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Maharashtra State Electricity Distribution Company plans to complete the demerger of its agriculture arm by April, a key step ahead of its planned initial public offering for December, a top official has said. "We are targeting an IPO by December for MSEDCL (Maharashtra State Electricity Distribution Company), and before that, we will demerge our agriculture business, which we aim to complete by April," its Chairman and Managing Director Lokesh Chandra told PTI on the sidelines of the Mumbai Climate Week. The agriculture segment will be carved out as a separate company, not a subsidiary, ensuring its liabilities do not remain on the balance sheet of the core distribution utility, Chandra said. MSEDCL carries total dues of about Rs 96,000 crore, of which nearly Rs 76,000 crore relates to unpaid agricultural consumption, he said. The accumulation of these arrears has led to higher working capital borrowings and financial strain, despite the core distribution business being operationa
Danish brewing giant Carlsberg is considering listing its India business, as it looks to unlock shareholder value in the country where it is witnessing strong growth, said its Group CEO Jacob Aarup-Andersen. Ending speculation, Andersen, during the investor call, revealed the company's listing plans; however, he added that no final decision has been made so far. "We are today confirming the intention to explore an IPO in India. And we have not made any final decisions yet on that," he said while replying to a query. The company is exploring different options for increasing shareholder value, and that may potentially include an IPO of its business in India, he said. However, he declined to divulge further details saying: "It also unfortunately restricts me from a legal perspective in terms of what I can say and not say around that. But ... what I can say is that this exploration is driven by our aim to create shareholder value... So, we are assessing this on the back of assessing ..
As many as four companies, including Knack Packaging and Shivalaya Construction, have secured Sebi's approval to mobilise more than Rs 1,400 crore collectively through initial public offerings (IPOs), data with the markets regulator showed on Monday. Others which received regulatory nod are -- tiles and bathware maker Varmora Granito and Behari Lal Engineering. The four firms, which filed their preliminary IPO papers between August and September, obtained its observations during December 15-26. In Sebi's parlance, receipt of observations is equivalent to regulatory clearance to proceed with a public issue. On the other hand, Infifresh Foods, which filed its draft papers with Sebi in August using the confidential route, withdrew its prospectus, the update showed. According to the draft papers, packaging solutions provider Knack Packaging's IPO comprises fresh equity issue of Rs 475 crore, along with an offer for sale (OFS) of 70 lakh equity shares by promoters and an existing ...
Techno Paints and Chemicals is planning to raise Rs 500 crore through an IPO in the next financial year, company sources said on Saturday. Sachin Tendulkar has been appointed as the brand ambassador of the paint manufacturer for three years, a move expected to help the company expand across the country. With the addition of the 'Master Blaster', the paint maker said in a press release, the brand aims to strengthen its national presence. "We are honoured to collaborate with one of the world's most iconic cricketers and a Bharat Ratna, Sachin Tendulkar. We are looking forward to achieving bigger and greater things this year with expansion and the IPO, and no one could have been a better ambassador or growth partner for us," said Akuri Srinivas Reddy, Chairman of Techno Paints and Chemicals. Earlier in 2023, the company had announced the appointment of film actor Mahesh Babu as its brand ambassador. He served in that role for a period of two years. The company earned revenue of Rs 21