half of 2021-22, compared with 394.76 per cent during the year-ago period.

There are currently 24 life insurance companies in India, with LIC being the sole public player. The size of the Indian life insurance industry was Rs 6.2 lakh crore on a total-premium basis in fiscal 2021, up from Rs 5.7 lakh crore in fiscal 2020.

The government has appointed 10 merchant bankers, including Kotak Mahindra Capital, Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd, to manage the mega IPO of the country’s largest insurer.

The government is also mulling allowing foreign investors to pick up stake in LIC. As per Sebi rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer. FDI policy would have to be tweaked for FII/FPI investment in this IPO, as LIC is a corporation and not an insurance company.

The Cabinet Committee on Economic Affairs had in July last year cleared the proposal for LIC’s IPO. PTI JD SP DP MR MR

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The IPO, which is likely to hit the capital market in March, is entirely an Offer for Sale (OFS) through which the Government of India would dilute 5 per cent of its stake by selling 31.63 crore shares.

According to merchant banking sources, the government is expecting to garner up to Rs 63,000 crore (about USD 8 billion) from the IPO.

According to the draft red herring prospectus (DRHP), a portion of the IPO would be reserved for subscription for eligible employees and policyholders. The employee reservation portion would not exceed 5 per cent while for policyholders would not be more than 10 per cent of the offer size.

Life Insurance Corporation (LIC) share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate IPO.

LIC’s listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year. The government had an initial target of Rs 1.75 lakh crore from the disinvestment proceeds. Till now, the Centre has raised around Rs 12,000 crore from the privatisation of Air India and stake sale in other PSUs.

The government owns a 100 per cent stake (or 6,324,997,701 shares) in LIC. Once listed, it is likely to become the country’s biggest company by market capitalisation.

“The DRHP of LIC IPO has been filed today with the Sebi. For filing valuation about 31.6 crore shares are on offer representing 5 per cent equity,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

According to the draft prospectus, LIC’s embedded value has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Under the embedded value method, insurance companies’ present value of future profit is also included in its present net asset value (NAV).

“The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges; and carry out the OFS of up to 3,16,249,885 equity shares by the selling shareholder,” it said.

The entire proceeds of IPO would go to government and LIC will not receive any, it said.

The Cabinet Committee on Economic Affairs had in July last year cleared the proposal for LIC’s IPO.

“Our Corporation does not contemplate any issuance or placement of equity shares from the date of this DRHP until the listing of the equity shares,” it said.

Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.

Its new business premium growth rate stood at 554.1 per cent in the first half of 2021-22, compared with 394.76 per cent during the year-ago period.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in India, with a 64.1 per cent market share in terms of premium, a 66.2 per cent market share in terms of new business premium and a 74.6 per cent market share in terms of number of individual policies issued.

There are currently 24 life insurance companies in India, with LIC being the sole public player. The size of the Indian life insurance industry was Rs 6.2 trillion on a total-premium basis in fiscal 2021, up from Rs 5.7 trillion in fiscal 2020.

As many as 10 merchant bankers, including Kotak Mahindra Capital, Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd, are managing manage public issue. PTI JD SP DP MR MR

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“The DRHP of LIC IPO has been filed today with the SEBI. For filing valuation about 31.6 crore shares are on offer representing 5 per cent equity,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

As per the draft red herring prospectus, LIC’s embedded value has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.

Under the embedded value method, insurance companies’ present value of future profit is also included in its present net asset value (NAV).

The IPO is 100 per cent offer for sale (OFS) by the Government of India and no fresh issue of shares by Life Insurance Corporation (LIC).

“LIC has 66 per cent market share in new business premiums with 283 million policies and 1.35 million agents as of March 31, 2021,” Pandey added.

The government, however, did not disclose in the DRHP the market valuation of LIC or the discount which will be given to policyholders or LIC employees in the public offering.

The IPO of LIC is expected by March and the proceeds would be crucial to meet the revised disinvestment target of Rs 78,000 crore for the current fiscal. So far, the government has raised Rs 12,030 crore through CPSE disinvestment and Air India strategic sale this fiscal.

