Author: Legal Parivar

Byju’s, a prominent Indian ed-tech company once valued at $22 billion in 2022, is facing potential insolvency, which could lead to one of the largest disruptions in India’s startup sector. Thousands of anxious employees are now struggling to recover unpaid wages and secure their careers, according to a Reuters report. The company, which gained popularity during the COVID-19 pandemic by offering online courses, is currently in a dispute with U.S. lenders over $1 billion in unpaid debt. As a result, Byju’s board has been suspended, and its assets have been frozen. India’s Supreme Court recently rejected Byju’s plea to halt…

On August 21, SJVN share price fell to an intraday low of ₹136.51 on the National Stock Exchange (NSE), a decline of 1.46 percent from the previous close. This drop followed Goldman Sachs’ reaffirmation of its ‘Sell’ recommendation for the state-owned hydropower company. Goldman Sachs set a new target price of ₹85 per share for SJVN, an increase from their earlier target of ₹75 per share. The updated target indicates a potential downside of 38 percent from the current trading levels. Goldman Sachs is one of only two analysts with a “sell” rating on SJVN stock, while three other analysts…

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…