Number of wilful defaulters in nationalised banks up 60 per cent to 8,582 in 5 years

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The minister was replying to a question whether the cases of wilful defaulters of banks have increased during the last five years.

The number of wilful defaulters in nationalised banks has increased by over 60 per cent to 8,582 in five years to March 2019, the government said Monday. By the end of 2014-15 fiscal, the figure stood at 5,349, Finance Minister Nirmala Sitharaman said in a written reply in Lok Sabha. A wilful defaulter is an entity or a person that has not paid the loan back despite the ability to repay it.

The minister was replying to a question whether the cases of wilful defaulters of banks have increased during the last five years. Rising consistently since 2014-15, the number of such borrowers increased to 6,575 in 2015-16; 7,079 in 2016-17 and further to 7,535 in 2017-18.

“Wilful defaulters are acted against comprehensively. Moreover…as per RBI’s instructions, wilful defaulters are not sanctioned any additional facilities by banks or financial institutions, and their unit is debarred from floating new ventures for five years,” Sitharaman said. Recovery of Rs 7,654 crore has been done from wilful defaulters’ accounts during the last five financial years, she said.

As per data reported by nationalised banks, till March 31, 2019, suits for recovery have been filed in 8,121 cases. In cases involving secured assets, action under the provisions of SARFAESI Act has been initiated in 6,251 cases. There are 17 nationalised banks in India.

“Further, in accordance with RBI instructions of initiation of criminal proceedings wherever necessary, FIRs have been registered in 2,915 cases,” Sitharaman said. Besides, vide Sebi regulations, wilful defaulters and companies with wilful defaulters as promoters/directors have been debarred from accessing capital markets to raise funds, she said. In addition, the Insolvency and Bankruptcy Code, 2016 has debarred wilful defaulters from participating in the insolvency resolution process.

For effective action against wilful defaulters fleeing Indian jurisdiction, the Fugitive Economic Offenders Act, 2018 has been enacted to provide for attachment and confiscation of property of fugitive offenders and has disentitled them from defending any civil claim.

The government has also advised public sector banks to decide on publishing photographs of wilful defaulters as well as to obtain certified copy of the passport of promoters/directors and other authorised signatories of companies availing loans of more than Rs 50 crore, the minister said. Heads of PSBs have also been empowered to request for issuance of look out circulars against wilful defaulters, she said.

https://www.financialexpress.com/industry/banking-finance/number-of-wilful-defaulters-in-nationalised-banks-up-60-per-cent-to-8582-in-5-years/1617939/

Yes Bank co-founder Rana Kapoor’s family plans to sell mortgage unit

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Family office run by Rana Kapoor’s three daughters is working with Nomura Holdings Inc. on a potential deal.

Banker Rana Kapoor’s family is planning to sell a stake in their six-year-old mortgage finance company, people with knowledge of the matter said, as rising wariness in the credit market erodes growth prospects of shadow finance firms.

The family office run by the three daughters of the Yes Bank Ltd. co-founder is working with Nomura Holdings Inc. on the potential deal, according to the people, who asked not to be identified as the information isn’t public. It has reached out to several private equity firms to gauge their interest, the people said.

While default at Infrastructure Leasing & Financial Services Ltd. triggered a liquidity crunch in India’s credit market, it has helped private equity firms such as Blackstone LP acquire assets. Many founders–from tycoon Anil Ambani to media mogul Subhash Chandra–are selling assets to tide over a liquidity crunch. Shadow banks are facing most of the burnt as the cracks from the credit squeeze spread far and wide forcing investors to shun their debt and raising rollover risks for outstanding borrowings.

The Kapoor family office could consider selling a majority stake in the business, the people said. Deliberations regarding a potential sale are at an early stage, and there’s no guarantee they will lead to a transaction, the people said. An official at the fund–known as The Three Sisters: Institutional Office–referred queries to ART Housing.

ART Housing’s founders are planning to sell a minority stake to fund expansion, Arvind Hali, chief executive officer of the lender said in an email. The mortgage financier, with 35 branches, is in the process of raising equity capital from institutional investors, he said. A representative for Nomura didn’t immediately respond to an email seeking comment.

Wadhawan Global Capital, parent of an Indian mortgage lender Dewan Housing Finance Corp., sold its stake in Aadhar Housing Finance Ltd. to Blackstone earlier this year. Meanwhile a family office that manages money for India’s wealthy Jhunjhunwala family is looking to invest in finance companies which have been pummeled by the crisis.

