Category Archives: New IPO

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Upcoming IPO This Week: Don’t Miss Out 0n India’s Hottest Public Offerings!

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IPO This Week in India: Key Listings and Opportunities for Investors

The primary market in India continues to heat up, with several major public offerings making their debut recently. This week, investors have the opportunity to participate in IPOs totaling Rs 1,301.32 crore, including one mainboard IPO and five SME IPOs. Dive into the latest market buzz with MarketNewsly, your trusted source for top market insights.

Upcoming IPOs: What’s on the Horizon?

Investors will have the chance to subscribe to six IPOs this week, including a highly anticipated mainboard offering.

Gala Precision Engineering IPO

The mainboard IPO from Gala Precision Engineering opens for bidding today, September 2, and will remain open until September 4. This book-built IPO is valued at Rs 167.93 crore, featuring a fresh issue of 0.26 crore shares worth Rs 135.34 crore and an offer for sale of 0.06 crore shares totaling Rs 32.59 crore.

Key SME IPOs Opening This Week

Jeyyam Global Foods IPO
Opening Date: September 2 – September 4
Issue Size: Rs 81.94 crore
Price Range: Rs 59 – Rs 61 per share
Managed by Corpwis Advisors Private Limited, with Kfin Technologies Limited as the registrar and Nnm Securities as the market maker, this book-built IPO includes a fresh issue of 120.89 lakh shares worth Rs 73.74 crore and an offer for sale of 13.43 lakh shares valued at Rs 8.19 crore.

Naturewings Holidays IPO
Opening Date: September 3 – September 5
Issue Size: Rs 7.03 crore
Fixed Price: Rs 74 per share
This fixed-price IPO managed by Fedex Securities Pvt Ltd consists of a fresh issue of 9.5 lakh shares. Bigshare Services Pvt Ltd is the registrar, with Pure Broking acting as the market maker.

Namo eWaste Management IPO
Opening Date: September 4 – September 6
Issue Size: Rs 51.20 crore
Price Band: Rs 80 – Rs 85 per share
This book-built issue includes a fresh issue of 60.24 lakh shares. Hem Securities Limited is the lead manager, with Maashitla Securities Private Limited as the registrar and Hem Finlease as the market maker.

Mach Conferences and Events IPO
Opening Date: September 4 – September 6
Issue Size: Rs 125.28 crore
Price Band: Rs 214 – Rs 225 per share
This book-built IPO includes a fresh issue of 22.29 lakh shares worth Rs 50.15 crore and an offer for sale of 33.39 lakh shares totaling Rs 75.13 crore. Beeline Capital Advisors Pvt Ltd is managing the issue, with Skyline Financial Services Private Ltd as the registrar and Spread X Securities as the market maker.

My Mudra Fincorp IPO
Opening Date: September 5 – September 9
Issue Size: Rs 33.26 crore
Price Band: Rs 104 – Rs 110 per share
This book-built IPO includes a fresh issue of 30.24 lakh shares. Hem Securities Limited is the lead manager, with Skyline Financial Services Private Ltd as the registrar and Hem Finlease as the market maker.

Related Article: Premier Energies Limited IPO

Noteworthy Listings This Week

  • Baazar Style Retail IPO continues its second day of bidding on Monday with a price band of Rs 370 – Rs 389 per share.
  • Premier Energies will list on BSE and NSE on September 3, with shares credited to investors’ demat accounts by September 2 at a final issue price of Rs 450 per share.
  • Ecos India Mobility and Hospitality finalizes its allotment on September 2, with shares listing on September 4.
  • Paramatrix Technologies and Aeron Composite begin trading on NSE Emerge on September 4.
  • Travels & Rentals lists on the BSE SME on September 5, followed by Boss Packaging Solutions on NSE Emerge on September 6.
  • Indian Phosphate, Vdeal System, and Jay Bee Laminations will debut on NSE Emerge on September 3.

Stay updated with MarketNewsly for real-time market insights and detailed IPO coverage.

Disclaimer: The information provided in this article is for general informational purposes only and should not be considered financial advice. Always conduct your own research or consult a professional advisor before making any investment decisions.

Corporate News, Credit & Debit, Economy, Investing, New IPO

SEBI Bars Anil Ambani and 24 Entities from Securities Market for Fund Diversion

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The Securities and Exchange Board of India (SEBI) has imposed a five-year ban on industrialist Anil Ambani and 24 other entities, including former key officials of Reliance Home Finance Ltd (RHFL), from participating in the securities market. This action follows the discovery of fund diversion from the company.

In addition to the market ban, SEBI has levied a penalty of Rs 25 crore on Ambani. The regulator has also prohibited him from serving as a director or Key Managerial Personnel (KMP) in any listed company or any intermediary registered with SEBI for the next five years. The total penalties imposed on Ambani and the other 24 entities amount to over Rs 625 crore.