The government has appointed 10 merchant bankers, including Kotak Mahindra Capital, Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd, to manage the mega IPO of the country’s largest insurer.

The government is also mulling allowing foreign investors to pick up stake in LIC. As per Sebi rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer.

FDI policy would have to be tweaked for FII/FPI investment in this IPO, as LIC is a corporation and not an insurance company. The Cabinet Committee on Economic Affairs had in July last year cleared the proposal for LIC’s IPO. PTI JD MR MR

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With Life Insurance Corporation’s board giving its nod on Sunday, the state-owned insurance behemoth is all set to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) with market regulator Sebi in a couple of days.

The board of LIC in its meeting has given approval regarding the IPO, sources said.

Preparations done and all the loose ends have been tied up, the sources said, adding that DRHP can be filed either on Monday or Tuesday.

Actuarial firm Milliman Advisors LLP India has worked out the embedded value of LIC, which is upwards of Rs 5 lakh crore.

LIC’s listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year. The government had an initial target of Rs 1.75 lakh crore from the disinvestment proceeds.

Till now, the Centre has raised around Rs 12,000 crore from the privatisation of Air India and stake sale in other PSUs.

The government owns a 100 per cent stake in LIC. Once listed, it is likely to become the country’s biggest company by market capitalisation.

Meanwhile, the government has significantly increased the authorised capital of LIC to Rs 25,000 crore from Rs 100 crore, to facilitate the listing.

Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.

Its new business premium growth rate stood at 554.1 per cent in the first half of 2021-22, compared with 394.76 per cent during the year-ago period.

The overall total net premiums increased Rs 1,679 crore to Rs 1.86 lakh crore during April-September 2021, from Rs 1.84 lakh crore in the year-ago period.

LIC’s share capital has been increased to Rs 6,325 crore in H1 FY22 on the eve of its IPO.

According to a report by rating agency Crisil, LIC is not only the world’s largest when it comes to home-market share with over 64.1 per cent of the total gross written premium as of 2020 but also the one that offers the highest return on equity at 82 per cent, apart from being the third largest in terms of life insurance premium.

At 64.1 per cent or with a gross written premium (GWP) of USD 56.405 billion, LIC’s market share is unparalleled globally, with no other life insurer anywhere else enjoying such a high market share, the report said.

Market share elsewhere, the Chinese market is dominated by Ping An Insurance and China Life Insurance, with 21 per cent (GWP at USD 74.13 billion) and 20 per cent (USD 69.65 billion). The largest Japanese player Nippon Life’s market share is only 16.2 per cent (USD 39.84 billion).

However, nowhere else in the world is the market share gap between the largest and the second largest as stark as here, with the second-largest player SBI Life having only eight per cent market share compared with LIC’s 64.1 per cent during fiscal 2021, it said.

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The initial share-sale consists of fresh issue of equity shares aggregating up to Rs 2,000 crore and an Offer for Sale (OFS) of up to 5.95 crore equity shares by promoter and existing investors, according to the draft red herring prospectus (DRHP).

Those offering shares in the OFS are TVS Mobility, Omega TC Holdings PTE Ltd, Mahogany Singapore Company PTE Ltd, Tata Capital Financial Services Ltd and DRSR Logistics Service.

According to market sources, the size of the initial public offering will be Rs 5,000 crore.

The company may consider a pre-IPO placement aggregating up to Rs 400 crore. If such placement is completed, the fresh issue size will be reduced, as per the draft papers.

Proceeds from the fresh issue to the tune of Rs 1,166 crore will be used to repay debt and Rs 75.2 crore will be deployed towards the capitalisation of its strategically important subsidiaries in Germany, USA and Thailand.

Further, Rs 60 crore will be infused in the company’s UK arm to increase its stake in Rico UK to 100 per cent and the remaining amount from the net proceeds will be deployed towards inorganic growth and general corporate.