Kapoor built Yes Bank into India’s fourth-largest private lender over 15 years until the central bank forced him out earlier this year amid a controversy over bad-debt accounting. The banker is not involved in any capacity including as a shareholder, director or management of the family office run by his three daughters, an email statement from the company in November showed.

https://www.business-standard.com/article/companies/yes-bank-co-founder-rana-kapoor-s-family-plans-to-sell-mortgage-unit-119062400643_1.html

Daily Bulletin (25th June, 2019)

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There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190626-40

1. Scrip code : 936204
Name : Dewan Housing Finance Corpn. Ltd.
Subject : Announcement under Regulation 30 (LODR)-Diversification / Disinvestment
We wish to inform you that SEBI vide its letters 25th June, 2019 addressed to DPAMPL has granted its prior approval for proposed change in controlling interest of DPAMPL and for amendment in Trust Deed under the applicable provisions of SEBI (Mutual Funds) Regulations, 1996 subject to certain conditions.

2. Scrip code : 501455
Name : Greaves Cotton Ltd.
Subject : Record Date For Buyback Of Equity Shares
This has reference to our earlier letter dated May 2, 2019, informing the stock exchanges that the Board of Directors have approved the buyback of equity shares of the Company and also our letter dated June 25, 2019, informing the stock exchanges that the shareholders have approved the buyback of equity shares of the Company. We wish to inform you that pursuant to regulation 42(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and regulation 9(i) of SEBI (Buy-Back of Securities) Regulations, 2018, the Buyback Committee has fixed Friday, July 12, 2019 as the record date for the purpose of determining the entitlement and the names of the Equity Shareholders who shall be eligible to participate in the Buyback of the Company. Kindly take the same on record.

3. Scrip code : 508807
Name : IST Limited
Subject : ANNOUNCEMENT OF U/R 30. INTENT FOR SPLIT OF SHARES. Pursuant to regulation 30(2) of the Listing Regulation and for the information of all stakeholders, this is hereby informed that the management intends to Split the existing Equity Shares Capital of the Company from every 1 equity share of Rs. 10/- each into 2 equity shares of Rs. 5/- each, subject to approval of the shareholders and all such other necessary approvals of the statutory authorities, if any. The matter shall be placed before the Board of Directors at their forthcoming meeting.

4. Scrip code : 500234
Name : Kakatiya Cement Sugar & Industries Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Disclosure received from Shri Veeraiah Pallempati, one of the promoters, regarding acquisition of 1,105 shares constituting 0.01% of the Company’s shares, we are enclosing the prescribed formats in terms of Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Form-C under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 duly submitted by Shri Veeraiah Pallempati.

5. Scrip code : 533179
Name : Persistent Systems Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Regulations’), we wish to inform you that the Company”s wholly owned subsidiary in Germany viz., Persistent Systems Germany GmbH has entered into a Share Purchase Agreement dated June 25, 2019 to acquire 100% share capital of Youperience GmbH, a Salesforce Certified Gold Partner in Germany. The acquisition is subject to customary closing conditions which are expected to be completed within 2 weeks. The Company will update on the closure of the transaction in due course. In this regard, please find enclosed an intimation and the details of the said acquisition as prescribed under Reg. 30(2) and (6) of the Regulations read with Schedule III to the Regulations and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015

6. Scrip code : 506642
Name : Sadhana Nitrochem Ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement Page
With reference to intimation to Bombay Stock Exchange dated 08th August, 2019 and pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 it is hereby informed that the Hon”ble National Company Law Tribunal (NCLT), Mumbai Bench, Mumbai vide its order dated 09th May, 2019 has approved the scheme of Merger by Absorption of Strix Wireless Private Limited (Transferor Company) with Sadhana Nitro Chem Limited (Transferee Company), pursuant to sections 230 to 234 and other applicable provisions of the Companies Act, 2013. Copy of the Final Order as issued by NCLT is attached herewith for your reference. Kindly take the same on record.

7. Scrip code : 532663
Name : Sasken Technologies Limited
Subject : Corporate Action-Intimation of Buy back
With reference to captioned subject, please find enclosed herewith the Draft Letter of Offer for proposed Buy-back of up to 20,59,243 (Twenty Lakhs Fifty Nine Thousand Two Hundred Forty Three only) fully Paid up Equity Shares of face value of Rs. 10/- each which represents 12.04% of the total Equity Shares of the Company, at a price of Rs.825 (Rupees Eight Hundred Twenty Five Only) per Equity Share payable in cash for an aggregate amount not exceeding Rs.16,988.76 lakhs from Equity Shareholders / beneficial owners of the Equity Shares of the Company as on Record Date, i.e., July 5, 2019 on a proportionate basis through the Tender Offer process using Stock Exchange Mechanism.

