Author: Legal Parivar

The initial public offering (IPO) of NeoPolitan Pizza and Foods opened for subscription on Monday, September 30. Here’s a look at the subscription status, grey market premium (GMP), and important dates. Subscription Status As of 4:30 PM on the first day of bidding, the NeoPolitan Pizza and Foods IPO was subscribed 0.79 times overall. The retail category saw a subscription rate of 1.6 times, while the non-institutional investor (NII) portion was subscribed 0.12 times. There were no bids yet for the qualified institutional buyers (QIB) quota. Key Details of the IPO Registrar and Lead Managers Bigshare Services Pvt Ltd is…

The Karnataka High Court has temporarily halted the investigation into the Electoral Bonds case involving Finance Minister Nirmala Sitharaman. On Monday, the court issued an interim stay on the inquiry, which also involves Karnataka BJP chief B.Y. Vijayendra and others. An additional interim stay was placed on the ongoing investigation concerning the FIR against former Karnataka BJP president Nalin Kumar Kateel, who is a co-accused in the case related to alleged extortion under the guise of electoral bonds. The next hearing is set for October 22. Details of the Case Against Nirmala Sitharaman The FIR against Sitharaman and others was…

Bears dominated Dalal Street on September 30, causing the BSE Sensex to plummet by over 1,300 points and dragging the Nifty below 25,800 during intraday trading, amid escalating geopolitical tensions and in anticipation of Federal Reserve Chair Jerome Powell’s upcoming speech. By the market close, the Sensex had dropped 1,272.07 points, or 1.49%, to settle at 84,299.78, while the Nifty declined by 368.20 points, or 1.41%, finishing at 25,810.80. Weak global cues led to a lower market opening, with losses intensifying throughout the day. Most sectors witnessed a broad sell-off, except for metal and media stocks, which managed to rise…

Tata Power has signed a memorandum of understanding (MoU) with the Rajasthan government to expand its power distribution, transmission, and green energy initiatives in the state. The agreement, formalized at the ‘Rising Rajasthan Investor Meet’ in New Delhi, covers a wide range of projects, including solar module manufacturing, EV charging infrastructure, nuclear power, and rooftop solar installations. The company plans to invest ₹1.2 trillion over the next decade, with ₹75,000 crore dedicated to renewable energy projects, such as 10 GW of capacity—6 GW in solar and 4 GW in hybrid energy—across Bikaner, Jaisalmer, Barmer, and Jodhpur. Additionally, Tata Power will…

The Securities and Exchange Board of India (SEBI) has granted approval for initial public offerings (IPOs) from Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery. According to SEBI’s latest updates, the regulator issued observation letters to Swiggy and Hyundai Motor India on September 24, followed by Vishal Mega Mart on September 25, and Acme Solar Holdings and Mamata Machinery on September 27. An observation letter from SEBI signifies that a company is allowed to proceed with its IPO within one year from the date of issuance. Swiggy, backed by investors like Prosus and SoftBank, is…

The Securities and Exchange Board of India (SEBI) has raised concerns over companies using IPO proceeds to repay loans taken from promoters or promoter-related entities, according to sources. This stance has delayed several IPOs, with companies being asked to revise their plans for fund utilization or seek alternative financing routes for loan repayment, the sources added. Although SEBI’s capital market regulations do not specifically prohibit using IPO funds to repay loans from promoters or their entities, the regulator has recently declined to approve such transactions. SEBI has instead suggested that companies refinance promoter loans through financial institutions and then use…

The initial public offering (IPO) of Diffusion Engineers saw robust interest from investors, subscribing 27.19 times on its second day of bidding, September 27. A total of 17.94 crore equity shares were applied for, against the IPO size of 65.98 lakh shares. The company, which manufactures welding consumables, wear plates and parts, and heavy engineering machinery, launched its public issue on September 26 to raise ₹158 crore, with a price band set between ₹159 and ₹168 per share. Non-institutional and retail investors led the bidding, subscribing 47.08 times and 36.64 times the portions allocated to them, respectively. In contrast, qualified…

India’s foreign exchange reserves reached a new record high of $692.3 billion, reflecting an increase of $2.8 billion for the week ending September 20, according to the Reserve Bank of India (RBI) on Friday. This marks the second consecutive week of growth, following a rise of $223 million to $689.46 billion for the week ending September 13. As per the Weekly Statistical Supplement released by the RBI, foreign currency assets (FCAs) rose by $2 billion to $605.6 billion. The value of these assets in dollar terms also factors in the appreciation or depreciation of non-US currencies, including the euro, pound,…

April Moon Retail Private Limited, a joint venture of Adani Airport Holdings Limited, plans to acquire a 74% stake in Cococart Ventures Private Limited for ₹200 crore, as stated in a stock exchange filing. The filing detailed that April Moon Retail, a wholly owned subsidiary of Adani Airport Holdings, executed a Share Purchase Agreement (SPA), Joint Venture Agreement (JVA), and Share Subscription Agreement (SSA) on September 27, 2024, with Cococart Ventures and its existing shareholders, Karan Ahuja and Arjun Ahuja. The acquisition is expected to be completed by October 31, 2024. Additionally, Adani Dahanu Thermal Power Station (ADTPS) announced that…

On September 27, Punjab National Bank (PNB) announced that it has successfully raised ₹5,000 crore via a Qualified Institutions Placement (QIP). In a filing with the stock exchange, PNB stated that it allotted 48.2 crore shares to Qualified Institutional Buyers (QIBs) at an issue price of ₹103.75 per share. Major investors in this placement included Citigroup, BofA Securities, SBI Contra Fund, Morgan Stanley, and Goldman Sachs. Following the announcement, PNB’s shares closed 1.4% higher on the NSE, reaching ₹108.76 each. “The Capital Raising Committee of the Board approved the allotment of 48.2 crore equity shares to eligible QIBs at an…