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Capital markets regulator Sebi on Tuesday directed depositories to put in place an operational framework and necessary system enhancements by August 1 to implement the newly introduced mechanism for freezing promoter holdings at the ISIN level during share buybacks. In a circular, Sebi asked depositories to issue operational guidelines covering the implementation of the ISIN-level freeze on promoter and promoter group holdings, including the format for listed companies to issue freezing instructions. The framework will also lay down operational modalities for permitting promoters to tender shares in buybacks conducted through the tender offer route and for allowing the invocation or release of encumbrances created before the commencement of the buyback period. In such cases, the freeze will continue to apply to the invoked or released shares or other specified securities. "The depositories shall ensure that the operational framework and the necessary system enhancements are put in
Leading water and energy infrastructure company SPML Infra on Monday said its promoters will infuse around Rs 177 crore to boost its growth capital. The company has also raised around Rs 5.75 crore from non-promoter entities through a preferential issue and converted debt of Rs 7.16 crore from National Asset Reconstruction Company Ltd (NARCL) into equity, a statement said on Monday. "The company has allotted 6,93,999 equity shares and 95,39,449 convertible warrants on a preferential basis, in a move aimed at raising fresh growth capital and converting existing debt into equity," it said. The equity shares were issued at a price of Rs 186 per share, including a premium of Rs 184 per share, while the warrants were also priced at Rs 186 each. The warrants have been allotted to a mix of promoter group entities and non-promoters, including an entity related to noted investor Vijay Kedia, the company said. After the full conversion of warrants, total stake of Kedia and his associates wil
Absolute Projects (India) Ltd and Jindal Supreme (India) Ltd have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update from the markets regulator showed on Monday. The two firms, which filed their preliminary IPO papers between April and May , obtained the regulator's observation on July 17. In Sebiparlance, issuing observations implies approval to float theIPO. According to the draft papers, Absolute Projects' IPO comprises a fresh issue of 2 crore equity shares with no offer-for-sale (OFS) component. Funds will be used to modernise Manufacturing Facility I, procure machinery for Manufacturing Facility II, and secure equipment for Power EPC projects. Absolute Projects is an engineering, procurement and construction (EPC) player engaged in the execution of power transmission and distribution infrastructure projects. Jindal Supreme's IPO consists of both a fresh issue of 1.07 crore equity shares and an offer-for-sale (OFS) component of 26.87 lak
Asian shares skidded Friday, with Tokyo's Nikkei 225 down 5 per cent as heavy selling of computer chipmakers and other AI-related shares dragged markets lower. South Korean markets were closed Friday, but shares in Taiwan also fell more than 5 per cent. Stocks related to artificial intelligence have been under pressure for weeks because of worries that their prices have shot too high and that voracious demand for computer memory and processors may not be sustainable if AI ends up not producing as much profit and productivity as promised. Oil prices surged as fighting in the Middle East intensified, while US futures slipped. The Nikkei lost 5.8 per cent to 62,945.97, while the Hang Seng in Hong Kong shed 2 per cent to 24,514.29. The Shanghai Composite index was 1.6 per cent lower at 3,818.59. In Australia, the S&P/ASX 200 declined 0.7 per cent to 8,775.70. On Thursday, the S&P 500 fell 0.5 per cent even though nearly three out of every four stocks in the index rose after more ..