8. Scrip code : 512070
Name : UPL Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 We would like to inform you that UPL Limited had made an announcement to the stock exchange on 10 May 2019 regarding its equity investment of Rs. 1,99,99,283 (‘Equity Investment’), and investment of Rs. 7,25,00,000 for subscribing to optionally convertible debentures (‘OCDs’) in All Fresh Supply Management Private Limited (‘Company’), subject to closing conditions being met. Now on closing, UPL has, through the Equity Investment, acquired 7.32% shareholding in the Company. In addition, on closing, UPL Limited has also acquired OCDs which can be converted into equity shares in future, at a pre-determined formula, based on the Company’s performance and in accordance with the share subscription agreement of 10 May 2019. We would like to inform that this transaction has closed on June 25, 2019. May we request you to take the same on your record and inform all your constituents accordingly.

Daily Bulletin (25th June, 2019)

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There are no current notifications of our companies on this date
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1. Scrip code : 531223
Name : Anjani Synthetics Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
ANITA VASUDEV AGARWAL HAS PURCHASED 20,031 EQUITY SHARES OF ANJANI SYNTHETICS LIMITED ON 24.06.2019

2. Scrip code : 502820
Name : DCM Ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement Apportionment of Cost of Acquisition of Equity Shares of DCM Limited and DCM Nouvelle Limited pursuant to a Scheme of Arrangement between DCM Limited (‘Demerged Company’) and DCM Nouvelle Limited (‘Resulting Company’)

3. Scrip code : 500234
Name : Kakatiya Cement Sugar & Industries Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Disclosure received from Shri Veeraiah Pallempati, one of the promoters, regarding acquisition of 3,290 shares constituting 0.04% of the Company’s shares, we are enclosing the prescribed formats in terms of Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Form-C under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 duly submitted by Shri Veeraiah Pallempati.

4. Scrip code : 532898
Name : POWER GRID CORPORATION OF INDIA LIMITED
Subject : Announcement under Regulation 30 (LODR)-Joint Venture
Power Grid Corporation of India Limited has entered into a Joint Venture Agreement with NTPC Ltd. to incorporate a Joint Venture Company (JVC) on 50:50 equity participation basis, with an objective to undertake the business for distribution of electricity in various States and Union Territories of India and other related activities. The said JVC shall be incorporated only after obtaining necessary approvals of the Government.

5. Scrip code : 957462
Name : Welspun Corp Limited
Subject : Corporate Action-Intimation of Buy back
Intimation of Buyback Size, Buyback Price and Record Date for Buyback. The buyback committee has fixed Friday, July 05, 2019 as the ‘Record date’ to determine the Equity shareholders of the Company who would be eligible to participate in the Buyback of Equity Shares of the Company.

6. Scrip code : 523628
Name : Poddar Housing and Development Limited
Subject : Outcome Of The Board Meeting- Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 For Withdrawal Of The Proposed Scheme Of Amalgamation Of Poddar Housing Private Limited With Poddar Housing And Development Limited
This is with reference to our letter dated 28th March, 2018 intimating the approval of the Board of Directors (‘Board’) of Poddar Housing and Development Limited (‘Company’) in relation to the draft Scheme of Amalgamation of Poddar Housing Private Limited with the Company and their respective Shareholders (‘Scheme’) under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013. The Board at its meeting held today reviewed the proposal and decided to withdraw the Scheme of merger of Poddar Housing Private Limited with Poddar Housing & Development Limited in view of the uncertainty and delay of approval from NCLT, which was pending at and subject to the approval the Hon’ble National Company Law Tribunal (‘NCLT’), Mumbai Bench as the Scheme was filed with the Hon’ble NCLT, Mumbai Bench for admission on 19th December 2018 and now scheduled on August 6, 2019. The entire process was expected to be completed within 6-8 months from the date of application with the Hon’ble NCLT and hence the board has decided to withdraw the scheme of merger in its meeting of June 24, 2019. The same may kindly be read in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Request you to take the same on record. Thanking You, Yours faithfully, Hemal Shah Company Secretary.

