JSW Infra gains 32% on market debut; Finolex Cables withholds results

JSW Infra gains 32 per cent on debut

Shares of JSW Infrastructure rose 32 per cent during their stock market debut on Tuesday, taking the country's second-largest port operator's market value past Rs 33,000 crore. Its stock hit a high of Rs 157.3 and a low of Rs 142 on the BSE versus the issue price of Rs 119.

It closed 10 per cent up limit over its discovered price. The stellar listing follows a strong response to the company's Rs 2,800 crore initial public offering (IPO), the second-largest for the year. The issue garnered nearly 37 times subscription. The institutional investor portion was subscribed 57 times, the high net worth individual portion 16 times, and the retail investor portion 10.3 times.

Through the IPO, JSW Infrastructure raised Rs 2,800 crore in fresh capital, which it plans to use for paring its debt. Most analysts had recommended a 'subscribe' rating for the IPO given the company's recent growth record.

Finolex Cables withholds results of contentious resolution
 

Finolex Cables has kept in abeyance the voting results for resolution (no. 4) pertaining to reappointment of its executive chairman Deepak Chhabria as a whole time director for a five-year period ending June 2028. The company has disclosed the results for other five resolutions that were put to vote at its annual general meeting (AGM) held on Friday.

“I have sought and obtained advise from a former Chief Justice of India and basis the same the results of voting on item no. 4 are being kept in abeyance until the NCLAT passes its final orders in company appeal (AT) no. 64 of 2020,” said the scrutinizer's report disclosed by Finolex Cables.

Barring one, the other four resolutions were voted in four. Resolution no. 6 pertaining to payment of commission to non-executive directors received 72.87 per cent against votes. Last month, the Supreme Court allowed Prakash Chhabria-led Orbit Electricals to vote in the AGM. However, the apex court said any action on resolution no 4 shall be subject to the outcome of the appeal pending before the National Company Law Appellate Tribunal (NCLAT). The resolution on Deepak’s reappointment comes amid a dispute with cousin Prakash, with both accusing each other of wresting control of Finolex Cables.