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SK Finance gets IPO approval; Baazar Style booked 4.64x on second day

SK Finance gets IPO approval; Baazar Style booked 4.64x on second day

by | Sep 2, 2024 | Share Market


2 min read Last Updated : Sep 02 2024 | 11:17 PM IST


SK Finance, Transrail Lighting get approval to go public


Vehicle finance and non-bank lender SK Finance, Muthoot Finance’s microfinance arm Belstar Microfinance, and Transrail Lighting have received Sebi’s go ahead to float initial public offerings (IPOs), an update with markets regulator showed on Monday. The three companies, which filed their preliminary IPO papers with Sebi during March-May, obtained their observation letters on August 30. In Sebi’s parlance, obtaining an observation letter from the regulator means its go ahead to launch public issues.


Gala Precision Engineering fully subscribed on Day 1


The initial public offering (IPO) of Gala Precision Engineering got fully subscribed within minutes of opening for bidding on Monday. The initial share sale received bids for 47,77,444 shares against 22,23,830 shares on offer, reflecting 2.15 times subscription, according to the NSE data till 11:21 hours. The portion for retail individual investors (RIIs) garnered 3.15 times subscription while the quota for non institutional investors got subscribed 2.54 times.The initial share sale will conclude on September 4.   


Shree Tirupati Balajee Agro’s public offer to open on Sep 5


Shree Tirupati Balajee Agro Trading Company on Monday fixed a price band of Rs 78-83 per share for its nearly Rs 170 crore initial share sale. The initial public offering (IPO) will open for public subscription on September 5 and conclude on September 9, the company said in a statement. The IPO consists of a fresh issue of 1.47 crore equity shares and an offer for sale (OFS) of up to 5.69 million equity shares by Binod Kumar Agarwal. The IPO size has been pegged at Rs 169.65 crore. 


Baazar Style booked 4.64x on second day of offer


The initial public offering (IPO) of Rekha Jhunjhunwala-backed value fashion retailer Baazar Style Retail received 4.64 times subscription on Monday, the day two of bidding. The initial share sale received bids for 6,96,80,144 shares against 1,50,30,116 shares on offer, according to the NSE data. The non-institutional investors part received 11.62x subscription while the category for Retail Individual Investors (RIIs) was booked 3.75 times. The quota for Qualified Institutional Buyers got subscribed 84 per cent.

First Published: Sep 02 2024 | 11:17 PM IST



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Zee's Subhash Chandra accuses Sebi chief Madhabi Puri Buch of corruption

Zee's Subhash Chandra accuses Sebi chief Madhabi Puri Buch of corruption

by | Sep 2, 2024 | Share Market


3 min read Last Updated : Sep 02 2024 | 8:55 PM IST

Besides the Congress, Madhabi Puri Buch, chairperson of Sebi, came under attack from Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, who is being probed by the market regulator for alleged fund diversion of over Rs 2,000 crore from the media behemoth.


A senior Sebi official termed the allegations as “malicious and opportunist.”


The 73-year-old alleged corruption at Sebi and called for more investigation and analysis. He alleged that one Manjit Singh—recommended to him by a bank’s chairperson—approached him in February to resolve all pending issues at Sebi for a “price.”


“I am convinced that the Sebi chairperson is corrupt since she and her husband, whose combined income was around Rs 1 crore per annum before she assumed the position at Sebi, has now gone up to Rs 40-50 crore per annum. This needs to be investigated by the media and investigating agencies, including an analysis of the settled and compounded cases and the consultation fees paid by such corporates and received by the Sebi chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers,” he alleged.


Sources said Sebi investigations against Chandra have revealed that the fund diversion from Zee is multi-fold compared to what was earlier estimated. The regulator is in the process of issuing fresh show-cause notices to Chandra and his son Puneet Goenka in the matter, sources said.


Chandra also alleged that former ICICI Bank CEO Chanda Kochhar was giving Buch “heft sums of money” and that they made at least 20 calls to each other every day.


In an order in August 2023, Sebi had barred Chandra and his son Punit Goenka from holding key positions in four group firms. In June 2023, Sebi had also alleged fraudulent practices and fund diversion by promoters from Shirpur Gold Refinery, an Essel Group firm.


The uncertainty created by Sebi’s action against the founders had scuttled the $10 billion merger between Zee and Japan’s Sony’s India unit.


“Zee-Sony merger was progressing well, and it had got stock exchange approval. Despite the same, Sebi instructed BSE/NSE to intervene in NCLT proceedings and scuttle the merger by spooking Sony. Ultimately, the merger was terminated by Sony, which resulted in erosion of huge wealth of minority shareholders,” he said.


He also objected to Sebi’s move to penalise two mutual fund houses that had invested money in the group.

First Published: Sep 02 2024 | 8:49 PM IST



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Didn't pay salary to Sebi chief Buch after retirement: ICICI Bank clarifies

Didn't pay salary to Sebi chief Buch after retirement: ICICI Bank clarifies

by | Sep 2, 2024 | Share Market


File photo of Sebi chief Madhabi Puri Buch | Source: : PTI

2 min read Last Updated : Sep 02 2024 | 7:17 PM IST


ICICI Bank said on Monday it did not pay any salary or granted employee stock options to the Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch after her retirement from the bank.

