A new regulation concerning the disclosure of family arrangements by listed companies is exacerbating rifts between feuding shareholders. The latest example is Bengaluru-based TD Power Systems (TDPS), currently enmeshed in a legal dispute before the Karnataka high court over ownership of its 16 per cent equity. Vijay Kirloskar, who is asserting a claim over the 16 per cent stake held by Mohib Khericha (chairperson of TDPS) and Nikhil Kumar (managing director of TDPS and nephew of Kirloskar), has sent a letter to the market regulator, Securities and Exchange Board of India (Sebi), and stock exchanges. He accuses TDPS of insufficient disclosure concerning shareholder agreements.
Mukesh Ambani-controlled Reliance Petroleum is understood to have fixed a price band of Rs 57-62 for its initial public offer to raise over Rs 5,000 crore (Rs 50 billion).
Xioami, currently the world's third-largest smartphone maker, is now planning to raise about $1.5 billion in its fifth round of financing, media reports said.
The QIP route was a big hit.
The National Stock Exchange (NSE) on Monday conducted the first round of mock electronic bidding process for implementing application supported by blocked amount (ASBA), an alternative mode of payment for initial public offerings (IPOs), proposed by capital markets regulator, Securities and Exchange Board of India (Sebi).
Among the biggest winners of a successful IPO would be co-founder Evan Williams with a 12 per cent stake.
Securities and Exchange Board of India has given its nod to Bank of Maharashtra's initial public offering for Rs 10 crore (Rs 100 million) new shares of Rs 10 each with premium of Rs 13 per share, slated to hit the market on February 25, 2004.
The initial public offer of car market leader Maruti Udyog will hit the markets in the first week of June, Divestment Minister Arun Shourie said on Monday.\n\n\n\n
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
"With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps toward the end of this month," IRDA Chairman J Hari Narayan told reporters on the sidelines of a FICCI event in New Delhi.
The company, which has filed its documents with the market regulator, Securities and Exchange Board of India, is also looking to raise up to Rs 50 crore (Rs 500 million) by pre-IPO placement of up to 10 million shares.
Hari Narayan said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation before they were sent to SCADA, a body constituted by Securities and Exchange Board of India, for approval followed by a final approval from the market regulator.
Walmart-owned fintech firm PhonePe said it has crossed 500 million lifetime registered users on its platform. With this milestone, 1 in 3 Indians are now on PhonePe. The company said it is the first Indian internet company to have reached this scale globally. This milestone has been achieved in just over 7 years since the PhonePe UPI (Unified Payments Interface) payments launched in August 2016.
Venture Capital giant Sequoia India & Southeast Asia has rebranded itself to Peak VX Partners. The VC firm will now manage its assets under management (AUM) in the region of over $9.2 billion across 13 funds independently. The rebranding exercise followed Sequoia Capital's break-up into three independent entities across the globe. Besides Sequoia India & Southeast Asia, Sequoia China business has adopted the name HongShan in English (it will
Reliance Power, which is hitting the market next week with an offering of nearly Rs 12,000 crore (Rs 120 billion), will set the trend for a slew of power IPOs from other companies including Sterlite Energy (Rs 4,000-8,000 crore or Rs 40 to Rs 80 billion), JSW Energy (Rs 4,000 crore or Rs 40 billion), JP Associates (Rs 4,000 crore or Rs 40 billion) which have already announced big share offer plans.
Four public sector power companies plan to mop up Rs 6,500 crore (Rs 65 billion) through initial public offers in the next three months.
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