TVS Supply Chain Solutions (TVS SCS), an integrated supply chain solutions provider, is present in over 25 countries and has served more than 60 ‘Fortune Global 500 2021’ clients during H1FY22.

TVS SCS is promoted by the erstwhile TVS Group and is now part of the TVS Mobility Group, which has four business verticals — supply chain solutions; manufacturing; auto dealership and aftermarket sales and service.  The supply chain logistics solution provider has a long standing track record of making acquisitions and integrating them into its own business. The company has acquired and successfully integrated over 20 acquisitions in the last 15 years, using its acquisition strategy to acquire customer base, geographical reach and technological capability.

JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Edelweiss Financial Services and Equirus Capital are the book running lead managers to the IPO. PTI SP MKJ hrs hrs

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The initial share-sale consists of fresh issue of equity shares aggregating up to Rs 2,000 crore and an Offer for Sale (OFS) of up to 5.95 crore equity shares by promoter and existing investors, according to the draft red herring prospectus (DRHP).

Those offering shares in the OFS are TVS Mobility, Omega TC Holdings PTE Ltd, Mahogany Singapore Company PTE Ltd, Tata Capital Financial Services Ltd and DRSR Logistics Service.

According to market sources, the size of the initial public offering will be Rs 5,000 crore.

The company may consider a pre-IPO placement aggregating up to crore. If such placement is completed, the fresh issue size will be reduced, as per the draft papers.

Proceeds from the fresh issue to the tune of Rs 1,166 crore will be used to repay debt and Rs 75.2 crore will be deployed towards the capitalisation of its strategically important subsidiaries in Germany, USA and Thailand.

Further, Rs 60 crore will be infused in the company’s UK arm to increase its stake in Rico UK to 100 per cent and the remaining amount from the net proceeds will be deployed towards inorganic growth and general corporate.

TVS Supply Chain Solutions (TVS SCS), an integrated supply chain solutions provider, is present in over 25 countries and has served more than 60 ‘Fortune Global 500 2021’ clients during H1FY22.

TVS SCS is promoted by the erstwhile TVS Group and is now part of the TVS Mobility Group, which has four business verticals — supply chain solutions; manufacturing; auto dealership and aftermarket sales and service.  The supply chain logistics solution provider has a long standing track record of making acquisitions and integrating them into its own business. The company has acquired and successfully integrated over 20 acquisitions in the last 15 years, using its acquisition strategy to acquire customer base, geographical reach and technological capability.

JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Edelweiss Financial Services and Equirus Capital are the book running lead managers to the IPO. PTI SP MKJ

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In August last year, the company had received capital markets regulator Sebi’s go-ahead to launch the FPO. It had filed the draft red herring prospectus (DRHP) in June 2021.

The company is coming out with a public issue to meet the Sebi norm of minimum public shareholding of 25 per cent in a listed entity.

The company is in the final stages of launching its FPO in the last week of February 2022 to increase the company’s public float, according to market sources.

As per the DRHP, Ruchi Soya will utilise the entire issue proceeds for furthering the company’s business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes.

In 2019, Patanjali acquired Ruchi Soya, which is listed on the stock exchanges, through an insolvency process for Rs 4,350 crore.

The promoters currently have nearly 99 per cent stake. The company needs to dilute a minimum 9 per cent stake in this round of the FPO.

As per the Sebi rules, the company needs to bring down promoters’ stake to achieve the minimum public shareholding of 25 per cent. It has around 3 years to pare promoters’ stake to 75 per cent.

Ruchi Soya primarily operates in the business of processing oilseeds, refining crude edible oil for use as cooking oil, manufacturing soya products, and value-added products.

The company has an integrated value chain in palm and soya segments having a farm to fork business model. It has brands such as Mahakosh, Sunrich, Ruchi Gold and Nutrela. PTI KRH MJH MJH ABM ABM

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The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale (OFS) of up to 13,293,514 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).

Dr R Kishore Kumar, Scrips ‘N’ Scrolls India Pvt Ltd, True North Fund V LLP, Indium V (Mauritius) Holdings Ltd, and Sequoia Capital Investment are among the key shareholders selling shares  in the IPO.