 

The clarification came after the country’s opposition party Congress, on Monday, alleged that Buch continued to draw a salary from the bank despite being named as full-time member of the markets regulator, in a potential violation of rules.

Congress asked Prime Minister Narendra Modi to come clean as the head of the appointments committee of the cabinet on her appointment.

“Narendra Modi ji, for 10 years, you have tried your best to crush the autonomy and independence of India’s long-standing institutions to help your crony friends! We saw this in the case of appointments in CBI, ED, RBI, CEC; now we are facing the same in SEBI,” Congress president Mallikarjun Kharge said in a post on X.

“You have appointed the first lateral entry chairperson of Sebi without any due diligence, this has put a black stain on its reputation and belittled the integrity of the market regulator. After all, Sebi protects the hard-earned money of small and middle-income investors,” he said.


The opposition party said the Supreme Court should take cognisance of these fresh revelations and demanded that the Sebi chairperson should be dismissed immediately.

 


At a press conference, the Congress alleged that since the current Sebi chairperson took office in 2017, she has not only been drawing a salary from Sebibut has also been holding an office of profit at the ICICI Bank, continuing to receive income from them to this very day.

 

(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: Sep 02 2024 | 7:17 PM IST



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Investors sell over half of IPO shares within a week, shows Sebi study

Investors sell over half of IPO shares within a week, shows Sebi study

by | Sep 2, 2024 | Share Market


Of the 144 IPOs that raised Rs 2.13 trillion, 75 per cent (108 IPOs) delivered positive returns, with as many as 26 IPOs delivering more than 50 per cent listing day returns.

3 min read Last Updated : Sep 02 2024 | 7:14 PM IST


A majority of investors who get an allotment for shares in an initial public offering (IPO) sell their shares within a week, while 70 per cent of shares are sold within a year. A study conducted by market regulator Securities and Exchange Board of India (Sebi) on 144 IPOs listed between April 2021 and December 2023 shows that most individuals applying for IPOs look to sell shares for quick gains.


“The study found a strong disposition effect, with investors showing a greater propensity to sell IPO shares that posted positive listing gains, compared to those that listed at a loss,” said Sebi in a press release, which stated that the greater the post-listing gains, the greater the number of investors looking to sell.


“When IPO returns exceeded 20 per cent, individual investors sold 67.6 per cent of the shares by value within a week. In contrast, only 23.3 per cent of shares by value were sold when returns were negative,” the regulator said.


The study also showed a drop in oversubscription levels in the high-net-worth individual (HNI) category following the Rs 1 crore cap on IPO finance by Non-Banking Financial Companies (NBFCs) imposed by the Reserve Bank of India (RBI) in April 2022.


The average number of HNI applications for more than Rs 1 crore in IPOs dropped from approximately 626 per IPO in the pre-policy period (April 2021 – March 2022) to around 20 per IPO in the post-policy period (April 2022 – December 2023), the Sebi study showed.

Of the 144 IPOs that raised Rs 2.13 trillion, 75 per cent (108 IPOs) delivered positive returns, with as many as 26 IPOs delivering more than 50 per cent listing day returns. The regulator studied the investment pattern of over 90 million unique IPO investors.


The study also showed the geographical spread of IPO investors.


About 70 per cent IPO applicants come from just the top four states Gujarat, Maharashtra, Rajasthan and Uttar Pradesh. “The retail investors from Gujarat received 39.3 per cent of the allotment in the retail category, followed by Maharashtra (13.5 per cent) and Rajasthan (10.5 per cent). When it came to the HNI category, the allotment for Gujarat-based investors was even higher at 42.3 per cent, followed by Maharashtra (20.4 per cent) and Rajasthan (15 5 per cent).


The study showed nearly 48 per cent of the demat accounts that have received allotment for the 144 IPOs were opened between 2021 and 2023.


When it came to the qualified institutional buyer (QIB) segment, 65.4 per cent of the shares allotted in the main book were sold within a week and 87.8 per cent shares within a year of listing. The holding period, across the category of investors, was less in IPOs of less than Rs 1,000 crore.

First Published: Sep 02 2024 | 7:08 PM IST



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Gujarat Fluorochemicals fixes record date for final dividend

Gujarat Fluorochemicals fixes record date for final dividend

by | Sep 2, 2024 | Share Market


Last Updated : Sep 02 2024 | 7:16 PM IST

Record date is 20 September 2024

Gujarat Fluorochemicals has fixed 20 September 2024 as record date for the purpose of determining the Members eligible to receive the Final Dividend of Rs. 3/- i.e. @300% per Equity Shares having face value of Re. 1/- each for the financial year ended 31 March 2024.

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

First Published: Sep 02 2024 | 7:07 PM IST



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Gujarat Fluorochemicals fixes record date for final dividend

Man Infraconstruction allots 9.37 lakh equity shares on conversion of warrants

by | Sep 2, 2024 | Share Market


Last Updated : Sep 02 2024 | 7:04 PM IST

Man Infraconstruction has allotted 9,37,760 equity shares on conversion of warrants on receipt of an amount aggregating to Rs. 10.90 crore at the rate of Rs 116.25 per warrant (being 75% of the issue price per warrant).

Post allotment, the paid up equity share capital has increased to Rs. 74,43,76,330/-(37,21,88,165 equity shares of face value of Rs. 2/- each fully paid up).

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

First Published: Sep 02 2024 | 6:52 PM IST



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