Author: Legal Parivar

On Wednesday, July 3, the initial public offering (IPO) of steel wire maker Bansal Wire Industries Ltd began with a robust response from retail and non-institutional investors. By the end of the first day, the IPO subscription status was 1.76 times, according to BSE data. The retail investor quota was subscribed 2.47 times, while the non-institutional investor (NII) component was subscribed 2.44 times. One percent of the category is reserved for Qualified Institutional Buyers (QIBs). The IPO allocates 15% of its shares to NII, 50% to QIB, and 35% to retail investors. On Tuesday, Bansal Wire Industries announced it had…

ITD Cementation’s promoter shareholder, Italian Thai Development, is in the early stages of exploring the divestment of its stake in the company, according to an exchange filing on July 3. The process is still preliminary, and no definitive decision has been made. Italian Thai Development Public Company (ITD Bangkok), the parent company, currently holds a 47 percent stake in ITD Cementation. The shares of ITD Cementation have nearly doubled this year, with a 255 percent increase over the past year, giving the company a market capitalization of Rs 9,857.17 crore as of July 3. ITD Cementation India specializes in heavy…

Patna-based BMW Ventures has filed preliminary papers with SEBI for its maiden public issue to raise funds. The IPO will consist solely of a fresh issue of 2,34,18,000 equity shares, which will constitute 27% of the post-issue paid-up equity share capital. The company, a distributor of long and flat steel products in Bihar, plans to utilize the proceeds primarily for Rs 175 crore in working capital requirements. The remainder will be allocated for general corporate purposes, with Rs 140 crore expected in FY 2025 and Rs 35 crore in FY 2026. BMW Ventures deals in various steel products such as…

Remedium Lifecare saw its stock soar from an opening price of ₹75 on the BSE to an intraday high of ₹86.56 on Tuesday, marking a significant 15.41% increase in a single session. The surge was driven by the company’s announcement that its Board of Directors is scheduled to convene on Monday, July 8, 2024, to discuss and approve a proposal to raise up to ₹200 crore through a Qualified Institutional Placement (QIP). In a regulatory filing, Remedium Lifecare stated, “The Board will evaluate and approve the proposal to raise funds up to ₹200,00,00,000 by way of issuance of equity shares,…

Here are key details about the upcoming Bansal Wire Industries IPO: Disclaimer: Investors are advised to consult with financial experts before making investment decisions based on the grey market premium or other speculative information.

Prime Minister Narendra Modi took a pointed dig at Rahul Gandhi on Tuesday, suggesting an understanding of the frustration of those who faced significant electoral setbacks despite perpetuating falsehoods continuously. “Baalak buddhi ko kaun samjhaye ki tumne fail hone ka record bana diya hai. 10 elections have happened since 1984, Congress has not been able to cross 250. They are stuck at 99 this time,” he said.  Modi highlighted this as the ‘third-largest defeat’ suffered by the Opposition party to date. “It would have been better if Congress had accepted its defeat and respected the mandate of the people but…

The Government of India is considering selling a 5-7 percent stake in the Container Corporation of India (CONCOR) following lukewarm interest in its strategic sale for privatization, according to government sources. Options such as an offer for sale or qualified institutional placement (QIP) are being considered for the stake sale. As Per a news report by Money Control, The government has decided to indefinitely put the CONCOR divestment on hold due to a lack of potential buyers. Issues such as CONCOR’s inability to reduce its land leasing fee and insufficient support from the Ministry of Railways have been deterrents, complicating…

The National Highways Authority of India (NHAI) has issued show cause notices to 11 steel companies across India for failing to meet the specified quality standards for reinforcement steel bars, or rebar, used in highway construction. The notices, issued between June 19 and June 21, cited issues related to the quality of TMT bars supplied by these companies. The companies receiving notices include Agrawal Foundries Pvt Ltd, MSP Steel and Power Ltd, Shri Bajrang Power and Ispat Ltd, Hira Steel Ltd, Shree Nakoda, Gallant TMT, Prime Gold JVC, Kamachi Industries Limited, SRMB Srijan Pvt Ltd, Shakambari Ispat and Power Ltd,…

The deadline for filing income tax return for the financial year 2023-24 (assessment year 2024-25) is approaching on July 31. If you haven’t started the process yet, it’s important to begin preparing now. One of the initial steps is identifying the correct ITR form for your situation. This year, the new ITR forms released by the income tax (I-T) department require additional details about tax deductions, such as donations to political parties, information on disabled dependents’ PAN and Aadhaar for deductions under section 80DD, and data on high-value policies. Here are the key changes across forms that you should be…

On July 2, the Karnataka High Court overturned a National Company Law Tribunal (NCLT) order that had prevented the troubled edtech company Byju’s from launching a second rights issue. Justice Krishna Kumar announced that the case would be sent back to the NCLT for reconsideration, with a detailed order to be released later. Investors, including Peak XV Partners, General Atlantic, the Chan-Zuckerberg Initiative, and Prosus, had petitioned the NCLT to stop Byju’s second rights issue, arguing that it would further dilute their shares in the company. While NCLT orders are typically appealed to the National Company Law Appellate Tribunal (NCLAT),…