Nazara Technologies to raise Rs 900 cr via preferential equity issuance

by Hansraj Agrawal | Sep 18, 2024 | Share Market

Last Updated : Sep 18 2024 | 7:04 PM IST

Nazara Technologies announced its largest fund raise to boost its growth trajectory. The company’s board has approved a preferential equity issue to raise Rs 900 crore, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.

The preferential equity issue amounting to Rs 900 crore will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara’s financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

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First Published: Sep 18 2024 | 6:46 PM IST

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Cabinet approves recommendations for 'One Nation, One Election' proposal

by Hansraj Agrawal | Sep 18, 2024 | Share Market

Last Updated : Sep 18 2024 | 6:16 PM IST

The Union Cabinet has accepted the recommendations of the High-Level Committee on simultaneous elections. This committee conducted extensive consultations with various stakeholders, including political parties and experts.

The concept of simultaneous elections isn’t new to India, having been practiced between 1951 and 1967. Previous recommendations for its revival came from the Law Commission’s 170th report in 1999 and a Parliamentary Committee report in 2015.

The High-Level Committee’s report, available at https://onoe.gov.in, indicates widespread support for simultaneous elections across the country. This conclusion was reached after gathering extensive feedback from various sources.

The implementation is proposed in two phases. The first phase will involve conducting Lok Sabha and Assembly elections simultaneously, while the second phase will see local body elections held within 100 days of general elections.

Other key recommendations include creating a common electoral roll for all elections. The government plans to initiate detailed nationwide discussions on these proposals and will constitute an implementation group to oversee the process.

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First Published: Sep 18 2024 | 6:02 PM IST

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Northern Arc Capital IPO subscribed 20.15 times

by Hansraj Agrawal | Sep 18, 2024 | Share Market

Last Updated : Sep 18 2024 | 5:31 PM IST

The offer received bids for 43.27 crore shares as against 2.14 crore shares on offer.

The initial public offer (IPO) of Northern Arc Capital received bids for 43,27,38,471 shares as against 2,14,78,290 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (18 September 2024). The issue was subscribed 20.15 times.

The issue opened for bidding on Monday, 16 September 2024 and it will close on Thursday, 19 September 2024. The price band of the IPO was fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.

The initial public offer (IPO) consists of fresh issue to raise Rs 500 crore through issuance of 1.90 crore equity shares at the lower band of Rs 249 per share (face value Rs 10 per share) and 2.01 crore equity shares at the upper band of Rs 263 per share.

The issue includes an offer for sale (OFS) of 1.05 equity shares for raising 262.55-277.00 crore from the investors Leap Frog Financial Inclusion India (II) 38,44,449 equity shares, Accion Africa-Asia Investment Company 12,63,965 equity share, Eight Roads Investment Mauritius II 17,46,950 equity shares, Dvara Trust 13,44,828 equity shares, 360 One Special Opportunities Fund 14,08,918 equity shares and Sumitomo Mitsui Banking Corporation 9,23,210 equity shares.

The net proceeds from the fresh issue will be used for augmenting the capital base to meet future capital requirements. The issue will bring the benefits of listing the equity shares on the stock exchanges, including enhancing brand image among existing and potential customers and creation of a public market for the equity shares in India.

Ahead of the IPO, Northern Arc Capital on Friday, 13 September 2024, raised Rs 228.86 crore from anchor investors. The board allotted 87.02 lakh shares at Rs 263 each to 15 anchor investors.

Northern Arc Capital is a diversified financial services platform catering to the diverse retail credit requirements of the under-served households and businesses in India. Over the last 15 years, the company has facilitated financing of over Rs 1.73 lakh crore touching 10.18 crore lives across India. The business model is diversified across offerings, sectors, products, geographies and borrower categories.

The firm reported a consolidated net profit of Rs 308.33crore and income from operations of Rs 1,712.11 crore for the twelve months ended on 31 March 2024.

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First Published: Sep 18 2024 | 5:23 PM IST

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Japanese markets jump on a weaker yen

by Hansraj Agrawal | Sep 18, 2024 | Share Market

Last Updated : Sep 18 2024 | 4:31 PM IST

Japanese markets advanced as a weaker yen lifted export-related stocks. Investors shrugged off data that showed Japan posted a trade deficit for a second straight month in August, as growth in both imports and exports missed expectations.

The Nikkei average rose 0.49 percent to 36,380.17 while the broader Topix index closed 0.38 percent higher at 2,565.37. The Bank of Japan meets later this week but no move is expected on rates.

