Page 16 - Companies

Durlax Top to raise Rs 40 cr via IPO, fixes price at Rs 65-68 per share

Solid surface manufacturer Durlax Top Surface plans to raise around Rs 40.80 crore through its initial public offer which will open for subscription on June 19, a statement said on Monday. The company, which has been involved in the business of solid surface for over a decade, has received approval to launch its public issue on the NSE Emerge Platform of the National Stock Exchange, Durlax Top Surface said in the statement. The company has fixed the price band at Rs 65-68 per share for the issue of 60 lakh shares which will open for subscription from June 19 to June 21, it added. The IPO comprises a fresh issue of 42 lakh shares worth up to Rs 28.56 crore and an Offer for Sale of 18 lakh shares worth up to Rs 12.24 crore. Out of the fresh issue of Rs 28.56 crore, the company plans to utilise Rs 17.50 crore to part finance working capital requirements and Rs 6 crore towards general corporate purposes. Investors can bid for a minimum of 2,000 shares and in multiples thereof. Promot

Suven Pharma to acquire 67.5% stake in Sapala Organics for Rs 229.5 cr

Suven Pharmaceuticals on Thursday said it will acquire 67.5 per cent stake in Hyderabad-based Sapala Organics for Rs 229.5 crore. The company, which is one of the country's largest integrated contract development and manufacturing organisation players, has entered into a definitive agreement for investment in Sapala Organics, it said in a regulatory filing. Suven will acquire a 67.5 per cent stake for a consideration of Rs 229.5 crore, subject to customary working capital and net debt adjustments, it added. The company stated that it expects to complete the acquisition of the remaining equity stake in the target firm after FY2026-27, subject to the completion of customary closing conditions. Sapala has a presence in the fast-growing, Oligo and nucleic acid building blocks segment. "We see massive potential given it's a niche technology in the rapidly growing space. Nucleic acid based therapy targets diseases at a genetic level and has the potential to help patients immensely and c

US tech giant Intel halts expansion plan for $25 billion Israel chip plant

Intel did not give any specific reason for the decision and made no link to the ongoing war in Gaza, in which over 37,000 Palestinians have been killed

Brigade Group to invest Rs 8,000 cr in Chennai; develop 15 mn sq ft

Bengaluru-based real estate company aims to double growth in Chennai

Rs 740-cr IPO of ixigo parent Le Travenues Technology subscribed 98.1 times

The initial public offer of Le Travenues Technology, which operates travel booking platform ixigo, got subscribed 98.10 times on the closing day of subscription on Wednesday. The Rs 740-crore initial share sale received bids for 4,29,36,34,618 shares against 4,37,69,494 shares on offer, as per NSE data. The quota for non-institutional investors fetched 110.25 times subscription while the portion for Qualified Institutional Buyers (QIBs) got subscribed 106.73 times. The category for Retail Individual Investors (RIIs) received 53.95 times subscription. The initial public offering (IPO) of Le Travenues Technology got subscribed 1.95 times on the first day of subscription on Monday. The IPO has a fresh issue of up to Rs 120 crore and an offer for sale (OFS) of up to 6,66,77,674 equity shares. Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data scie

IBBI proposes compliance procedures for IPs, seeks stakeholder feedback

The IBBI has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals, and sought stakeholders' comments by July 1. These changes will reduce the amount of information and data that insolvency professionals (IPs) need to submit, thereby enhancing efficiency and reducing redundancy. The Insolvency Bankruptcy Board of India (IBBI) has also proposed to remove duplicate submissions and simplification of the reporting process. Under the discussion paper issued on June 10, the IBBI said the proposed changes will "simplify the compliance process by combining various reporting system on IP and IBBI website into a single, centralised IBBI website, eliminating duplication, and making it easier for stakeholders to access and use". The IBBI -- a statutory body functioning under the corporate affairs ministry -- has invited stakeholders to provide comments on the discussion paper by July 1. The

Gains for Bata hinge on recovery hopes, rising premium portfolio

Government policies to improve consumption especially in tier 2 and tier 3 centres could help improve demand for footwear majors such as Bata

Battery Smart raises $65 mn in funding round led by LeapFrog Investments

Battery swapping network Battery Smart on Tuesday said it has raised USD 65 million in a funding round, comprising a mix of primary and secondary investments, led by LeapFrog Investments. The Series-B funding round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), the company said in a statement. The freshly raised funds will be utilised to fuel the company's next phase of expansion, Battery Smart said. "The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," said Pulkit Khurana, Co-Founder and CEO, Battery Smart. Since the launch of its first swap station in the National Capital four years ago, the company has scaled to 1,000 stations across 30 cities, completing over 35 million swaps and has expanded its footprint nationwide with charging stations in tier 1, 2, and 3 cities, it ...