The offer also includes a reservation for a subscription for eligible employees.

As per market sources, the company is looking to raise around Rs 1,200 crore through the IPO.

Proceeds from fresh issuance worth Rs 95 crore will be used for debt payment,  Rs 117.90 crore for setting up seven new Mother and Baby centres at various locations over the next few years, Rs 12.71 crore for acquisition of 49 per cent stake in its subsidiary, Acquity Labs besides general corporate purposes.

Cloudnine offers end-to-end coverage of all stages of the parenthood journey, beginning with fertility treatments, through maternity, neonatology and paediatrics, dedicated to the holistic well- being of mother and baby.

The company, which was founded by Kumar and Rohit MA, started its first centre in Bengaluru in 2006, with a vision to establish world-class mother and babycare focused medical care facilities.

It owns, operates and manages a network of 23 centres across six states and one union territory in India. It follows a concentric cluster approach focusing on two key regions, the NCR (National Capital Region) and Bengaluru, Karnataka.

As at September 30, 2021, its had a team of 1,480 medical professionals, including 196 junior doctors and 1,284 nurses and held medical records of more than 7.6 lakh customers. In FY21 it had assisted in 16,801 deliveries and 5,994 fertility services.

For the six months ended September 30, 2021, revenue from operations grew 42.80 per cent to Rs 371.65 crore against Rs 260.26 crore in the same period a year ago.

The company’s revenue from operations grew 7.42 per cent to Rs 554.59 crore for the fiscal 2021 as compared to the previous year. This increase was primarily on account of higher deliveries.

JM Financial, ICICI Securities and Axis Capital are the book running lead managers to the issue. PTI SP ANU ANU

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• Vedant Fashions three-day IPO started on February 4th and has a price band of  ₹824-₹866 per share.
• Its promoters and existing shareholders want to sell their shares, and the IPO is purely an offer for sale.
• The allotment of shares will happen on February 11th, and the allotment status can be checked on the BSEs website or the official registrar’s website.

Vedant Fashion, which owns ethnic wear Manyavar brand has come up with a three-day IPO (initial public offer) that opened on February 4th and was subscribed to 14% on the first day. The IPO closed on February 8th. Its price-band is ₹824-₹866 per share for its ₹3,149 crore issue. 

Anil Singhvi, Zee Business Managing Editor has recommended that investors can apply for these shares for the long-term as it is a strong brand leader, boasts of strong financials, margin and cash flow. Speaking of negatives, he added that the upper price band of ₹866 appears to be expensive.

“Currently, promoters holding in the company stands at 85%, which has to be reduced by at least 10%,” he added. The grey market premium of the company has been decreasing. It was ₹18, it went down to ₹12 and it is ₹10 today.

The IPO is purely an offer for sale by promoters and existing shareholders. 1.74 crore shares will be sold by Rhine Holdings Ltd; Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF will sell up to 7.23 lakh shares and up to 1.81 crore shares will be sold by Ravi Modi Family Trust.  

36,364,838 equity shares are on offer and half of them have been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Since it is an offer for sale, the company will not receive any proceeds from the issue.

The company owns brands like Manyavar, Mohey, Twamev, Manthan, and Mebaz and has an exclusive retail network of 546 brand outlets in India and abroad. Further, it operates via online platforms, multi-brand outlets (MBOs), and large format stores (LFSs).

Kfin Technologies India Pvt. Ltd. is the registrar for this IPO and the BRLMs are ICICI Securities, Axis Capital, Kotak Mahindra Capital, IIFL Securities, and Edelweiss Financial Services. 

Bidders will be able to check their application status online by logging in at BSE’s website or at the official website of Kfin Technologies India Pvt. Ltd.

“Vedant Fashions commonly known as Manyavar is a well-known name in a market of celebration wear. However, the financials are not promising and in a downward direction since the Covid-19 pandemic. The company’s total assets and profit margins have also been reduced. The IPO price band seems at the higher side as compared to the valuations.” said Ravi Singh, VP and Head of Research at Share India.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Trade Brains.

