Author: Legal Parivar

The initial public offering (IPO) of Interarch Building Products received a robust response from investors on August 20, the second day of bidding, with 5.08 crore equity shares being subscribed—10.84 times the offer size of 46.91 lakh equity shares. The New Delhi-based company aims to raise Rs 600.29 crore through its maiden public issue, which includes a fresh issuance of Rs 200 crore worth of shares and an offer-for-sale of 44.47 lakh shares valued at Rs 400.29 crore. The issue, which closes on August 21, is priced between Rs 850 and Rs 900 per share. Non-institutional investors, primarily high-net-worth individuals,…

On August 20, Larsen & Toubro announced that the Bombay High Court has overturned a Rs 2,237-crore GST demand against the company. The company had filed a writ petition with the Bombay High Court challenging a show cause notice issued by the Principal Commissioner of GST and Service Tax, Mumbai. The notice was related to a service tax demand of Rs 2,237 crore concerning transactions handled by an erstwhile subsidiary after the company’s demerger, for which the tax had already been paid.

The government’s flagship social security scheme saw an addition of 1.93 million new members in June 2023, marking a 7.9 percent increase from the previous year, according to data from the Employees’ Provident Fund Organisation (EPFO). During this period, the EPFO recorded 1.03 million new employees, reflecting a 4 percent increase over the previous month and a 1 percent rise compared to the previous year. The data highlights a notable trend: the 18-25 age group represented a significant 59.14 percent of the new members added in June 2024. This aligns with the ongoing trend of youth, particularly first-time job seekers,…

Information technology (IT) services company Cyient announced on Tuesday, August 20, that its board has approved the sale of a 14.5 percent stake in its subsidiary, Cyient DLM Ltd, through a block deal. The company plans to finalize the stake sale on August 21, 2024. In a regulatory filing, Cyient stated, “The Board of Directors of the company, at its meeting held today, August 20, 2024 (Tuesday), has considered and approved the sale of up to 1.14 crore equity shares, representing approximately 14.5 percent of the total outstanding equity shareholding of its subsidiary, Cyient DLM Ltd, by way of a…

General Motors (GM), the American automotive giant, is laying off 1,000 employees from its software and service units globally, according to a Reuters report on Monday, August 20. “As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,” the automaker said in an official statement, as cited in the report. Nearly 600 of the affected employees are based at GM’s tech campus near Detroit, Michigan, representing almost half of the job cuts in the US. The layoffs were not driven by cost-cutting measures but were…

Shares of Saraswati Saree Depot closed with a premium of over 31 percent on August 20, compared to the issue price of Rs 160. The stock debuted on the BSE at Rs 200, reflecting a 25 percent increase from the issue price, and later surged 31.21 percent to reach the upper circuit limit of Rs 209.95. On the NSE, the shares were listed at Rs 194, a 21.25 percent rise, and ended the day at Rs 203.70, marking a 27.31 percent gain. The company’s market valuation stood at Rs 831.40 crore. The initial public offering (IPO) of Saraswati Saree Depot,…

IPO-bound digital payments firm MobiKwik reported a 62 percent rise in operating revenue, reaching Rs 875 crore for the fiscal year ending March 2024. In a notable turnaround, the company achieved a profit after tax (PAT) of Rs 14.08 crore, a significant improvement from the Rs 83.08 crore loss recorded the previous year. Despite this, total expenses increased by 36.4 percent to Rs 876 crore, up from Rs 642 crore in FY23, driven by higher costs related to employee benefits, legal fees, advertising, and other overheads. Co-founder and CFO Upasana Taku attributed the company’s growth to an expanding user base…

General Atlantic Singapore Fund FII Pte Ltd is reportedly planning to sell a 5.1 percent stake in PNB Housing Finance Limited through a block deal at a floor price of Rs 775 per share, according to sources cited by CNBC-TV18 on August 20. This floor price represents a 4.4 percent discount compared to PNB Housing Finance’s current market price of Rs 810 per share. The expected size of the deal is approximately Rs 1,032.7 crore, with IIFL Securities likely serving as the broker for the transaction. As of June 30, 2024, General Atlantic Singapore Fund held a 5.1 percent stake…

The IPO of Picture Post Studios Ltd, a VFX studio, has received an exceptional response from investors. The three-day subscription period, which began on August 2, 2024, concluded on August 6, 2024, with the offering being oversubscribed by nearly 266.6 times. As of August 7, 2024, the allotment status for the Picture Post Studios IPO has been finalized. The SME IPO, which involved issuing 78 lakh shares at a price band of ₹22 to ₹24 per share, saw 1,38,52,44,000 shares applied for, against the 5,196,000 shares available. IPO Details: The IPO is set to list on the NSE SME platform…

Airbnb Inc. shares plummeted by their largest margin ever following a disappointing outlook and warnings of declining demand from US vacationers. Bookings grew by 8.7% in Q2 to 125.1 million, missing analysts’ forecasts. Airbnb anticipates “sequential moderation” in bookings growth for Q3, falling short of the 11% gain analysts had predicted for the peak summer season. This marks the third consecutive quarter of bleak forecasts from Airbnb, setting the stage for its slowest growth pace since 2020. The broader industry is also facing challenges, with Booking Holdings Inc. recently issuing weak guidance due to “mild moderation” in European travel and…