Following the SEBI order, shares of Anil Ambani’s group companies experienced significant declines on the stock exchanges. Reliance Power dropped by 5%, Reliance Infrastructure by 10.4%, and RHFL by 4.90%.

SEBI’s investigation revealed that substantial funds were misappropriated under the leadership of Anil Ambani and other key figures at RHFL. The investigation concluded that these entities were involved in a fraudulent scheme that violated securities laws and undermined investor trust.

The SEBI order, signed by Whole Time Member Ananth Narayan G, stated, “Investigation in the matter has concluded that the Noticees were involved in perpetrating a fraudulent scheme by disbursing general purpose working capital (GPC) loans resulting in erosion of the company’s finances due to such loans eventually being declared NPA.”

According to SEBI, the findings confirmed the existence of a fraudulent scheme orchestrated by Noticee No. 2 (Anil Ambani) and carried out by the KMPs of RHFL. The scheme involved diverting funds from the publicly listed company by structuring them as loans to uncreditworthy borrowers, who were later found to be associated with Ambani.

SEBI’s detailed order outlined the roles of each entity involved in the fund diversion. The investigation revealed that the KMPs of RHFL structured loans to unworthy conduits and onward borrowers closely linked to the promoters, raising serious concerns about the misuse of company funds.

The fraudulent loans, disbursed as general-purpose working capital loans, led to a significant erosion of RHFL’s finances. SEBI noted, “Most of the GPCL borrowers’ accounts turned into NPAs and as a consequence of the same, RHFL defaulted in its payment obligations towards its lenders which has culminated in its Resolution under RBI Framework. As a result, the company’s public shareholders have been left high and dry.”

The order also pointed out that KMPs of the company, identified as Noticees 3 to 5, played active roles in executing the fraudulent scheme. While Anil Ambani was not a director at RHFL, he used his position as Chairperson of the ADA group and his significant indirect shareholding in RHFL’s holding company to orchestrate the fraud, negatively impacting RHFL’s stakeholders and undermining confidence in the governance of regulated financial sector entities.

SEBI further disclosed that as of September 30, 2021, the entire outstanding GPCL lending of INR 6931.31 crore had been classified as NPA. RHFL reported that these loans were secured against tangible and intangible assets. However, SEBI’s investigation revealed that these loans were secured against negligible current assets of borrowers who were connected to the promoter group.

Asia, Corporate News, Economy, Europe, Global Market, New IPO

Bharti Enterprises Acquires 24.5% Stake in BT for £3.2 Billion

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Summary:

  • Bharti buys 9.99% stake in BT.
  • No plans to fully acquire BT.
  • Altice sells to reduce debt.
  • BT shares rise 6%.
  • Drahi spent £4.2B on BT stake.

 

Bharti Enterprises Acquires 24.5% Stake in BT for £3.2 Billion

Bharti Enterprises announced plans to acquire a 24.5% stake in British telecommunications giant BT Group, valued at £3.2 billion ($4 billion). This strategic move involves buying out Patrick Drahi, BT’s largest shareholder, as his Altice group accelerates asset sales to mitigate its $60 billion debt.

 

Sunil Bharti Mittal, the billionaire founder of Bharti, positions his conglomerate as a pivotal strategic shareholder in BT. Under the leadership of new CEO Allison Kirkby, BT aims to rejuvenate its share value by targeting increased profits following years of stringent cost reductions.

Operating under the Bharti Airtel brand across 17 countries in South Asia and Africa, Bharti clarified on Monday that it has no intentions of pursuing a full acquisition of BT. The company expressed strong support for BT’s executive team and its ambitious transformation agenda, particularly its efforts to expand the UK’s fiber network.

Patrick Drahi, a Franco-Israeli billionaire renowned for debt-driven acquisitions in the telecom and cable sectors, initially invested approximately £4.2 billion for his 24.5% stake in BT between 2021 and 2023, based on Reuters’ estimates.

Market Reaction and Strategic Implications

Following the announcement, BT’s shares surged 6% to 139 pence in early trading. This development also serves as an early indicator of the new Labour government’s stance on foreign investments in critical sectors.

Bharti confirmed the acquisition of a 9.99% stake and awaits national security clearance from the government before finalizing the remaining 14.51%. “BT, in my view, has a promising future ahead and should pursue its strategy even more assertively,” Mittal remarked to reporters.

He emphasized that the investment, estimated at £3.2 billion based on current share prices, is a long-term commitment rather than a short-term market play. Mittal also revealed that Bharti had been monitoring BT for some time and engaged with its management in recent months.

