Author: Legal Parivar

State-run hydropower company NHPC Ltd is set to raise around ₹2,300 crore this financial year, exceeding its initial target of ₹2,000 crore. This move is part of the Union government’s monetisation target and will help fuel NHPC’s expansion efforts. The funds will be raised by securitising the return on equity of its Dulhasti Power Station in Jammu and Kashmir for eight years, while NHPC retains ownership of the project, according to sources familiar with the matter. Securitisation involves converting illiquid assets or expected future cash flows into investable securities. Investors receive returns in the form of interest and principal on…

On Tuesday, September 24, as many as 300 stocks, including Mahindra & Mahindra (M&M), NTPC, Bharti Airtel, JSW Steel, and Sun Pharma, reached fresh 52-week highs during intraday trading on the BSE. Other notable stocks such as Zomato, Apollo Hospitals, Bajaj Auto, Hero MotoCorp, DMart, Hindalco, Indian Hotels Company, Max Healthcare Institute, Tata Power Company, Trent, TVS Motor Company, and United Spirits also hit new one-year highs. The Sensex and Nifty 50 both scaled new record highs of 85,163.23 and 26,011.55, respectively, but closed relatively flat. Gains from major stocks like HDFC Bank, Tata Steel, and Power Grid were offset…

Swiggy, a leading food and grocery delivery platform backed by Prosus and SoftBank, has received approval from the Securities and Exchange Board of India (SEBI) following its confidential draft filing for an initial public offering (IPO), Accoding to a news report by Moneycontrol. The highly anticipated IPO will see Swiggy join its competitor Zomato on the stock exchange. As part of the confidential filing process, Swiggy will file two updated Draft Red Herring Prospectuses (DRHPs): one addressing SEBI’s comments and the other open for public feedback over a 21-day period. Once these steps are complete, Swiggy will submit the final…

IIFL Finance is planning to raise ₹10,000 crore through debt over the next six months as part of efforts to diversify its borrowing sources and business, following the lifting of a recent ban, a top executive revealed on Tuesday. In March, the Reserve Bank of India (RBI) had imposed a ban on IIFL Finance, preventing the non-bank lender from sanctioning and disbursing gold loans due to “material supervisory concerns.” The ban was lifted last week. “With business picking up again, we need to reassess our funding requirements,” Nirmal Jain, founder and managing director of IIFL Finance, told Reuters. “We don’t…

Shankh Air, India’s newest airline, owned by Shankh Aviation Private Limited, has received approval from the Union Civil Aviation Ministry to commence operations. The airline has been issued a No Objection Certificate (NOC), valid for three years. Before launching its flights, Shankh Air will also need clearance from the Directorate General of Civil Aviation (DGCA). According to the company’s website, Shankh Air will be the first scheduled airline to launch from Uttar Pradesh, with hubs in Lucknow and Noida, connecting major cities across India. Shankh Aviation, led by chairman Sharvan Kumar Vishwakarma, is currently in advanced talks with global aircraft…

Nishant Pitti, promoter of EaseMyTrip (Easy Trip Planners Ltd), is set to sell 15 crore shares, representing 8.5% of the company’s total share capital, in a block deal on September 25, as per sources. The floor price for the shares is expected to be ₹38, amounting to a transaction value of approximately ₹580 crore. Multiple institutional investors are anticipated to be the buyers. As Per a Report by Moneycontrol, Pitti, CEO of EaseMyTrip, confirmed that the block of shares would be sold through brokers Motilal and SMC. EaseMyTrip shares closed at ₹40.99 today, down 1.3% from the previous day’s close.

NTPC Green Energy, the renewable energy arm of the state-owned National Thermal Power Corporation (NTPC), is set to launch its ₹10,000 crore initial public offering (IPO) in the first week of November 2024, according to CNBC-TV18. The company plans to conduct roadshows in various locations, including Mumbai, London, the United States, and Singapore, to attract potential investors. On September 18, NTPC Green Energy submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for the IPO, which consists entirely of a new equity issue with no offer for sale component. CEO Mohit Bhargava emphasized…

Telecom operator Vodafone Idea has initiated new discussions with the government following a Supreme Court ruling that was unfavorable in the re-computation of Adjusted Gross Revenue (AGR) dues. CEO Akshaya Moondra stated in an investor call that despite the negative outcome of the curative pleas, the company’s long-term business plans and strategy will remain intact. “For the AGR dues case, we believe this will be the final outcome from the court. The action now falls to the government, and we are in the process of submitting requests regarding AGR dues,” he noted. The Supreme Court’s decision is seen as a…

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…