Sebi cancels Basan Financial Services licence over regulatory violations

The Securities and Exchange Board of India (Sebi) has cancelled the merchant banking licence of Basan Financial Services, citing a series of regulatory violations and persistent non-compliance with key norms. In a final order issued on April 7, the regulator found that the Hyderabad-based entity had failed to meet several critical requirements under the merchant banking and insider trading regulations during the inspection period between April 2022 and June 2023. 

Om Power Transmission IPO to open on April 9

Om Power Transmission’s ₹150 crore IPO will open on April 9 and close on April 13. The price band for the issue has been set at ₹166-175 per share. The issue comprises of ₹133 crore fresh share sale and ₹18 crore offer for sale. At the top-end of the price band, the company is valued at nearly ₹600 crore. Om Power is an EPC contractor for the power distribution sector. 

InCred Special Opportunities Fund-I announces final close

InCred Capital’s alternatives asset platform InCred Alternative Private Investments on Tuesday announced final close of its maiden special opportunities credit fund at ₹1,500 crore. InCred Special Opportunities Fund – I attracted commitments from domestic family offices, ultra HNIs, and international investors. Nearly 75 per cent of the fund has already been deployed across sectors such as auto, power, oil & gas, and hospitality. The firm stated that with the raise, InCred Alternatives has successfully raised over ₹4,000 crore across its performing credit funds and special situation funds.