Author: Legal Parivar

IIFL Finance is planning to raise ₹10,000 crore through debt over the next six months as part of efforts to diversify its borrowing sources and business, following the lifting of a recent ban, a top executive revealed on Tuesday. In March, the Reserve Bank of India (RBI) had imposed a ban on IIFL Finance, preventing the non-bank lender from sanctioning and disbursing gold loans due to “material supervisory concerns.” The ban was lifted last week. “With business picking up again, we need to reassess our funding requirements,” Nirmal Jain, founder and managing director of IIFL Finance, told Reuters. “We don’t…

Shankh Air, India’s newest airline, owned by Shankh Aviation Private Limited, has received approval from the Union Civil Aviation Ministry to commence operations. The airline has been issued a No Objection Certificate (NOC), valid for three years. Before launching its flights, Shankh Air will also need clearance from the Directorate General of Civil Aviation (DGCA). According to the company’s website, Shankh Air will be the first scheduled airline to launch from Uttar Pradesh, with hubs in Lucknow and Noida, connecting major cities across India. Shankh Aviation, led by chairman Sharvan Kumar Vishwakarma, is currently in advanced talks with global aircraft…

Nishant Pitti, promoter of EaseMyTrip (Easy Trip Planners Ltd), is set to sell 15 crore shares, representing 8.5% of the company’s total share capital, in a block deal on September 25, as per sources. The floor price for the shares is expected to be ₹38, amounting to a transaction value of approximately ₹580 crore. Multiple institutional investors are anticipated to be the buyers. As Per a Report by Moneycontrol, Pitti, CEO of EaseMyTrip, confirmed that the block of shares would be sold through brokers Motilal and SMC. EaseMyTrip shares closed at ₹40.99 today, down 1.3% from the previous day’s close.

NTPC Green Energy, the renewable energy arm of the state-owned National Thermal Power Corporation (NTPC), is set to launch its ₹10,000 crore initial public offering (IPO) in the first week of November 2024, according to CNBC-TV18. The company plans to conduct roadshows in various locations, including Mumbai, London, the United States, and Singapore, to attract potential investors. On September 18, NTPC Green Energy submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for the IPO, which consists entirely of a new equity issue with no offer for sale component. CEO Mohit Bhargava emphasized…

Telecom operator Vodafone Idea has initiated new discussions with the government following a Supreme Court ruling that was unfavorable in the re-computation of Adjusted Gross Revenue (AGR) dues. CEO Akshaya Moondra stated in an investor call that despite the negative outcome of the curative pleas, the company’s long-term business plans and strategy will remain intact. “For the AGR dues case, we believe this will be the final outcome from the court. The action now falls to the government, and we are in the process of submitting requests regarding AGR dues,” he noted. The Supreme Court’s decision is seen as a…

Punjab National Bank Ltd has announced a floor price of ₹109.16 per share for its Qualified Institutions Placement (QIP), which was launched on September 23. This price reflects a 2% discount from the closing market price of ₹111.49 per share on the same day. In a stock exchange filing, PNB stated, “The Capital Raising Committee has authorized the opening of the issue today, i.e., 23.09.2024, and approved the floor price based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations.” Earlier reports indicated that PNB aims to raise between ₹5,000 crore and ₹7,500 crore through…

A recent study by the Securities and Exchange Board of India (Sebi) highlights that 91.1% of individual traders in the futures and options (F&O) segment lost money during FY24, raising alarms about the speculative nature of retail trading. This figure translates to approximately 7.3 million traders incurring losses, an increase from the 89% reported in FY22. Over the three fiscal years from FY22 to FY24, an estimated 11.3 million unique individual traders collectively lost ₹1.81 trillion, with FY24 alone accounting for ₹750 billion in net losses. The analysis examines profit and loss trends for individual F&O traders and broader investment…

Reliance Power Ltd’s board of directors has approved a preferential share issue to raise ₹1,524.60 crore, as announced in a filing to the Bombay Stock Exchange (BSE) on September 23. Following the announcement, Reliance Power shares rose by 4.98% to close at ₹38.16, up from ₹36.35 at Friday’s market close. The board has authorized the issuance of up to 46.20 crore equity shares at an issue price of ₹33 per share, or convertible warrants. Reliance Infrastructure Ltd, the promoter of Reliance Power, plans to increase its equity stake with an investment exceeding ₹600 crore. Other participants in the preferential issue…

On September 23, state-owned Coal India announced its partnership with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to establish a joint venture aimed at developing renewable energy projects in Rajasthan. Coal India will hold a 74% stake in the joint venture, while RRVUNL will control the remaining 26%. According to a BSE filing, the new venture will be incorporated as a private limited company with an initial paid-up capital of ₹10,00,000. Coal India and RRVUNL will nominate four and two directors, respectively, to the board of the joint venture.

Diffusion Engineers is set to launch its Initial Public Offering (IPO) on September 26, which will close on September 30. The IPO consists entirely of a fresh issue of 94.05 lakh equity shares, with a price band set between ₹159 and ₹168 per share, targeting a total of ₹158 crore. Investors can place bids starting with a minimum lot of 88 shares, with additional shares available in multiples. The offering is being conducted via the book-building process, with 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors. Proceeds from the IPO will be…