Author: Legal Parivar

Shares of Texmaco Rail could potentially experience an uptick on February 28, following the approval by the company’s board to raise up to Rs 150 crore through a preferential issue of convertible warrants to its promoters and promoter groups. Texmaco Rail’s board has empowered its Capital Issue Committee to finalize the structure, terms, and conditions of the issuance, along with other associated matters, as stated in a filing by the company. Closing slightly lower by half a percent at Rs 196.25 on February 27, Texmaco Rail shares have witnessed significant growth over the past year, delivering remarkable returns of 344%,…

RK Swamy Ltd, a leading integrated marketing services provider in India, has disclosed the price band of Rs 270-288 per share for its upcoming initial public offering (IPO), slated to begin on March 4. The anchor investor bidding will commence on March 1, with the subscription period ending on March 6. Allotment of shares is scheduled for March 7, followed by the crediting of shares to depository accounts on March 11. The stock is anticipated to be listed on exchanges on March 12. The IPO comprises a blend of fresh shares worth Rs 173 crore and an offer-for-sale (OFS) of…

The IPO of Bharat Highways InvIT opens for subscription today, February 28, and will close on March 1. Prior to this, on February 27, the company raised ₹825.97 crore from anchor investors by allocating 8,25,97,350 equity shares at ₹100 each. The price band for Bharat Highways InvIT IPO is set between ₹98 to ₹100 per equity share, with a lot size of 150 equity shares and multiples thereafter. The IPO reserves up to 75% of shares for Qualified Institutional Buyers (QIB) and at least 25% for Non-Institutional Investors (NII). The basis of share allotment for Bharat Highways InvIT IPO is…

Former Supreme Court Justice A M Khanwilkar has been appointed as the chairperson of the anti-corruption watchdog Lokpal, nearly two years after the position remained vacant. The Lokpal has been functioning without a regular chief since Justice Pinaki Chandra Ghose completed his term on May 27, 2022. Currently, Justice Pradip Kumar Mohanty, a judicial member of the Lokpal, is serving as the acting chairperson. President Droupadi Murmu has appointed Justice Ajay Manikrao Khanwilkar as the Lokpal chairperson, as per a statement from the Rashtrapati Bhavan. Justice Khanwilkar retired from the Supreme Court in July 2022. Additionally, retired justices Lingappa Narayana…

The BJP emerged victorious in closely contested battles in Uttar Pradesh and Himachal Pradesh, while the Congress claimed victory in Karnataka during the Rajya Sabha elections held on February 27. A total of 15 candidates were contested across the three states of Uttar Pradesh, Karnataka, and Himachal Pradesh. The BJP secured ten seats, the Congress won three, and the Samajwadi Party (SP) secured two seats. However, the elections in all three states were marked by instances of cross-voting by MLAs. In Uttar Pradesh, the BJP clinched eight out of ten seats, with the remaining two seats going to the Samajwadi…

The Exicom Tele-Systems IPO has witnessed overwhelming demand, being subscribed 10.02 times on its first day, primarily driven by retail investors. With a subscription of 27.17 times in the retail category and 19.04 times in the Non-Institutional Investors’ (NII) category, the IPO has garnered significant interest. Furthermore, the portion reserved for Qualified Institutional Buyers (QIB) saw a subscription of 73% on the first day. In the grey market, the Exicom Tele Systems IPO is trading at a premium of ₹170 per share, indicating a substantial premium of 119.72% over the issue price of ₹142 per share. Regarding details, the IPO…

In Uttar Pradesh, the ruling Bharatiya Janata Party (BJP) clinched eight Rajya Sabha seats, dealing a blow to the Samajwadi Party-Congress alliance, which managed to secure only two seats. Both the ruling party and the opposition had sufficient numbers to secure three and ten seats, respectively. However, the BJP introduced an eighth candidate, Sanjay Seth, who filed his nomination papers just before the 3 pm deadline on February 15. Polling for the ten Rajya Sabha seats took place from 9 am to 4 pm, during which five legislators from the Samajwadi Party reportedly voted in favor of the ruling party.…

In the Himachal Pradesh Assembly on Tuesday, State Industries Minister Harshwardhan Chauhan announced that government employees in Himachal Pradesh would need to complete a minimum of ten years of service to be eligible for pension benefits. Responding to a query from Lokender Kumar of the BJP, the minister clarified that service rendered as a contractual employee would not count towards pension entitlements under the Central Civil Services (CCS) Pension Rules 1972. He emphasized the requirement for a minimum ten-year service tenure to qualify for pension benefits. Chauhan also disclosed that the Office of the Accountant General had disbursed pension payments…

India urges World Trade Organization (WTO) to permit subsidies for fisheries in developing nations to safeguard food and livelihood security for fishermen. In a statement issued by the Indian government, India emphasized the importance of subsidies for developing countries and small economies in fostering the growth and diversification of their fisheries sector, while also recognizing the historical concerns regarding over-exploitation. India advocated for any comprehensive agreement on fisheries subsidies to be based on principles such as Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and to incorporate provisions for Special and Differential Treatment (S&DT) appropriately, in line with other WTO…

Ahead of its IPO opening, Aadharshila Infratech, the sponsor of Bharat Highways Infrastructure Investment Trust (InvIT), has injected Rs 664.5 crore into the InvIT. The public issue is scheduled to open for subscription from February 28 to March 1. According to Bharat Highways’ filing with exchanges, the InvIT offer committee of GR Highways Investment Manager, the investment manager of the InvIT, has finalized the allocation of 6,64,50,000 equity shares to Aadharshila Infratech at a price of Rs 100 per unit. In compliance with SEBI InvIT regulations, the Sponsor and Sponsor Group are mandated to collectively hold a minimum of 15…