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NSDL gets Sebi nod for IPO over a year after filing offer document

NSDL gets Sebi nod for IPO over a year after filing offer document

by | Oct 8, 2024 | Share Market


2 min read Last Updated : Oct 08 2024 | 5:23 PM IST


National Securities Depository (NSDL), India’s largest depository, has received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), more than a year after filing its offer document.


The market regulator issued final observations on September 30 on its draft red herring prospectus (DRHP), which was filed in July 2023.

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NSDL’s DRHP was kept in abeyance between August and December, which also led to a delay in obtaining the final approval.


NSDL’s maiden share sale will be entirely an offer for sale, with six shareholders—National Stock Exchange (NSE), IDBI Bank, HDFC Bank, Union Bank of India, SBI, and Government of India (SUUTI)—paring their holdings.

 


Shares of Central Depository Services (CDSL) rose 0.5 per cent to end at Rs 1,375, valuing the country’s only other depository at Rs 28,738 crore.


At present, NSE holds a 24 per cent share in NSDL, while IDBI is the largest shareholder with a 26 per cent stake.


NSDL’s IPO is key for meeting the regulatory mandate that caps ownership of a single entity in a market infrastructure institution at 15 per cent. The rules formulated in 2018 provided five years to entities to reduce holdings in excess of 15 per cent.


The five-year deadline ended on October 3, 2023. NSE had requested Sebi for an extension in the deadline as NSDL’s IPO was in limbo.


Sebi granted the extension in a letter dated October 6, 2023; however, it directed that the voting rights and all corporate actions in respect of excess shareholding held by NSE in NSDL above 15 per cent would remain frozen until the excess shareholding was divested.


BSE, too, last year in June, diluted its stake in its subsidiary CDSL through a bulk deal, selling nearly 5 per cent to comply with the norms.


Market participants said NSDL may have to update its financials in an addendum to the DRHP since a long time has passed during the approval process.

First Published: Oct 08 2024 | 5:23 PM IST



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PE investment in real estate increases to .2 bn in Jul-Sep: Savills India

PE investment in real estate increases to $2.2 bn in Jul-Sep: Savills India

by | Oct 8, 2024 | Share Market


In the year-ago period, private equity (PE) investments in real estate stood at $ 934 million. | Representative Photo: Shutterstock

2 min read Last Updated : Oct 08 2024 | 4:12 PM IST


Private equity investments in the real estate sector jumped over twofold to $ 2.2 billion in July-September as investors look for gains amid strong property demand, according to Savills India.


In the year-ago period, private equity (PE) investments in real estate stood at $ 934 million.

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Real estate consultant Savills India also noted that the PE inflows stood at $ 3.9 billion during the January-September period of this calendar year, touching the investment quantum registered in the entire 2023.


The PE inflows stood at $ 6.7 billion in 2019, $ 6.6 billion in 2020, $ 3.4 billion in 2021, $ 3.4 billion in 2022, and $ 3.9 billion in 2023.

 


“Despite global challenges, India witnessed heightened investment activity with YTD 2024 inflows surpassing all of 2023 investments, reflecting strong investor confidence on the back of a robust macroeconomic environment,” said Arvind Nandan, Managing Director, Research & Consulting, Savills India.


During the July-September quarter, the consultant highlighted that the industrial and logistics spaces segment attracted $ 1.7 billion in PE investments, capturing 77 per cent of the total investment volume.


This could be attributed to rising opportunities in the segment due to growing demand from e-commerce players and the government’s push towards establishing India as a manufacturing hub, the consultant said.


The commercial office segment ranked second, garnering 21 per cent of the overall PE investments in the September quarter.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 08 2024 | 4:12 PM IST



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Trent rallies on launch of new lab-grown diamond brand 'Pome'

Trent rallies on launch of new lab-grown diamond brand 'Pome'

by | Oct 8, 2024 | Share Market


Last Updated : Oct 08 2024 | 3:31 PM IST

Trent surged 7.67% to Rs 8021 after the company launched its new lab-grown diamond (LGD) brand ‘Pome’ in Westside stores.

Pome offers a range of LGD jewelry, including earrings, rings, necklaces, and bracelets, all crafted with the same expertise as natural diamonds. Lab-grown diamonds are chemically identical to natural diamonds but are created in a laboratory instead of being mined.

A domestic broker noted that Pome’s LGD jewelry is competitively priced, making it more affordable and accessible to a wider audience. The broker also mentioned that Trent may expand the Pome brand with Exclusive Brand Outlets (EBOs) in the future. The broker believes that Pome has the potential to disrupt the LGD jewelry market, similar to the success of Trent’s Zudio brand in the fashion retail space.

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The launch of Pome comes at a time when the demand for lab-grown diamonds is increasing due to their ethical and sustainable appeal. Trent’s entry into the LGD jewelry market is expected to further drive growth and innovation in this segment.

Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India’s leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner. Trent’s new fashion concepts include Samoh, a differentiated & elevated occasion wear offering and Misbu that offers a curated & compelling range of beauty, personal care and fashion accessories.

