Drone maker ideaForge Technology has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The public issue comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 48,69,712 equity shares by one of the promoters and existing shareholders, according to the draft red herring prospectus (DRHP).
Those selling shares in the OFS include Ashish Bhat, A&E Investment LLC, Agarwal Trademart, Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Export Import Bank of India, Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte Ltd and Society for Innovation and Entrepreneurship.
Also, the company may consider an issue of shares aggregating up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issuance to the tune of Rs 50 crore will be utilised for debt payment, Rs 135 crore towards funding working capital requirements and
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Drone maker ideaForge Technology files preliminary IPO papers with Sebi (11-02-2023)
Adani group firms pledge shares for lenders of AEL: SBICAP Trustee (11-02-2023)
SBICAP Trustee said it had received the pledges in its capacity as “security trustee” of the lenders of Adani Enterprises
Gold prices slip by Rs 550 to Rs 57,160; silver drops to Rs 70,800 (11-02-2023)
The price of ten grams of 22 carat gold in Delhi, Bengaluru, and Chennai is Rs 52,450, Rs 52,450, and Rs 53,200, respectively
Tight liquidity makes Adani Group dollar bonds a tough buy or sell (11-02-2023)
Most of some $8 billion of Adani firms’ outstanding bonds fell below the 70 cents on the dollar mark – which is seen as distressed territory – after the Hindenburg report
Sebi issues consultation paper on role, obligations of mutual fund trustees (10-02-2023)
The Securities and Exchange Board of India (Sebi) has issued a consultation paper on the role and obligations of mutual fund trustees.
The consultation paper is to seek views on issues related to review of role and obligations of the trustees as well as provide clarity on the role and accountability of the boards of Asset Management Companies (AMC) to safeguard unitholders’ interest, across all products and services.
Among others, Sebi has proposed enhancing the accountability of the board of an AMC by way of amendments to mutual fund regulations to make the board of AMC responsible for compliance with the regulations.
“In view of the increasing scale and reach of the Mutual Fund industry, trustees’ role in respect of unitholders’ protection assumes even greater significance,” it said in the consultation paper.
At present, two structures are permitted for trustees under the mutual fund regulations — corporate structure and board of trustees structure.
“It may be desirable to have
Sebi proposes changes in norms pertaining to non-convertible securities (10-02-2023)
Markets regulator Sebi plans to introduce the concept of general information and key information documents as well as other reforms in regulations pertaining to issuance and listing of non-convertible securities.
Sebi (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) were notified in August 2021.
The watchdog has issued a consultation paper on proposal for introduction of the concept of General Information Document (GID) and Key Information Document (KID), mandatory listing of debt securities of listed issuers and other reforms under the NCS Regulations.
“… certain provisions of the NCS Regulations are being reviewed and additional provisions are proposed to be introduced, in order to provide ease of doing business to the issuers, safeguard the interests of the investors and at the same time increase transparency in the market by encouraging issuances of debt securities in the listed space,” it said.
Comments have been sought on the consultat
Indore civic body green bond subscribed 5.4 times on the first day (10-02-2023)
The aggregate size of Indore Municipal’s green bond sale is Rs 244 crore comprising a base size of Rs 122 crore and an option to retain oversubscription up to Rs 122 crore
Sensex snaps 2-day winning run amid weak global cues; metal stocks weigh (10-02-2023)
Equity benchmark Sensex declined 123 points on Friday due to selling pressure in metal and energy stocks amid a bearish trend in global equity markets.
Rising crude prices and continued selling by foreign investors also weighed on market sentiment, traders said.
Snapping its two-day gaining streak, the 30-share BSE Sensex ended 123.52 points or 0.20 per cent lower at 60,682.70. During the session, the index touched a high of 60,774.14 and a low of 60,501.74.
The broader NSE Nifty slipped 36.95 points or 0.21 per cent to finish at 17,856.50.
HCL Tech was the biggest loser on the Sensex chart, shedding 2.79 per cent, followed by Tata Steel, ICICI Bank, Reliance Industries, ITC, Wipro, Infosys and M&M.
In contrast, Tata Motors, L&T, Bharti Airtel, HDFC Bank and SBI were among the winners, climbing up to 2.05 per cent.
In the broader market, the BSE midcap gauge rose 0.04 per cent, and the smallcap index gained 0.48 per cent.
Elsewhere in Asia, markets in Shanghai and Hong Kong …
Average price of wheat flour rose by 31% in 2018-22 period: Centre (10-02-2023)
Average price of wheat flour rose by 31 per cent and mustard oil by 71 per cent between 2018 and 2022, the government told the Rajya Sabha on Friday.
In a written reply, the government shared the average retail prices of about two dozen essential commodities.
According to the data, wheat prices rose by 25 per cent since 2018 while the rates of rice increased by 23 per cent in the last five years.
In a written reply, Minister of State for Food and Consumer Affairs Sadhvi Niranjan Jyoti shared the “year-wise all-India average retail prices of 22 commodities, including atta (wheat flour), rice, onion and potato for the last five years”.
The minister noted that the government takes various measures from time to time to augment domestic availability and stabilise the prices of essential food commodities.
“These steps, inter-alia, include releases from the buffer to cool down prices, imposition of stock limits, monitoring of stocks declared by entities to prevent hoarding as also requis
Awaiting Sebi response, says NSE chief Ashishkumar Chauhan on IPO (10-02-2023)
Says the exchange is in consultation for increasing market trading timing