Author: Legal Parivar

Krishna Janmashtami, marking the birth of Lord Krishna, will be celebrated on Monday, August 26, with great enthusiasm by Hindus around the world. Due to the festival, banks in several cities will be closed, as outlined in the Reserve Bank of India’s (RBI) annual bank holiday list. However, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain operational on Janmashtami. The trading holidays for the Equity Segment, Equity Derivative Segment, and SLB Segment are published annually at the beginning of the year, and Janmashtami is not listed as a trading holiday. The Multi Commodity Exchange (MCX)…

Zomato has officially announced the immediate closure of its ‘Legends’ service, which offered iconic dishes from 10 cities across India. This decision follows an earlier suspension of the service this year. Originally launched as an intercity food delivery service, ‘Legends’ aimed to bring “legendary” dishes from various regions to customers nationwide. Zomato CEO Deepinder Goyal confirmed the shutdown in a tweet on X, stating, “After two years of trying and not finding product-market fit, we have decided to shut down the service with immediate effect.” Despite considerable efforts to make the service viable, Zomato ultimately decided to discontinue ‘Legends’ due…

In a significant move, Holderind Investments Ltd, a key promoter group entity of Ambuja Cements, has launched a block deal to offload a 2.84 percent stake in the company, aiming to raise $500 million, according to a report by Moneycontrol. The floor price for the block deal has been set at Rs 600 per share, which marks a 5 percent discount from Ambuja Cements’ last closing price of Rs 631.80 per share on August 22. This comes after a remarkable 38 percent rise in the company’s stock price over the past year, underscoring its robust performance in the market. Investment…

Byju’s, a prominent Indian ed-tech company once valued at $22 billion in 2022, is facing potential insolvency, which could lead to one of the largest disruptions in India’s startup sector. Thousands of anxious employees are now struggling to recover unpaid wages and secure their careers, according to a Reuters report. The company, which gained popularity during the COVID-19 pandemic by offering online courses, is currently in a dispute with U.S. lenders over $1 billion in unpaid debt. As a result, Byju’s board has been suspended, and its assets have been frozen. India’s Supreme Court recently rejected Byju’s plea to halt…

On August 21, SJVN share price fell to an intraday low of ₹136.51 on the National Stock Exchange (NSE), a decline of 1.46 percent from the previous close. This drop followed Goldman Sachs’ reaffirmation of its ‘Sell’ recommendation for the state-owned hydropower company. Goldman Sachs set a new target price of ₹85 per share for SJVN, an increase from their earlier target of ₹75 per share. The updated target indicates a potential downside of 38 percent from the current trading levels. Goldman Sachs is one of only two analysts with a “sell” rating on SJVN stock, while three other analysts…

India Grid Trust, India’s first power sector InvIT, is expected to witness an Offer For Sale (OFS) this week, with sponsor Esoteric II Pte, an affiliate of KKR, likely to offload a 17.32 percent stake. According to sources quoted by CNBC-TV18, the OFS is scheduled for August 22-23, with the offer opening for non-retail investors on August 22 and for retail investors on August 23. The OFS will have a base offer of 9.66 percent stake, with an option to oversubscribe by an additional 7.66 percent. At the close of trading on Wednesday, India Grid InvIT’s shares settled at Rs…

Zerodha co-founder Nithin Kamath announced on Wednesday that the company will cease sharing brokerage revenue as part of its referral program due to a recent NSE circular. The circular, issued last week, bans brokers from offering brokerage as referral incentives unless the individual is registered as an authorized person with the exchanges. Kamath criticized the circular in a social media post, stating it could negatively impact the business. In response, Zerodha will end its referral program and settle any outstanding balances. “We will disburse all referral wallet balances exceeding ₹10 (as of July 31, 2024, the last update) and terminate…

Highdell Investment, a subsidiary of Warburg Pincus, is set to sell a 2.36 percent stake in Kalyan Jewellers worth ₹1,300 crore to the company’s promoter, according to an exchange filing on Wednesday, August 21. The foreign investor is divesting 2.42 crore equity shares at a purchase price of ₹535 per share, valuing the transaction at ₹1,300 crore. This price reflects a 2.45 percent discount compared to Kalyan Jewellers’ current trading price as of Wednesday. Kalyan Jewellers’ shares closed 1.27 percent higher at ₹548.15 on Wednesday, up from ₹541.25 at the previous market close. The company announced the stake sale after…

Interarch Building Products’ Rs 600-crore initial public offering (IPO) received an overwhelming response, with a subscription rate of 93.53 times on the final day of bidding, August 21. Investors across all categories contributed to the high demand, purchasing 43.88 crore equity shares against the offered 46.91 lakh equity shares. The IPO, which opened on August 19, aims to raise Rs 200 crore through a fresh issue and Rs 400.29 crore via an offer-for-sale (OFS) at the upper price band of Rs 850-900 per share. Qualified institutional buyers led the charge, subscribing to 205.41 times their allotted portion. Non-institutional investors, including…

Indian Renewable Energy Development Agency (IREDA), a green financing NBFC, is contemplating a fundraise of up to Rs 4,500 crore through Qualified Institutional Placement (QIP), a rights issue, or other methods, as announced in its exchange filing on August 21. The company’s board will convene on Thursday, August 29, to discuss and potentially approve the proposal. In the regulatory filing, IREDA stated that the funds could be raised through equity share capital in one or more tranches via Further Public Offer (FPO), QIP, rights issue, preferential issue, or any other approved mode or combination thereof. Since its listing in November…