As of 30 June 2024, the companys portfolio included 228 Westside, 559 Zudio and 36 stores across other lifestyle concepts. During the quarter, the firm added 6 Westside and 16 Zudio stores across 12 cities.

On a consolidated basis, net profit of Trent rose 126.29% to Rs 392.57 crore on 56.16% surge in net sales to Rs 4104.44 crore in Q1 June 2024 over Q1 June 2023.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Oct 08 2024 | 3:21 PM IST



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Zinka Logistics gets Sebi nod for Rs 550-cr IPO; key details for investors

Zinka Logistics gets Sebi nod for Rs 550-cr IPO; key details for investors

by | Oct 8, 2024 | Share Market


2 min read Last Updated : Oct 08 2024 | 1:55 PM IST


Bengaluru-based Zinka Logistics Solutions has received final observation from the capital markets regulator, Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering (IPO). Zinka Logistics had filed its IPO papers with Sebi on July 5, 2024.


Through the IPO, Zinka Logistics is offering a fresh issue of shares of up to Rs 550 crore and an offer for sale of up to 21.61 million equity shares, with a face value of Re 1 each, by promoters and investor selling shareholders. The IPO also includes a reservation for subscription by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

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Zinka Logistics said that, in consultation with the book-running lead manager, it may consider a pre-IPO placement not exceeding 20 per cent of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.


Zinka Logistics proposed that the proceeds from its fresh issuance, to the extent of Rs 200 crore, will be utilised for funding towards sales and marketing costs, Rs 140 crore for investment in Blackbuck Finserve for financing the augmentation of its capital base to meet its future capital requirements, and Rs 75 crore for funding of expenditure in relation to product development and general corporate purposes.


Zinka Logistics offers digital solutions to India’s trucking industry. The company’s BlackBuck app serves as a comprehensive platform, providing solutions for payments, telematics, load management, and vehicle financing. Additionally, Zinka Logistics offers vehicle financing solutions, enabling truck operators to purchase used commercial vehicles or obtain financing on existing ones.


As per the Draft Red Herring Prospectus (DRHP), by March 31, 2024, Zinka Logistics had facilitated 4,035 loans amounting to Rs 196.79 crore. Revenue from this segment is derived from loan service fees and other charges related to loan disbursal and collections.


Zinka Logistics’ consolidated revenue from continuing operations increased by 69.01 per cent to Rs 296.92 crore in fiscal year 2024 from Rs 175.68 crore in FY23, primarily due to an increase in its average monthly transacting truck operators, which led to an increase in its commission income, subscription fees, and service fees.

First Published: Oct 08 2024 | 1:55 PM IST



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Navkar Corporation revenue jumps 43% YoY in Q2FY25; shares rise 5%

Navkar Corporation revenue jumps 43% YoY in Q2FY25; shares rise 5%

by | Oct 8, 2024 | Share Market


Illustration: Ajay Mohanty

3 min read Last Updated : Oct 08 2024 | 12:25 PM IST


Shares of Navkar Corporation surged up to 4.68 per cent at Rs 128.60 per share intraday on the BSE after the company delivered its July-September quarter earnings for the financial year 2024-25 (Q2FY25).


At 10:44 AM, the stock price of the company recovered some of its losses and was trading down 1.78 per cent at Rs 89.20 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.55 per cent to 81,494.11 level. 

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Navkar Corporation reported consolidated revenue of Rs 136.01 crore, a rise of 42.6 per cent as against Rs 95.37 crore registered in the same quarter last year.

 


Despite the revenue increase, the company reported a net of Rs 2.2 crore, versus a net profit of Rs 2.1 crore in the corresponding quarter of the previous year. 


The company’s total expenses surged 48.8 per cent to Rs 13674 crore, compared with Rs 91.85 crore in the September quarter of FY24. 


The company has a total market capitalization of Rs 1,907.83 crore. Its shares are trading at price to earnings valuation of -103.05 times with an earning per share of Rs -1.23. 


Navkar Corporation share price has outperformed the market as it surged 23.9 per cent year to date, while gaining 110.6 per cent in the last one year. In comparison BSE Sensex has risen 12.6 per cent year to date and 23.4 per cent in a year. 


Navkar Corporation Limited is one of India’s largest Container Freight Stations (CFSs) and Inland Container Depots (ICDs), as well as a leading provider of rail terminal and container train operation services, warehousing, and logistics solutions. The company offers a comprehensive range of customised, technology-enabled integrated logistics solutions and corporate mobility services.


As of March 31, 2023, Navkar operates three Container Freight Stations—two in Ajivali and one in Somathane, Panvel—with a combined capacity exceeding 535,000 TEUs per annum. Our facilities include temperature-controlled chambers capable of handling cargo at regulated temperatures, supported by 92 reefer plug points at our CFSs. We are also certified to manage hazardous cargo at both Ajivali CFS II and Somathane CFS.


In addition to cargo handling, Navkar provides extensive storage solutions, including buffer yards and warehouses. Our services encompass packing, labelling/bar-coding, palletizing, fumigation, and other related activities, with offerings tailored to meet our customers’ specific needs.

First Published: Oct 08 2024 | 12:25 PM IST



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