Author: Legal Parivar

Indegene, a company backed by private equity firms Carlyle and Nadathur Fareast, has announced the price band for its initial public offering (IPO) scheduled to open on May 6. The price range is set at Rs 430-452 per share for a total IPO size of Rs 1,842 crore. The IPO comprises a fresh issue to raise Rs 760 crore, while existing shareholders will offer shares worth approximately Rs 1,081.75 crore. The selling shareholders include Manish Gupta, Dr. Rajesh Bhaskaran Nair, Anita Nair, Vida Trustees (Trustee of Fig Tree Trust), and entities like BPC Genesis Fund I SPV, BPC Genesis Fund…

Q4 Earnings Update: Axis Bank, AU Small Finance Bank, Hindustan Unilever (HUL), LTIMindtree, 5Paisa Capital, Chennai Petroleum Corporation, Dalmia Bharat, DCB Bank, Dhampur Bio Organics, Equitas Small Finance Bank, Indian Hotels, Lodha, and Maharashtra Scooters are among the 23 companies set to announce their Q4 results today. Additionally, Anant Raj, Agro Tech Foods, PNGS Gargi Fashion Jewellery, Harshdeep Hortico, MAS Financial Services, Nippon Life India Asset Management, Oracle Financial Services Software, Supreme Petrochem, and Syngene International are scheduled to release their Q4FY24 earnings. Investors will closely watch these companies’ performances and react to their Q4 results accordingly.

Asian markets saw gains following a rally in US tech stocks, seen as a key test for the ongoing equities bull run. Japan and South Korea’s equity benchmarks rose, with Hong Kong futures also pointing upwards. US futures showed gains in early Asian trading. While indicators of business activity weakness have fueled expectations for US rate cuts, they have been beneficial for equities but bearish for the dollar and Treasury yields. Equities, after reaching record highs, have faced recent setbacks on signals of the Federal Reserve’s intention to maintain higher rates for longer. This downturn has made stocks more appealing…

The Delhi High Court, on April 22, rejected a PIL requesting “extraordinary interim bail” for Chief Minister Arvind Kejriwal in the liquor policy case and imposed a fine of Rs 75,000 on the petitioner. The bench, led by the Acting Chief Justice of Delhi, emphasized that the court lacks the authority to grant exceptional interim bail in an ongoing criminal case involving a high-ranking official. Additionally, the court highlighted that an individual is currently in custody based on a judicial order, with the matter under scrutiny before the Supreme Court. The court emphasized the principle of equality before the law,…

NCLT in Delhi has accepted Indiabulls Housing Finance’s (IBHF) personal insolvency petition against Zee Entertainment Enterprises Limited (ZEEL) chairman emeritus Subhash Chandra regarding guarantees provided to a company named Vivek Infracon. The tribunal also dismissed IDBI Trusteeship and Axis Bank’s objections to Chandra’s personal insolvency. With Chandra now under moratorium, legal proceedings against him are halted, and he cannot dispose of his assets. The Resolution Professional (RP) will handle claims from creditors seeking repayment from him. IBHF initiated the personal insolvency plea against Chandra in 2022 due to a defaulted loan of Rs 170 crore to Vivek Infracon. Chandra contested…

Zydus Lifesciences witnessed a more than 3 percent surge in its shares during morning trading on April 22, following the company’s introduction of the generic version of the bladder control drug Mirabegron in the US. At 11:47 am, Zydus Life’s shares were trading at Rs 951.85 on the National Stock Exchange. Mirabegron is utilized in treating overactive bladder (OAB) symptoms like urge urinary incontinence, urgency, and urinary frequency. Zydus Lifesciences is among the first to launch the generic version in 25 mg dosages in the US market, with plans to introduce 50 mg dosages shortly. Mirabegron recorded an annual sale…

Vodafone Idea’s follow-on public offer (FPO) saw a subscription rate of 70 percent by the morning of April 22, the final bidding day. Investors bid for 883.6 crore equity shares out of the 1,260 crore shares offered in the Rs 18,000-crore FPO, marking it as the largest such offering in the country. This move is part of a broader strategy aimed at raising Rs 45,000 crore through a mix of debt and equity. In terms of investor categories, non-institutional investors (NIIs) led the subscriptions, securing 1.37 times the portion allotted to them. Qualified institutional buyers (QIBs) purchased 94 percent of…

Nomura Research has expressed surprise at Axis Bank’s potential initiation of an equity capital raise, especially given the management’s previous stance against raising capital in the near future. “We note that the approval sought at the board meeting may also just be an enabling provision (which is a procedural approval taken by several banks from their respective boards at the beginning of a new FY), though Axis has historically not done this. We await clarity on this along with the results on 24 April,” the foreign brokerage said in a note. As of the December quarter, Axis Bank’s CET1 stood…

Hyderabad-based space technology startup Dhruva Space announced on April 22 that it has secured approximately $9.3 million (Rs 78 crore) in funding from various investors, including Indian Angel Network Alpha Fund and Blue Ashva Capital. This brings the total Series A funding for the company to around $14 million (Rs 123 crore). The funding round comes amidst a notable policy push from the government to encourage private sector participation in the space industry. It underscores the increasing value of India’s space economy, which the regulator IN-SPACe projects to reach $44 billion by 2023. Dhruva Space stated that the funds will…