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New Delhi, Feb 8 (PTI) The initial public offer of Vedant Fashions Limited, which owns ethnic wear brand Manyavar, was subscribed 2.57 times on the last day of subscription on Tuesday, helped by demand from qualified institutional buyers.

The company’s Rs 3,149 crore IPO received bids for 6,53,72,718 shares against 2,54,55,388 shares on offer, according to BSE data.

The category for Qualified Institutional Buyers (QIBs) received maximum demand with 7.49 times subscription, while non-institutional investors’ part was subscribed 1.07 times.

Retail Individual Investors (RIIs) portion obtained just 39 per cent subscription.

The initial public offering (IPO) was purely an offer-for-sale of 3,63,64,838 equity shares by the promoters and existing shareholders.

The offer-for-sale had sale of up to 1.74 crore shares by Rhine Holdings Ltd; up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 1.81 crore shares by Ravi Modi Family Trust.

The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Since the IPO was entirely an offer-for-sale, the company will not receive any proceeds from the public issue.

Price range for the offer was at Rs 824-866 per share.

Vedant Fashions on Thursday garnered Rs 945 crore from anchor investors.

Vedant Fashions’ ‘Manyavar’ brand is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence.

The company’s other brands include Twamev, Manthan, Mohey, and Mebaz.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital Company were the managers to the offer. PTI SUM SUM RUJ RUJ

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Shares of Adani Wilmar Ltd on Tuesday made a tepid market debut but soon recovered the lost ground to surge over 16 per cent against the issue price of Rs 230.

The stock made its debut at Rs 221, a discount of 3.91 per cent from the issue price on BSE. But, it soon recovered the lost ground and jumped 15.30 per cent to settle at Rs 265.20.

Similarly, on NSE, it declined 1.30 per cent to list at Rs 227. But, the stock bounced back and zoomed 16.23 per cent to close at Rs 267.35.

The company commanded a market valuation of Rs 34,467.48 crore on BSE.

In volume terms, 75.10 lakh shares were traded on BSE and over 13.55 crore on NSE. Adani Wilmar’s initial public offering (IPO) saw more than 17 times the demand for shares on offer last month.

Adani Wilmar, the joint venture between Adani Group and Wilmar Group of Singapore, had set a price band of Rs 218-230 per share for the IPO, which opened for bidding on January 27.

Incorporated in 1999, Adani Wilmar is an FMCG food company offering most of the essential kitchen commodities, including edible oil, flour, rice, pulses and sugar.

Branded products accounted for about 73 per cent of sales of edible oil, food and FMCG in the 2020-21 fiscal. PTI SUM SUM RUJ RUJ

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The proposed offer consists of a fresh issue of equity shares aggregating up to Rs 370 crore and an offer for the sale of equity shares totalling up to Rs 370 crore by Inox Wind, according to a BSE filing.

IGESL filed its draft red herring prospectus with the markets regulator Sebi on Monday.

Of the total proceeds, Rs 140 crore will be utilised towards payment of debt and Rs 120 crore for the redemption of non-convertible debentures and balance amount towards general corporate purpose, as per the draft papers.

IGESL is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically the provision of O&M (operations and maintenance) services for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.

For the nine months ended December 31, 2021, and FY2021, the company’s revenue from operations was Rs 1,270.99 million and Rs 1,722.48 million, respectively.

Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities and Systematix Corporate Services are the book running lead managers to the issue.

Earlier in December 2021, the board of IGESL (Earlier known as Inox Wind Infrastructure Services Ltd) had approved fundraising, subject to receipt of requisite approvals, including clearance of the shareholders, market conditions and other considerations, by way of an IPO.

In January this year, as an existing and eligible shareholder of IGESL, Inox Wind had accorded its approval to participate in the proposed offer through an offer for the sale of equity shares. PTI KKS SP BAL BAL

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IGESL has filed a draft red herring prospectus with the Securities and Exchange Board of India on February 7, 2022, a BSE filing said.