Daily Bulletin (25th June, 2019)

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There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190625-40

1. Scrip code : 531223
Name : Anjani Synthetics Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
ANITA VASUDEV AGARWAL HAS PURCHASED 20,031 EQUITY SHARES OF ANJANI SYNTHETICS LIMITED ON 24.06.2019

2. Scrip code : 502820
Name : DCM Ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement Apportionment of Cost of Acquisition of Equity Shares of DCM Limited and DCM Nouvelle Limited pursuant to a Scheme of Arrangement between DCM Limited (‘Demerged Company’) and DCM Nouvelle Limited (‘Resulting Company’)

3. Scrip code : 500234
Name : Kakatiya Cement Sugar & Industries Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Disclosure received from Shri Veeraiah Pallempati, one of the promoters, regarding acquisition of 3,290 shares constituting 0.04% of the Company’s shares, we are enclosing the prescribed formats in terms of Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Form-C under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 duly submitted by Shri Veeraiah Pallempati.

4. Scrip code : 532898
Name : POWER GRID CORPORATION OF INDIA LIMITED
Subject : Announcement under Regulation 30 (LODR)-Joint Venture
Power Grid Corporation of India Limited has entered into a Joint Venture Agreement with NTPC Ltd. to incorporate a Joint Venture Company (JVC) on 50:50 equity participation basis, with an objective to undertake the business for distribution of electricity in various States and Union Territories of India and other related activities. The said JVC shall be incorporated only after obtaining necessary approvals of the Government.

5. Scrip code : 957462
Name : Welspun Corp Limited
Subject : Corporate Action-Intimation of Buy back
Intimation of Buyback Size, Buyback Price and Record Date for Buyback. The buyback committee has fixed Friday, July 05, 2019 as the ‘Record date’ to determine the Equity shareholders of the Company who would be eligible to participate in the Buyback of Equity Shares of the Company.

6. Scrip code : 523628
Name : Poddar Housing and Development Limited
Subject : Outcome Of The Board Meeting- Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 For Withdrawal Of The Proposed Scheme Of Amalgamation Of Poddar Housing Private Limited With Poddar Housing And Development Limited
This is with reference to our letter dated 28th March, 2018 intimating the approval of the Board of Directors (‘Board’) of Poddar Housing and Development Limited (‘Company’) in relation to the draft Scheme of Amalgamation of Poddar Housing Private Limited with the Company and their respective Shareholders (‘Scheme’) under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013. The Board at its meeting held today reviewed the proposal and decided to withdraw the Scheme of merger of Poddar Housing Private Limited with Poddar Housing & Development Limited in view of the uncertainty and delay of approval from NCLT, which was pending at and subject to the approval the Hon’ble National Company Law Tribunal (‘NCLT’), Mumbai Bench as the Scheme was filed with the Hon’ble NCLT, Mumbai Bench for admission on 19th December 2018 and now scheduled on August 6, 2019. The entire process was expected to be completed within 6-8 months from the date of application with the Hon’ble NCLT and hence the board has decided to withdraw the scheme of merger in its meeting of June 24, 2019. The same may kindly be read in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Request you to take the same on record. Thanking You, Yours faithfully, Hemal Shah Company Secretary.

Daily Bulletin (24th June, 2019)

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There are no current notifications of our companies on this date

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190624-43

1. Scrip code : 532454
Name : Bharti Airtel Ltd.
Subject : Update On Scheme Of Arrangement Between Tata Teleservices (Maharashtra) Limited And Bharti Airtel Limited And Their Respective Shareholders And Creditors Under Sections 230 To 232 Of The Companies Act, 2013 (‘Scheme’)
Further to our intimation dated February 04, 2019 and pursuant to Regulation 30(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have been informed by Tata Teleservices (Maharashtra) Limited that Hon’ble National Company Law Tribunal, Mumbai Bench, vide its Order dated June 12, 2019 received on June 20, 2019, has approved fixing of the Appointed Date of the Scheme as July 1, 2019. Kindly take the same on record.

2. Scrip code : 501430
Name : Bombay Cycle & Motor Agency Ltd.
Subject : Corporate Action-Board recommends Bonus Issue
This is to inform you that Board of Directors of the company at their meeting held on Saturday 22 June, 2019 has decided and recommended issue of fully paid bonus share in the ratio of 1:1.

