Author: Legal Parivar

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…

“Amul has been ranked as the world’s strongest food brand and the leading dairy brand, according to Brand Finance, UK, a top global brand consultancy, in its annual ‘Food & Drink 2024’ report,” the company announced. The report highlights the most valuable and robust brands in the food, dairy, and non-alcoholic drinks sectors. As per the report, Amul has climbed from the second position in 2023 to become the world’s strongest food brand in 2024, earning a Brand Strength Index (BSI) score of 91.0 out of 100, and an AAA+ rating. “Amul’s brand strength is attributed to its exceptional performance…

The Delhi Development Authority (DDA) has announced the introduction of three new housing schemes, offering a total of approximately 40,000 housing units:

GE T&D India Ltd’s share price fell by 4.6% on Wednesday, August 21, following the company’s announcement that its promoters are considering selling a minority stake from their current 75% holding. In morning trade, the stock was priced at ₹1,725. Over the past year, GE T&D India’s share price has surged five-fold due to consistent order flow and rising income. On Tuesday, GE T&D India disclosed that GE Grid Alliance BV and Grid Equipments Pvt Ltd are reviewing their shareholding structure to simplify it. The promoter group is evaluating the possibility of selling a minority stake while expressing a strong…

On August 21, a significant 14.5% stake in Cyient DLM was sold through a block deal, with the information technology firm Cyient, the promoter, likely being the seller. Approximately 1.2 crore shares of Cyient DLM were traded at a floor price of ₹766 per share, resulting in a total transaction value of ₹883.20 crore. While the specific parties involved in the transaction couldn’t be immediately confirmed, Cyient had previously announced that its board had approved the sale of a 14.5% stake in its subsidiary, Cyient DLM, through a block deal. Cyient disclosed plans to use the proceeds from the stake…

The National Stock Exchange (NSE) has placed 16 stocks under the futures and options (F&O) ban for Wednesday, August 21, as they have exceeded 95% of the market-wide position limit (MWPL). However, these stocks will still be available for trading in the cash market. The NSE updates its list of securities in the F&O ban daily. F&O Ban List Today: The 16 stocks under the ban include Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Bandhan Bank, Birlasoft, GNFC, Granules India, Hindustan Copper, India Cements, LIC Housing Finance, Manappuram Finance, National Aluminium, Piramal Enterprises, RBL Bank, SAIL, and…