June 29, 2023 | No Comments Japan and South Korea Resolve Trade Dispute, Paving the Way for Stronger Economic Cooperation
June 29, 2023 | No Comments Ministry of Finance Approves Capital Investment Proposals of Rs 56,415 Crore for 16 States in the Current Financial Year
June 29, 2023 | No Comments Sebi Introduces Disclosure Formats for REITs and InvITs, Strengthening Governance and Compliance
June 29, 2023 | No Comments Delhi International Airport Introduces Self-Baggage Drop Facility, Revolutionizing Passenger Experience
June 29, 2023 | No Comments Tata Technologies, an arm of Tata Motors, Gandhar Oil Refinery (India) Ltd and non-banking financial company SBFC Finance have received capital market regulator Sebi’s approval to raise funds through initial public offerings. The three companies, which filed their preliminary papers with Sebi between December 2022 and March 2023, obtained the regulator’s observations during June 21-23, an update with the markets watchdog showed on Tuesday. In Sebi’s parlance, obtaining observations mean its go-ahead to float the initial share sale. As per the draft papers, Tata Technologies’ IPO is purely an Offer For Sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.60 per cent of its paid-up share capital. Under the OFS, Tata Technologies’ parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company. Among other shareholders, Alpha TC Holdings Pte plans to sell up to 97.16 lakh shares (2.40 per cent) and Tata Capital Growth Fund I would offload up to 48.58 lakh equity shares (1.20 per cent). The IPO of Gandhar Oil Refinery comprises fresh issue of equity shares worth Rs 357 crore and OFS of 1.2 crore shares by promoters and existing shareholders, according to the draft red herring prospectus. The fund raising through the OFS component is expected to be Rs 500 crore, market sources said. Proceeds from the fresh issue component will be used for payment of debt and for purchase of equipment and civil work required for expansion in capacity of automotive oil at Silvassa plant. In addition, the funds will be utilised for expansion in capacity of petroleum jelly and accompanying cosmetic product division at the company’s Taloja plant as well expansion in capacity of white oils by installing blending tanks at the plant and funding working capital requirements. Non-banking lender SBFC Finance is looking to raise Rs 1,200 crore through the IPO, which comprises fresh issuance of shares worth Rs 750 crore and OFS of Rs 450 crore. The proceeds from the fresh issuance worth Rs 750 crore will be used towards augmenting its capital base. The NBFC caters to entrepreneurs, small business owners, self-employed and salaried individuals. Shares of these three companies will be listed on the BSE and NSE.
June 29, 2023 | No Comments Adani Enterprises Stands Firm on Governance Amidst Stock Market Controversy
June 29, 2023 | No Comments India Leads Major Economies in Accelerating Energy Transition Momentum, says World Economic Forum Report