3. Scrip code : 532605
Name : JBM Auto Limited
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
This is to inform you that the Hon’ble National Company Law Tribunal, New Delhi Bench (‘NCLT- Delhi’), has approved the scheme of amalgamation of JBM Auto System Private Limited (Transferor Company No. 1) with the JBM Auto Limited (‘Transferee Company’) vide its order dated 14th June, 2019 which is made available on the website of the NCLT – Delhi on 21st June, 2019. However, pursuant to the scheme of Amalgamation, the merger shall be effective after receipt of the final order from the Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT – Mumbai’) in the matter of Amalgamation of JBM MA Automotive Private Limited (Transferor Company No. 2) with the JBM Auto Limited (‘Transferee Company’). The Company has applied for and awaiting certified copy of the order with the scheme from NCLT – Delhi and a copy of the NCLT – Delhi order as downloaded from the website of NCLT – Delhi is enclosed herewith for your perusal and record please.

4. Scrip code : 954040
Name : NTPC Limited
Subject : Announcement under Regulation 30 (LODR)-Joint Venture
NTPC Limited (NTPC) hereby gives Corporate Disclosure with respect to signing of a Joint Venture Agreement with Power Grid Corporation of India Limited (POWERGRID) to incorporate a Joint Venture Company (JVC) between NTPC and POWERGRID with equity participation of 50:50 respectively with an objective to undertake the business for distribution of electricity in distribution circles in various States and Union Territories of India and other related activities. The aforesaid JVC shall be incorporated only after obtaining necessary approvals of the Government. Details required to be disclosed as per the Securities and Exchange Board of India circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015 are enclosed as Annexure-I.

5. Scrip code : 531169
Name : SKP Securities Ltd.
Subject : In Compliance With Regulation 5(V) Of The Securities And Exchange Board Of India (Buyback Of Securities) Regulations, 2018, As Amended, Enclosed Herewith A Copy Of Special Resolution Through Postal Ballot Passed By The Shareholders Of The Company. Certified true copy of the Special Resolution through Postal Ballot passed by the Shareholders of SKP Securities Limited for the buyback of 9,95,000 fully paid-up equity shares of face value of Rs. 10/- each through Tender offer process at a price of Rs. 70/- per share

6. Scrip code : 505285
Name : Tulive Developers Limited
Subject : Corporate Action-Updates on Buy back
The Company bought back 4,80,000 equity shares of face value Rs.10 each at a price of Rs. 350 per share on 14th June 2019. The aforementioned shares were extinguished by CDSL on 19th June 2019. Details of the shares extinguished in accordance with regulation 11(iv) of SEBI Buyback regulations are uploaded.

L&T bags power project worth over Rs 7,000-cr in Bihar

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The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore.

Infrastructure major Larsen & Tourbo (L&T) on Monday said its power business has won a mega order from SJVN Thermal Pvt Ltd to set up an ultra-supercritical power plant in Buxar district, Bihar.

The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore.

“The scope of work for L&T includes design, engineering, manufacture, procurement, supply, construction, erection, testing and commissioning of Buxar Thermal Power Project (2×660 MW).

SJVN Thermal Pvt Ltd is a wholly-owned subsidiary of SJVN Ltd, a joint venture of the Government of India and the Government of Himachal Pradesh and a Mini Ratna public sector undertaking.

Prime Minister Narendra Modi laid the foundation stone of the plant in March this year.

Shares of the company were trading at Rs 1,545.40 apiece, up 0.35 per cent from their previous close, on BSE.

https://www.moneycontrol.com/news/business/lt-bags-power-project-worth-over-rs-7000-cr-in-bihar-4129521.html

IndiaMart’s Rs 475 crore-IPO opens today; check price band, date, offer details

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IndiaMart InterMesh, operator of the online listing platform- Indiamart.com online, is opening its IPO for a subscription today. The issue would close on June 26.

IndiaMart InterMesh, operator of the online listing platform- Indiamart.com online, is opening its IPO for a subscription today. The issue would close on June 26. The price band has been fixed at Rs 970–973 per share for the IPO, which is completely an offer for sale. The company will offload up to 48,87,862 equity shares and is expected to raise around Rs 475 crores. IndiaMart will not receive any proceeds from the issue. Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will offload 14,30,109 shares via this issue. The company’s promoters holding will reduce to 53 per cent from 58 per cent after this IPO. Other major investors Intel Capital (Mauritius), Amadeus IV DPF and Accion Frontier Inclusion Mauritius will also sell some of their stakes via this issue.

On Friday, IndiaMart InterMesh garnered about Rs 214 crores by allotting 2,195,038 equity shares at Rs 973 per share to 15 anchor investors, including ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, SAIF Partners and Malabar India.IndiaMart InterMesh earns revenues from the sale of subscription packages, from the sale of request for quote or “RFQ” credits, advertising from IndiaMART desktop, mobile optimised platforms and revenue from payment facilitation services. The company has 129,589 paying subscription customers in its three different packages as on FY19. It had 82.7 million registered buyers and 5.5 million supplier storefronts in India as on FY19. Indian supplier storefronts had listed total 60.7million products. The company reported an aggregate of 723.5 million visits in FY19 out of which mobile traffic constituted 76 per cent of total traffic, Reliance Securities said in a report.

