Author: Legal Parivar

Antfin Singapore Holdings Pte, a subsidiary of the Chinese Ant Group, divested a 2.1% stake in the Indian food delivery platform Zomato through bulk deals on Wednesday, March 6, as per BSE data. The divestment saw Antfin selling a total of 176.4 million shares of Zomato within the price range of ₹160.11 to ₹160.40 per share. As of December 2023, the Chinese company held a 6.32% stake in Zomato. In contrast, Morgan Stanley acquired 56.8 million shares of Zomato at ₹160.10 per share, according to the data. Additionally, SVF Growth (Singapore) PTE Ltd, a venture capital fund of SoftBank, divested…

A former MP, Dhananjay Singh, was sentenced to seven years in prison and fined ₹50,000 by a local court in Jaunpur. This ruling came in response to a four-year-old case involving the kidnapping of a project manager from UP Jal Nigam. The court found Dhananjay Singh and his associate, Santosh Vikram, guilty of kidnapping Abhinav Singhal, a project manager for the ‘Namami Gange’ initiative, as well as extortion. Additional Sessions Judge Sharad Kumar Tripathi delivered the verdict, resulting in both defendants being sent to judicial custody. Abhinav Singhal, a resident of Muzaffarnagar, filed the case against Dhananjay Singh and Santosh…

RBI Governor Shaktikanta Das assured that 80-85% of Paytm wallet users won’t experience any disruptions due to regulatory actions, advising the remaining users to link their apps to other banks. The RBI’s directive on January 31 prohibited Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in customer accounts. Das emphasized that the deadline for linking wallets attached to PPBL with other banks is March 15, with no further extensions planned. He clarified that the RBI’s action was directed at a regulated entity, PPBL, and not against Fintech companies. The RBI supports innovation in the fintech sector…

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,…