As per the filing, the “proposed offer consists of a fresh issue of equity shares aggregating up to Rs 3,700 million (Rs 370 crore) and an offer for sale of equity shares aggregating up to Rs 3,700 million (Rs 370 crore) by the company”.

Earlier in December 2021, the Board of IGESL (Earlier known as Inox Wind Infrastructure Services Ltd) had approved fundraising, subject to receipt of requisite approvals, including approval of the shareholders, market conditions and other considerations, by way of an initial public offer (IPO) of its equity shares comprising of fresh issue of equity shares (fresh issue) and/ or an offer for sale of equity shares by certain existing and eligible shareholders of IGESL (together with the fresh issue offer).

On January 18, 2022, as an existing and eligible shareholder of IGESL, Inox Wind had accorded its approval to participate in the proposed offer through an offer for the sale of equity shares. PTI KKS KKS BAL BAL

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The initial share-sale comprises fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale of up to 94.68 lakh equity shares by promoters, according to the Draft Red Herring Prospectus.

The company may consider a private placement of equity shares aggregating up to Rs 30 crore. If such pre-IPO placement is undertaken, the fresh issue size will be reduced.

Funds raised from fresh issue will be used for funding investment in IT assets for expansion and existing IT infrastructure of the company, support working capital requirements and general corporate purposes.

Cogent is an end-to-end customer experience or CX solutions provider offering omnichannel solutions along various customer interaction touchpoints from customer sales and support through voice and non-voice channels, back office solutions and transformative services and digital marketing.

The company’s clients are diversified across more than 10 industry verticals including banking and financial services and e-commerce.

DAM Capital Advisors and IIFL Securities are the book running lead managers to the issue. PTI SP MR

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While for LIC the market share has been steadily declining–down from 100 per cent in the pre-2000 era to 71.8 per cent in 2016 and further down to 64.1 per cent in 2020, for SBI Life, which is the second largest in the country, the same was only 5 per cent in 2016 and 8 per cent in 2020, Crisil said in a report prepared in November 2021 which is not yet made publicly available.

At 64.1 per cent or with a gross written premium (GWP) of USD 56.405 billion, LIC’s market share is unparalleled globally, with no other life insurer anywhere else enjoying such a high market share, says the report.

It attributed this to the Corporation’s enormous agent network of 1.35 million individual agents as of March 2021 accounting for 55 per cent of the total agent network in the country and was 7.2 times the numbers of agents of the second largest life insurer SBI Life has, strong track record, immense trust in the LIC brand and its over 65 years of lineage.

Market share elsewhere, the Chinese market is dominated by Ping An Insurance and China Life Insurance, with 21 per cent (GWP at USD 74.13 billion) and 20 per cent (USD 69.65 billion). The largest Japanese player Nippon Life’s market share is only 16.2 per cent (USD 39.84 billion).

However, nowhere else in the world is the market share gap between the largest and the second largest as stark as here, with the second largest player SBI Life having only 8 per cent market share compared to LIC’s 64.1 per cent fiscal 2021, says the report.

The market share distribution in the US is quite unlike elsewhere with top 15 accounting 60 per cent of the total market in 2020. NorthWestern Mutual Life tops the list with 8.4 per cent (GWP of USD 15.72 billion), followed by Metlife Inc at 7.6 per cent (USD 14.2 billion) and New York Life at 7.5 per cent (USD 14.1 billion) in 2020.

Similarly, the report says LIC has the highest RoE among its peers at 82 per cent as of March 2021. This is followed by Ping An Insurance of China, which is the world’s largest at 19.5 per cent, Aviva at 14.8 per cent and China Life Insurance at 11.9 per cent.

The report attributes such high RoE to LIC’s large agency network, asset management capabilities, leverage and operational efficiencies, which has helped it achieve consistent revenue growth and profitability.