HCL Technologies launches Enterprise AI Foundry to speed up GenAI-led biz

IT services company HCL Technologies (HCLTech) on Monday announced the launch of Enterprise AI Foundry and said it will simplify and scale enterprise AI journeys across business value chains. An HCLTech release said that the integrated suite of assets combines data engineering and Artificial Intelligence (AI) with cognitive infrastructure to accelerate Generative AI (GenAI)-led transformation across business value chains. "HCLTech announced the launch of HCLTech Enterprise AI Foundry to simplify and scale enterprise AI journeys," the release said. HCLTech Enterprise AI Foundry is tuned for Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP), and designed to scale for on-premises infrastructure. "It removes the complexity of industrial-scale AI foundation models, data silos and overload of tools and frameworks, empowering IT leaders to establish seamless integration across IT and data assets," the release further said. It effectively enables business leaders

Citroen inks MoU with CAB-EEZ Infra Tech to supply 2,000 units of e-C3 EVs

French carmaker Citroen on Monday said it will supply 2,000 units of its electric vehicle e-C3 to urban e-mobility player CAB-EEZ Infra Tech Pvt Ltd over the year. The two companies have signed a Memorandum of Understanding (MoU), under which the first 100 units of e-C3 were flagged off, Citroen India said in a statement. This further augments 200 e-C3 units already part of the Cab-E fleet taking the total to over 300 units operating across Mumbai and Pune, it added. "Cab-E has been one of the early adopters of the e-C3. Their continued choice of this product is a validation of Citroen's proposition as a key player in promoting sustainable transportation solutions," Citroen India Brand Director, Shishir Mishra said. Cab-E Director & CEO Kuldip Ghosh said, "This partnership not only benefits stakeholders but also propels Cab-E to a leadership position in the electric urban mobility market." Citroen e-C3 offers a range of 320 kilometre (ARAI-certified) per single charge and can ...

Growing presence: D2C brands hitch a ride on the quick-commerce wagon

D2C brands growth in quick commerce has overtaken traditional e-commerce, and the channel is currently proving to be more profitable as well

Capital SFB aims to comply with conversion norms in 12-18 months

Capital SFB is not yet eligible to apply for a conversion to a universal bank because of net non-performing ratio

CCI proposes amendments to general rules, seeks feedback from stakeholders

Fair trade regulator Competition Commission of India (CCI) has sought stakeholder comments on the proposed amendments to the CCI (General) Regulations, 2009, following recent changes to the Competition Act. The amendments came from the Competition (Amendment) Act, 2023, which introduced new provisions and updating the existing ones in the Competition Act, 2002. The CCI has proposed updates to align the general regulations with the latest framework. As part of the proposed changes, the competition watchdog has detailed a process for implementing and monitoring its orders under various sections of the Act. This includes the appointment of independent agencies to oversee the implementation of the orders. These agencies, which could include, accounting firms, management consultancies, or professional organisations, will ensure compliance and reporting to any non-implementation to the CCI. Further, it will also maintain the confidentiality and avoid conflicts of interest. Additionally

Nasdaq-listed ReNew Energy Global posts profit of Rs 414 crore in FY24

It said with the company signing 2.2 GW of power purchase agreements (PPAs) towards the end of the financial year, its portfolio has grown to 15.6 GW, as of May 2024

Nisaba Godrej resigns from VIP Industries board over leadership differences

Radhika Piramal, VIP's London-based vice-chairperson and daughter of chairman Dilip Piramal, appear reluctant to continue running the business and may look to sell stake in the firm

Sebi seeks firms make additional disclosures to fast track public offers

The regulator has sought 31 additional disclosures, the most significant of which are information about conflict of interest with management, directors, large shareholders and subsidiaries

Lenskart raises $200 million in secondary round at $5 billion valuation

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia, including Southeast Asia and the Middle East

LIC's Adani group portfolio value surges 51.6% at Rs 66,000 crore

LIC trimmed its stake in group flagship Adani Enterprises from 4.26 per cent to 3.93 per cent over the past year

Sun Pharma expects high single-digit top line growth in current fiscal: MD

Drug major Sun Pharmaceutical Industries expects a high single-digit top line growth in the current fiscal, according to Managing Director Dilip Shanghvi. The Mumbai-based firm reported a consolidated total revenue from operations at Rs 48,497 crore for FY24. The number stood at Rs 43,886 crore in FY23. "We expect high single-digit consolidated top line growth for FY25. All our businesses are positioned for growth," Shanghvi said in an analyst call. He noted that in the current fiscal, the drug firm will be in the investment phase for its several businesses. "This includes, but not limited to, product launch costs in the US as the ramp-up of our global specialty business is expected to continue," Shanghvi said. He noted that R&D investments will be 8-10 per cent of sales during the year. Replying to a separate query, Shanghvi said: "We have to continue to invest for the future. And our effort would be that while we are creating that investment for future, we don't do it at the ..

No better story than steel in reviving private capex: Tata Steel MD & CEO

In India, we expect the EBITDA per tonne to be a little lower though the spreads have improved a bit because it's a quarter where we have a lot of shutdowns, said TV Narendran