Author: Legal Parivar

Investors are showing strong interest in Rajasthan-based KRN Heat Exchanger and Refrigeration, as its initial public offering (IPO) saw a significant 58.17 times oversubscription on the second day of bidding, September 26. The positive momentum in the secondary market is also contributing to the strong subscription figures. The heat exchanger manufacturer aims to raise ₹341.95 crore through the public issue, which consists entirely of a fresh issue of 1.55 crore equity shares at the upper price band. According to data published by the exchanges, investors placed bids for 63.94 crore shares, against the offer size of 1.09 crore shares. Non-institutional…

HDFC Bank Ltd. has sold a housing loan portfolio worth approximately ₹60 billion ($717 million) as part of efforts to ease its credit burden amid growing regulatory pressure on the industry. The Mumbai-based bank also sold a pool of car loans valued at around ₹90.6 billion, securitized through pass-through certificates (PTCs), according to sources. This follows reports from late August that the bank was in discussions to offload the portfolio to about a dozen local asset management companies. These sales highlight India’s largest bank by market value ramping up its efforts to reduce its retail loan portfolio amid heightened regulatory…

Swiggy, the popular food and grocery delivery platform, has submitted draft papers to SEBI, the capital markets regulator, for raising funds through an initial public offering (IPO). If launched, Swiggy will become the second company in the food delivery sector, following Zomato, to be listed on the stock exchanges. The IPO consists of a fresh issue of equity shares amounting to ₹3,750 crore and an offer for sale of 1,85,286,265 equity shares by existing shareholders. Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities India, and ICICI Securities have been appointed as…

Manba Finance IPO of ₹151-crore received an extraordinary response, with a subscription rate of 224.10 times as it closed on September 25. The non-banking finance company aimed to raise ₹150.84 crore through a fresh issue, with a price band of ₹114-120 per share. Investors bid for 197.18 crore shares between September 23-25, against an offer size of 87.99 lakh shares. Non-institutional investors led the demand, oversubscribing their quota by 511.65 times, followed by qualified institutional buyers and retail investors at 148.55 times and 144.03 times, respectively. The Maharashtra-based company, focused on two- and three-wheeler loans, will use the IPO proceeds…

Diffusion Engineers, a provider of repair and reconditioning services for heavy machinery, raised ₹47.15 crore from four anchor investors on September 25, ahead of its IPO launch on September 26. HDFC Mutual Fund led the investment with a purchase of 10.8 lakh shares worth ₹18.14 crore, followed by 3P India Equity Fund I, acquiring 8.92 lakh shares for ₹15 crore. Saint Capital Fund and Craft Emerging Market Fund PCC also participated, investing ₹9 crore and ₹5 crore, respectively. The Maharashtra-based company allocated 28,06,500 shares to anchor investors at ₹168 per share. The IPO, aimed at raising ₹158 crore through an…

Madhya Pradesh-based toll collection and EPC infrastructure company, Highway Infrastructure, has submitted preliminary papers to SEBI for an initial public offering (IPO). The IPO consists of a fresh equity issuance worth ₹105 crore and an offer-for-sale (OFS) of 31 lakh shares by promoters. Promoters Arun Kumar Jain and Anoop Agrawal will each sell 15.5 lakh shares in the OFS. Currently, they hold 34.53% and 37.25% stakes in the company, respectively. Highway Infrastructure specializes in tollway collection, EPC infra, and real estate, with a consolidated order book of ₹596.4 crore as of August 2024. The company plans to allocate ₹63 crore…

On September 25, mining giant Vedanta Ltd announced that its board will convene on October 8 to discuss and potentially approve the fourth interim dividend for FY25. If declared, the record date for this dividend has been set for October 16. In a stock exchange filing, Vedanta stated, “The meeting of the Board of Directors of the Company is scheduled for Tuesday, October 8, 2024, to consider and approve the Fourth Interim Dividend on equity shares, if any, for the Financial Year 2024-25.” Earlier in the month, the Anil Agarwal-led company declared a third dividend of ₹20 per share for…

On September 24, Domestic Institutional Investors (DIIs) recorded net purchases of shares worth ₹3,868 crore, while Foreign Institutional Investors (FIIs) net sold shares worth ₹2,874 crore, according to provisional data from the NSE. During the trading session, DIIs acquired shares totaling ₹15,940 crore and sold ₹12,071 crore. Conversely, FIIs purchased ₹20,111 crore in shares but offloaded equities worth ₹22,896 crore. Year-to-date, FIIs have net sold shares totaling ₹1.2 lakh crore, whereas DIIs have net bought shares worth ₹4 lakh crore. At the close of trading, the Sensex was down by 14.57 points or 0.02% at 84,914.04, while the Nifty rose…

The Securities and Exchange Board of India (SEBI) announced on Tuesday new guidelines for the performance evaluation of market infrastructure institutions (MIIs), including stock exchanges, clearing corporations, and depositories, to be conducted by independent external agencies. These guidelines aim to establish consistency and uniformity in evaluations. Under the new criteria, the performance evaluation will be based on seven key parameters: technology resilience (40%), investor education (17%), regulatory compliance (15%), governance practices (8%), and a combined 10% for adequacy of resources and fair access to all stakeholders, along with information disclosure. MIIs are mandated to appoint independent external agencies for performance…

CoRover AI, the creator of BharatGPT, announced on Tuesday that it has raised $4 million in a Series A funding round led by Venture Catalysts. Other contributors include CanBank Venture Capital Fund, IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, and Lead Angels. This funding will support CoRover in further advancing its technology, expanding its team of AI specialists, and accelerating its go-to-market strategy. The Bengaluru-based startup specializes in generative AI-powered conversational bots that cater to various industries, including e-commerce, healthcare, finance, education, BFSI, mobility, and retail, providing solutions across chat, voice, and video…