Daiichi Sankyo fell 1.5 percent despite reporting positive initial findings from the dose escalation phase of the Phase I trial of its investigational antibody-drug conjugate (ADC) DS-9606 for treating advanced solid tumors.

Japan’s core machinery orders declined unexpectedly in July, data from Cabinet Office showed on Wednesday.

Core machinery orders that exclude volatile orders for ships and electric utilities, fell 0.1 percent on a monthly basis, confounding expectations for an increase of 0.4 percent. This followed June’s 2.1 percent growth.

On a yearly basis, core machinery orders surged 8.7 percent, in contrast to the 1.7 percent drop posted in June.

Another official data showed that Japan’s exports growth eased to 5.6 percent in August, from 10.2 percent rise in July. At the same time, imports climbed only 2.3 percent after a 16.6 percent surge.

Consequently, the trade balance showed a shortfall of JPY 695.3 billion compared to a JPY 940.1 billion deficit seen a year ago.

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First Published: Sep 18 2024 | 4:13 PM IST

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Jammu and Kashmir Assembly elections begin

by Hansraj Agrawal | Sep 18, 2024 | Share Market

Last Updated : Sep 18 2024 | 3:31 PM IST

Voting for the first phase of Assembly Elections in Jammu and Kashmir commenced today, 18 September 2024. As of 1 PM, officials reported a 41.17% voter turnout across 24 constituencies in seven districts.

The polls opened at 7 AM under stringent security measures, reflecting the authorities’ commitment to ensuring a safe and fair electoral process. This initial phase sets the stage for what is expected to be a closely watched election in the union territory.

The first round will see 24 assembly constituencies contested across the Chenab Valley districts of Doda, Kishtwar, and Ramban, as well as the South Kashmir districts of Anantnag, Pulwama, Kulgam, and Shopian on 18 September. The second phase, covering 26 seats, is slated for 25 September, while the third and final phase, involving 40 seats, is scheduled for 1 October. The votes will be counted and the results will be declared on 8 October 2024.

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First Published: Sep 18 2024 | 3:14 PM IST

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Samvardhana Motherson share price surges 7% on QIP update; check details

by Hansraj Agrawal | Sep 18, 2024 | Share Market

3 min read Last Updated : Sep 18 2024 | 2:40 PM IST

Samvardhana Motherson International shares jumped as much as 7 per cent and registered an intraday high of Rs 208.5 per share. The move comes after the company’s board on Monday approved the qualified institutions placement (QIP) issue and announced the calculation methodology for its compulsorily convertible debentures, or CCDs, into equity shares.

At around 1:42 PM, shares of Samvardhana Motherson were up 4.61 per cent at Rs 204.1 per share. In comparison, the BSE Sensex traded 299.47 points lower at 82,780.19, around the same time.

The aggregate face value of the CCDs, Samvardhana Motherson said, are proposed to be converted into equity shares at a discount of 13.83 per cent to the conversion volume weighted average price (VWAP).

“For the purpose of the above, conversion VWAP shall be calculated as seven trading days volume weighted average price of Equity Shares of our Company traded on the NSE, preceding the first date after the end of quarter, prior to Conversion Notice or Maturity Date for compulsory conversion of the balance CCDs held; whichever is earlier,” the company said in an exchange filing.

Adding: “The Floor Price of Equity Shares being Rs 188.85 subject to discount of up to 5 per cent, as may be decided by the Board of Directors of a duly authorized committee of the Board.”

Samvardhana Motherson Q1FY25 results

Auto components major Samvardhana Motherson International Ltd on Tuesday reported a 69.3 per cent jump in consolidated net profit at Rs 1,097.18 crore in the first quarter ended June 30, 2024, against Rs 648.12 crore a year ago.

The company’s total revenue from operations in the quarter under review stood at Rs 28,867.96 crore as compared to Rs 22,462.18 crore in the year-ago period, it added.

Its total expenses in the first quarter were higher at Rs 27,601.7 crore as compared to Rs 21,629.09 crore in the same period a year ago, the company said.

“The company has delivered robust quarterly performance despite flat industry volumes,” Motherson Chairman Vivek Chaand Sehgal said.

He further said all announced acquisitions have been successfully integrated and have started to contribute positively and their full potential will be realised in the coming months.

In the past one year, Samvardhana Motherson shares have gained 96.7 against BSE Sensex’s rise of 23 per cent.

First Published: Sep 18 2024 | 2:38 PM IST

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