While BT’s shares have climbed 24% over the past six months, reflecting progress in its fiber infrastructure rollout, they have declined 72% since 2015. Other notable shareholders include Deutsche Telekom with a 12% stake and Mexican magnate Carlos Slim, who acquired a 3.2% stake in June. Kirkby, BT’s CEO since February, hailed Bharti’s investment as a “great vote of confidence” in the company’s strategy.

Analysts at Deutsche Bank noted that the new shareholder alleviates concerns stemming from Drahi’s potential asset sales and highlighted opportunities for further collaboration between BT and Bharti.

Governance and Future Outlook

In 2021, Drahi’s investment in BT’s critical infrastructure raised alarms, prompting government assurances of intervention if necessary. Bharti underscored its confidence in the UK’s stable business and policy environment, alluding to the nation’s political stability under the new government.

Reflecting on historical ties, Bharti pointed out BT’s previous 21% stake in Bharti Airtel from 1997 to 2001. Regarding governance, Mittal stated that Bharti has not sought a board seat but mentioned having some “ideas” for management.

($1 = £0.7832)

Economy, New IPO

Mukesh Ambani, Asia’s Richest Man, Continues Salary Sacrifice for Fourth Year: A Strategic Move for Shared Prosperity

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Mukesh Ambani Foregoes Salary Amid COVID-19 Legacy

 

 

Mukesh Ambani, the richest individual in Asia and Chairman of Reliance Industries, has extended his decision to forgo his salary for the fourth consecutive year. This choice, first made in response to the financial challenges posed by the COVID-19 pandemic in 2020, continues to reflect Ambani’s commitment to societal impact and shared prosperity, as he declines all forms of compensation, including salary, benefits, and allowances.

Strategic Salary Sacrifice: Aligning with Broader Goals

Social Responsibility and Business Alignment

Ambani’s decision to skip his salary aligns with Reliance Industries’ broader objectives, both business and social. By foregoing his pay, Ambani emphasizes the company’s commitment to shareholder capitalism, prioritizing the well-being of customers, employees, and the community. This move also highlights Ambani’s role as a leader focused on creating shared value across the board.

Beyond Public Relations

While some may view Ambani’s decision as a PR strategy to boost Reliance Industries’ image as a socially responsible corporation, it serves a deeper purpose. The decision reinforces a culture of shared purpose within the organization, motivating employees and uniting them under a common goal.

A Legacy of Salary Sacrifice

Four Consecutive Years Without Compensation

Ambani first chose to forgo his salary in the fiscal year 2020–21, during a period marked by the economic impact of the pandemic. He has maintained this practice over the following years—2021–22, 2022–23, and the current fiscal year 2023–24—demonstrating his sustained commitment to these principles.

Historical Precedents in Executive Pay

Before the pandemic, Ambani had already set a precedent by capping his salary at Rs 15 crore (approximately $2 million) for the fiscal year 2008–2009. This personal example of responsible executive pay contrasted sharply with the often criticized excessive CEO salaries in the corporate world.

Mukesh Ambani’s Global Wealth and Influence

Ranking Among the World’s Wealthiest

With a net worth estimated at $109 billion, Mukesh Ambani ranks 11th among the world’s wealthiest individuals, following global titans like Warren Buffett and Google co-founders Larry Page and Sergey Brin.

Wealth Coupled with Philanthropy

Despite his immense wealth, Ambani’s choice to forgo his salary underscores his dedication to broader societal goals. It’s a gesture that aligns with his larger vision for Reliance Industries’ role in India’s economic and social progress.

Reliance Industries’ Future Outlook

Optimism and Growth Prospects

In the annual report, Ambani expressed optimism about Reliance Industries’ future. He emphasized the company’s ongoing efforts to identify new opportunities that contribute to India’s growth, thereby expanding Reliance’s diverse business portfolio.

Strengthened Financial Position

Recent significant capital expenditures have bolstered Reliance Industries’ balance sheet, positioning the company for continued growth. This financial stability aligns with Ambani’s vision of supporting India’s economic development through strategic investments.

Impact on the Indian Economy

Substantial Tax Contributions

For the fiscal year 2023–2024, Reliance Industries reported a substantial contribution to the Indian government, paying Rs 186,440 crore in taxes and duties. This payment covers 3.86% of the government’s budgeted expenditure target of Rs 48.21 lakh crore for 2024–25, exceeding planned spending on agriculture, which is Rs 1.52 lakh crore.

Significance in the National Budget

Reliance Industries’ tax contributions highlight its role as a critical player in India’s economy. The company’s financial inputs help fund essential public services and infrastructure, reinforcing its commitment to the nation’s development.

Conclusion

Mukesh Ambani’s decision to forgo his salary for a fourth year is more than a financial move—it’s a powerful symbol of his leadership philosophy and commitment to shared prosperity. This action strengthens Reliance Industries’ dedication to societal impact and underscores Ambani’s role as a leader committed to both business success and community well-being.