Author: Legal Parivar

On March 6, the first day of bidding, Gopal Snacks, based in Rajkot, received a 56% subscription for its initial public offering (IPO). Investors purchased 66.96 lakh equity shares out of the total IPO size of 1.19 crore shares. Retail investors subscribed to 0.89 times the allotted quota, while employees subscribed to 1.64 times their portion. High net worth individuals subscribed to 0.49 times the reserved portion, and qualified institutional buyers purchased 0.18 percent of their reserved quota. This data indicates a positive response to the issue, despite it being an entirely offer-for-sale (OFS) issue. The company aims to raise…

Reserve Bank of India (RBI) Governor Shaktikanta Das has addressed criticism suggesting that the central bank is opposed to fintech companies in India. He clarified that the recent regulatory action taken against Paytm Payments Bank (PPBL) was specifically directed at a regulated entity. Das stated, “The RBI’s action was directed at a regulated entity, not against any fintech company. I fail to comprehend why there is a narrative suggesting that the RBI is targeting fintech firms. In the case of PPBL, the action was specifically aimed at the payments bank. I am not adopting a defensive stance on this matter,”…

Anil Deshmukh, former Home Minister of Maharashtra and NCP leader (Sharad Pawar faction), revealed ongoing discussions between the leaders of Congress, Shiv Sena (UBT), and NCP regarding seat sharing for the Lok Sabha elections within the Maha Vikas Aghadi (MVA) coalition. Deshmukh stated, “The talks between the leaders of Congress, Shiv Sena (UBT), and NCP are underway. There is no dispute at all. Sharad Pawar, Uddhav Thackeray, and Congress leaders will make the announcement. However, before that, discussions will be tabled with VBA chief Balasaheb Ambedkar (Prakash Ambedkar) as well. We request him to come with us for the Lok…

National Housing Bank intends to raise up to Rs 2,000 crore through bonds on March 7, as per market sources. The issuance comprises a base issue size of Rs 500 crore along with a greenshoe option of Rs 1,500 crore. A greenshoe option allows the underwriter to sell additional bonds to investors beyond the initial offering size if there is higher demand than anticipated. Bidding for the bonds will occur on March 7 from 11 am to 12:30 pm on the electronic bidding platform of the National Stock Exchange of India. These bonds will mature on April 26, 2027, which…

Ajmera Realty witnessed a 4% decline in its shares on March 6 following the announcement of securing credit facilities worth Rs 500 crore. The real estate company successfully obtained credit facilities from Standard Chartered Bank and ICICI Bank for its Ajmera Manhattan project, a luxurious residential venture located in Mumbai’s Wadala neighborhood. A portion of the funds, amounting to Rs 200 crore, has been utilized for the partial prepayment of the GCP loan obtained from HDFC Bank, as disclosed in a filing to the stock exchanges. As of December 2023, the Ajmera Manhattan project has sold 60% of its inventory,…

Bitcoin surged again on Wednesday, bouncing back from a brief dip after reaching an all-time high less than 24 hours earlier. The bullish sentiment remained strong for the world’s largest cryptocurrency, with investors showing little inclination to pull back their bets. During the Asian session, Bitcoin saw a 5% jump to hit an intraday peak of $66,540 in volatile trading, coming close to Tuesday’s record high of $69,202. It maintained a 4% increase, trading at $65,946. The remarkable rally of the digital asset, which has already seen a 55% surge since the beginning of the year, has been fueled by…

The subscription status of JG Chemicals IPO continued to witness robust demand from both retail and non-institutional investors on the second day of subscriptions, reflecting significant enthusiasm for the offering. According to BSE data at 13:06 IST, the JG Chemicals IPO subscription status stood at 4.45 times. Retail investors displayed notable interest, with the retail portion being subscribed 6.21 times, while non-institutional investors (NII) portion saw a subscription of 6.07 times. Qualified Institutional Buyers (QIB) portion also showed considerable demand, with a subscription of 3%. The strong momentum for JG Chemicals IPO was evident from the first day of subscription,…

India’s leading fintech player, Paytm, is encountering hurdles in navigating central bank restrictions and potential disruptions to a key payments affiliate, leading to a significant shift in consumer behavior. According to data from the National Payments Council of India, the value of Paytm payments made on India’s state-backed transactions system declined by 14% to 1.65 trillion rupees ($19.9 billion) in January. In contrast, Walmart-owned PhonePe and Google’s GPay experienced an increase in their payments value during the same period. Paytm’s dwindling performance indicates a growing inclination among consumers towards alternative payment services even before the implementation of any disruptions to…

The recent departure of ex-SBI deputy managing director, Manju Agarwal, from the board of CMS Info Systems has brought to attention the difficulties encountered by independent directors managing numerous board positions. Agarwal’s exit from CMS Info Systems coincided with her resignation from Paytm Payments Bank Limited (PPBL), where she served as an independent director, as per a report in Economic Times. Agarwal’s decision to seek reappointment at CMS Info Systems after stepping down from PPBL faced criticism, with accusations of selective “preoccupation” and scrutiny over her shifting allegiances. Ultimately, just before the conclusion of the postal ballot voting on her…

Mahanagar Gas, Mumbai’s premier city gas distributor, experienced a significant downturn in its stock price, plummeting 16.2% to ₹1,305 per share in today’s intraday trading, hitting a six-week low. The sharp decline was prompted by a rating downgrade from ‘Buy’ to ‘Sell’ by the global brokerage firm Citi. Citi also revised down the target price from ₹1,480 to ₹1,405 per share, citing concerns over margin declines. This revision followed remarks made by Oil Minister Hardeep Singh Puri during an industry meeting, where he highlighted that the benefits of natural gas reforms have not adequately reached end consumers, impacting the financial…