Again globally, Allianz of Germany is the largest life insurer in terms of life insurance premium (USD 88.48 billion) and is second in terms of total assets. This is largely due to its presence in multiple geographies like Europe, the US and Asia Pacific. Amongst the top global insurers, LIC is the only Indian player and is ranked fifth globally in terms of life insurance premium and tenth in terms of total assets.

LIC is ranked third in terms of gross written premium of USD 56.405 billion in fiscal 2021.

While Ping An has grown 15 per cent annually over the last four years, China Life by 9 per cent, and LIC grew by 6 per cent in this period.

But when it comes to profitability, LIC does not come anywhere with a paltry USD 406 million in net income in fiscal 2021 as against Ping An’s USD 23.1 billion.

In terms of total assets, LIC is the sixth largest with USD 522 billion clipping at 8 per cent annually between 2019 and 2021. Ping An (USD 1.38 trillion), MetLife Inc (USD795.15 billion), Nippon Life (USD 705 billion), Aviva Life of England at (USD657.34 billion), and China Life at USD 616.3 billion are the top five in terms of assets.

LIC’s growth comes amidst the continued decline of its peers elsewhere as in 2020, the global life insurance market contracted by 3.1 percent to USD2.79 trillion from USD2.88 trillion in 2019 due to the pandemic. The advanced markets were hit harder as they contracted by 3.9 percent compared to emerging markets, which degrew just 30 bps.

Citing Swiss Re data, Crisil report said the global life premium is expected to rebound strongly from the pandemic shock, with annual growth of 3.8 per cent in 2021 and 4 per cent in 2022, led by emerging markets with a 5.7 per cent and 6.8 per cent growth in 2021 and 2022, respectively.

And scope for LIC is very high given the massive USD 16.5 trillion protection gap in the country as of 2019, which was much higher compared with its Asian counterparts. This  protection gap was 83 percent as of 2019, the highest amongst all countries in Asia-Pacific. PTI BEN MR

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LIC appointed former financial services secretary Anjuly Chib Duggal, ex-Sebi member G Mahalingam, former SBI Life managing director Sanjeev Nautiyal, sources said.

Besides, chartered accountant MP Vijay Kumar, Raj Kamal, and V S Parthasarathy are roped in as independent directors on LIC’s board.

With the appointment, the total number of independent directors goes up to 9 and all vacancies are filled.

Fulfilling corporate governance norms is an important element for filing Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (Sebi).

The central government is expected to file draft papers for the mega initial public offering of LIC with market regulator Sebi by this week, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had said.

The embedded value of LIC has been arrived at and it is over Rs 5 lakh crore. The size of the issue would be mentioned in the DRHP.

The issue, after approval of Sebi, is likely to hit the market in March, Pandey said.

Up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.

LIC’s listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year.

Till now, the Centre has raised around Rs 12,000 crore from privatisation of Air India and stake sale in other PSUs.

To facilitate smooth listing of the insurance behemoth, the government last week extended the tenure of LIC chairman M R Kumar for one year.

Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for 12 months.

This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in a view of LIC’s proposed initial public offering towards the end of the current financial year. PTI DP ANZ MKJ

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The commission, which is under the Union Ministry of Micro, Small and Medium Enterprises, has adopted a “zero tolerance” policy against sale of spurious or non-Khadi products in recent years and took the action against the “oldest Khadi institution”, the official statement said.

“The action came after KVIC found that the said Khadi Emporium at Dr DN Road was selling non-Khadi products in the guise of genuine Khadi. During routine inspection, KVIC officials collected samples from the Emporium that were found to be non-Khadi products,” the statement said.

The emporium was established in 1954 and sells a slew of Khadi products including clothing, furniture, toiletries and other handicrafts, for which it has continued to be a favourite with shoppers even as private labels devoted to the legacy linen brand have proliferated. Because of its years-old existence, the emporium on the Dr D N Road is a landmark in itself.

The statement said KVIC issued a legal notice to Mumbai Khadi & Village Industries Association, which was running the emporium, for flouting the norms of “Khadi Certificate” and “Khadi Mark Certificate” issued by the Commission.