General demand slowdown for the types of products and services listed by the suppliers on IndiaMART online marketplace and higher competitive intensity are the key risks as stated by reliance Securities in its report.IndiaMart reported consistent growth in its revenue over the past three financial years. In FY17, the company’s revenue was Rs 317.8 crore, whereas in FY18 and FY19 it rose to Rs 410.51 crore and Rs 507.42 crore, respectively. It registered a loss of Rs 64 crore in FY17. In FY18, its adjusted profit after tax (PAT) stood at Rs 55 crore, while in FY19, it was Rs 20 crore.

https://www.financialexpress.com/market/indiamarts-rs-475-crore-ipo-opens-today-check-price-band-date-offer-details/1616885/

Oil prices rise as Middle East tensions simmer

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U.S. President Donald Trump said last week that he called off a military strike to retaliate for Iran’s downing of an unmanned U.S. drone, and he said on Sunday that he was not seeking war with Iran.

Oil prices climbed on Monday as tensions remain high between Iran and the United States, with U.S. Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced. Brent futures were up 37 cents, or 0.6%, at $65.57 a barrel by 0044 GMT. West Texas Intermediate crude was up 43 cents, or 0.8%, at $57.86 a barrel.

U.S. President Donald Trump said last week that he called off a military strike to retaliate for Iran’s downing of an unmanned U.S. drone, and he said on Sunday that he was not seeking war with Iran. But Pompeo also said “significant” sanctions on Iran would be announced on Monday aimed at further choking off resources that Tehran uses to fund its activities in the region.

“The Middle East clashes should support oil prices at the start of the week as crude markets will wait to see Iran’s response to the threat of additional sanctions,” said Edward Moya, senior market analyst at OANDA in New York. Oil prices surged last week after Iran shot down a drone that the United States claimed was in international airspace and Tehran said was over its territory.

Amid the escalating tensions Brent racked up a gain of about 5% last week, its first weekly gain in five weeks, and WTI jumped about 10%, its biggest weekly percentage gain since December 2016. Trump said he had aborted a military strike on Iran because such a response to Tehran’s downing of the unmanned U.S. surveillance drone would have caused a disproportionate loss of life.

ranian officials told Reuters that Tehran had received a message from Trump through Oman overnight warning that a U.S. attack on Iran was imminent.

“We’re prepared to negotiate with no preconditions,” Pompeo told reporters on Sunday. “They know precisely how to find us. I am confident that at the very moment they’re ready to truly engage with us we’ll be able to begin these conversations. I’m looking forward to that day.”

https://www.financialexpress.com/market/commodities/oil-prices-rise-as-middle-east-tensions-simmer/1616706/

Glenmark Pharma down over 6%, hits 52-weeks low as FDA issues CRL for Ryaltris

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Glenmark said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps

Glenmark Pharmaceuticals plunged over 6 percent intraday on June 24, after the pharma player said the US Food and Drug Administration has issued a Complete Response Letter (CRL) regarding the new drug application for Ryaltris.

The CRL cites deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients and in manufacturing facilities, the company said in a regulatory filing.

At 1000 am, Glenmark was trading 6 percent down at Rs 469. The stock hit a fresh 52-week low at Rs 467.70 on the BSE.

“We would like to inform you that the US Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) regarding the New Drug Application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), Nasal Spray,” Glenmark Pharmaceuticals said.

“The CRL does not specify any deficiencies with the clinical data supporting the New Drug Application for Ryaltris. We feel confident that we should be able to resolve these issues within the next six to nine months,” it added.

The company said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps.

In a separate report, Glenmark said that it plans to partner with Novartis to promote, commercialize and distribute three respiratory products in Brazil. Novartis will be responsible for manufacturing the products and Glenmark will exclusively commercialise them in Brazil.

“A delay in Ryaltris approval (due to CRL issued by USFDA) will weigh on the stock until clarity emerges. The exclusive partnership arrangement will strengthen Glenmark’s respiratory franchise in Brazil,” said a Sharekhan note.

https://www.moneycontrol.com/news/business/markets/glenmark-pharma-usfda-crl-ryaltris-4129231.html