Author: Legal Parivar

Punjab National Bank Ltd has announced a floor price of ₹109.16 per share for its Qualified Institutions Placement (QIP), which was launched on September 23. This price reflects a 2% discount from the closing market price of ₹111.49 per share on the same day. In a stock exchange filing, PNB stated, “The Capital Raising Committee has authorized the opening of the issue today, i.e., 23.09.2024, and approved the floor price based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations.” Earlier reports indicated that PNB aims to raise between ₹5,000 crore and ₹7,500 crore through…

A recent study by the Securities and Exchange Board of India (Sebi) highlights that 91.1% of individual traders in the futures and options (F&O) segment lost money during FY24, raising alarms about the speculative nature of retail trading. This figure translates to approximately 7.3 million traders incurring losses, an increase from the 89% reported in FY22. Over the three fiscal years from FY22 to FY24, an estimated 11.3 million unique individual traders collectively lost ₹1.81 trillion, with FY24 alone accounting for ₹750 billion in net losses. The analysis examines profit and loss trends for individual F&O traders and broader investment…

Reliance Power Ltd’s board of directors has approved a preferential share issue to raise ₹1,524.60 crore, as announced in a filing to the Bombay Stock Exchange (BSE) on September 23. Following the announcement, Reliance Power shares rose by 4.98% to close at ₹38.16, up from ₹36.35 at Friday’s market close. The board has authorized the issuance of up to 46.20 crore equity shares at an issue price of ₹33 per share, or convertible warrants. Reliance Infrastructure Ltd, the promoter of Reliance Power, plans to increase its equity stake with an investment exceeding ₹600 crore. Other participants in the preferential issue…

On September 23, state-owned Coal India announced its partnership with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to establish a joint venture aimed at developing renewable energy projects in Rajasthan. Coal India will hold a 74% stake in the joint venture, while RRVUNL will control the remaining 26%. According to a BSE filing, the new venture will be incorporated as a private limited company with an initial paid-up capital of ₹10,00,000. Coal India and RRVUNL will nominate four and two directors, respectively, to the board of the joint venture.

Diffusion Engineers is set to launch its Initial Public Offering (IPO) on September 26, which will close on September 30. The IPO consists entirely of a fresh issue of 94.05 lakh equity shares, with a price band set between ₹159 and ₹168 per share, targeting a total of ₹158 crore. Investors can place bids starting with a minimum lot of 88 shares, with additional shares available in multiples. The offering is being conducted via the book-building process, with 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors. Proceeds from the IPO will be…

The Securities and Exchange Board of India (SEBI) has imposed a ₹1 crore fine on Jai Anmol Ambani, son of industrialist Anil Ambani, for failing to exercise due diligence in approving General Purpose Corporate Loans (GPCLs) in the Reliance Home Finance case. Additionally, a ₹15 lakh penalty has been levied on Krishnan Gopalakrishnan, former Chief Risk Officer of Reliance Home Finance, for his involvement in the loan approvals. Both Anmol Ambani and Gopalakrishnan were found to have violated SEBI’s listing obligations and disclosure requirements. They have been instructed to pay the fines within 45 days. In August, SEBI had already…

The capital market regulator, SEBI, is set to hold a crucial board meeting on September 30, where discussions around the charges against Chairperson Madhabi Puri Buch may be on the agenda. This will mark the first formal meeting since Hindenburg Research made allegations against Buch on August 10, followed by additional claims from Congress spokesperson Pawan Khera. A source familiar with SEBI’s internal discussions mentioned that the issue is likely to be addressed during the meeting, although it may not be explicitly listed on the agenda. Should the topic arise, Buch is expected to recuse herself from the discussions. The…

Mobikwik and Waaree Energies have recently received approval from SEBI, the capital markets regulator, to proceed with their Initial Public Offerings (IPOs). SEBI issued observation letters on September 19, signaling that both companies can launch their IPOs within a year from that date. One MobiKwik Systems, backed by Bajaj Finance, Peak XV Partners, Abu Dhabi Investment Authority, and Sequoia Capital, had filed its draft red herring prospectus with SEBI on January 4, 2024, aiming to raise Rs 700 crore via IPO. This IPO will be entirely a fresh issue with no offer-for-sale (OFS) component. Additionally, Mobikwik may raise Rs 140…

The National Company Law Appellate Tribunal (NCLAT) has rejected the petition of Adesh Kumar Gupta, former CEO and Executive Director of Liberty Shoes, seeking an exemption from the minimum shareholding requirement to file a case alleging oppression and mismanagement against the company. Gupta holds a 5.83% stake in Liberty Shoes and was removed from his position as executive director on September 30, 2023. The company officially notified the stock exchange of his removal on November 21, following the Chandigarh bench of the National Company Law Tribunal (NCLT) dismissing his previous plea on November 20, 2022. Gupta appealed to the NCLAT…

The National Consumer Helpline (NCH) has successfully facilitated a refund of ₹1 crore in enrolment fees for students and aspirants of various competitive exams, including UPSC Civil Services and IIT entrance, as announced by the government on Sunday. These refunds were processed at a pre-litigation stage after the Consumer Affairs Ministry intervened in response to widespread grievances against coaching centres. Consumer Affairs Secretary Nidhi Khare emphasized that this action underscores the commitment to ensuring coaching institutions practice fairness and respect consumer rights. Following numerous complaints about unfair practices, particularly refusals to refund enrolment fees, the NCH launched a mission-mode initiative…