“With cancellation of the registration, Khadi Emporium ceases to be a genuine Khadi Outlet and is no longer permitted to sell Khadi products from the Emporium,” the statement said.

The KVIC is also contemplating legal action against the MKVIA for criminal breach of trust and cheating the public at large by misusing the credibility and popularity of brand Khadi, it added.

MKVIA was entrusted with the operation and management of KVIC in 1954 under “strict conditions” that it would sell only genuine products but off late, it had indulged in unfair trade practices by selling fake Khadi products, thus cheating people who were under the impression that this Emporium was being run by KVIC, the statement said.

As part of its drive, KVIC has so far has issued legal notices to over 1,200 entities including a Rs 500-crore damages being sought from the IPO-bound retail brand Fabindia for misusing the brand name “Khadi” and selling non-Khadi products under the name of “Khadi”, which has been challenged in the Bombay High Court, the statement said.

Last year, KVIC also forced online shopping portals – Amazon, Flipkart and Snapdeal – to take down 140 web links that were selling non-Khadi products as “Khadi”.

A number of violators tendered apology and undertook not to use the brand name “Khadi” in future, the statement said, attributing it to KVIC’s actions. PTI RSN AA MR MR

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Policies, which are in a lapsed condition during the premium paying term and not completed policy term, are eligible to be revived in this campaign, which will begin from February 7 and on March 25, 2022, a press release said on Saturday.

“While the current Covid-19 pandemic scenario has emphasised the need for mortality protection, this campaign is a good opportunity for LIC’s policyholders to revive their policies, restore life cover and ensure financial security for their family,” the state-run insurer said in the release.

It said that concessions are being offered in late fee for other than term assurance and high risk plans, depending on the total premiums paid.

There are no concessions on medical requirements. Eligible health and micro insurance plans also qualify for the concession in late fee, the release said.

For conventional and health policies with a total receivable premium of up to Rs one lakh, the insurer is offering a 20 per cent concession in late fee, with a maximum limit of Rs 2,000. Similarly, for a premium amount of above Rs 3 lakh, concession offered is 30 per cent, with a cap of Rs 3,000.

The insurer is offering a full concession in late fee for micro-insurance plans.

Under the campaign, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium, subject to certain terms and conditions, the release said. PTI HV MKJ

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In a regulatory filing, Adani Enterprises said Adani Wilmar has finalised the issue price for the equity shares at Rs 230 apiece.

The price band of the IPO was Rs 218-230 per share.

Adani Wilmar has approved the issuance and allotment of 15,67,29,745 shares to the respective applicants in various categories.

The company opened its IPO on January 27 and the issue closed on January 31.

The IPO was subscribed more than 17 times. Retail investors subscribed 3.92 times their part of allotted shares.

The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions as the company seeks to become India’s biggest food and FMCG company.

Adani Wilmar, which sells its cooking oils and some other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani Group and Singapore-based Wilmar.

Post-IPO, the public shareholding will be 12 per cent and the remaining 88 per cent will be equally held by the two promoters.

As per the Red Herring Prospectus (RHP), the company proposes to utilise Rs 1,900 crore for capital expenditure, Rs 1,058.9 crore for repayment/ prepayment of its borrowings and Rs 450 crore for funding of strategic acquisitions and investments.

On the financial front, Adani Wilmar Ltd’s revenue increased to Rs 24,957.28 crore for the six months ended September in the current fiscal, as against Rs 16,273.73 crore in the corresponding period of the previous year.

During the same period, profit grew to Rs 357.13 crore from Rs 288.78 crore.

The company posted a revenue of Rs 37,195.65 crore and profit of Rs 728 crore in the entire 2020-21 fiscal.

Apart from cooking oils, Adani Wilmar sells food products like rice, wheat flour and sugar. It also sells non-food products like soap, handwash and sanitisers.

Currently, six Adani Group companies are listed on the domestic bourses.

Apart from Adani Enterprises, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone. PTI MJH ABM ABM ABM

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