Page 37 - Companies

Private equity platform Xponentia raises Rs 1,000 crore in new fund

Private equity platform Xponentia on Tuesday said it has raised Rs 1,000 crore in its second fund, almost entirely from domestic investors. The platform will be investing the funds in companies across sectors such as consumer, healthcare, financial services, and business services, according to statement. It had set out with a target to raise Rs 750 crore, and the same has been oversubscribed and exceeded, the statement said. Apart from investors in the first fund, new investors, including High Networth Individuals (HNIs), family offices and insurance companies and the 'fund of funds' programme managed by Small Industries Development Bank of India (SIDBI) have invested or have committed money in the second fund. The platform's managing partner Devinjit Singh said that a conviction about Indian institutions and family offices being under invested in alternative assets led him to leave Carlyle in 2018 and launch the platform. "Investor appetite for the asset class has increased faste

EMS Ltd IPO subscribed 75 times on final day by mostly institutional buyers

The Initial Public Offering (IPO) of water and sewerage infra player EMS Ltd was subscribed 75.28 times on the final day of subscription on Tuesday, with heavy participation from institutional buyers. The share sale received bids for 81,21,02,970 shares against 1,07,87,431 shares on offer, according to NSE data. The category for Qualified Institutional Buyers (QIBs) was subscribed 153.02 times while the portion for non-institutional investors received 82.32 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 29.79 times. The IPO had a fresh issue of up to Rs 146.24 crore and the offer for sale of up to 82,94,118 equity shares. The price range for the offer was Rs 200-211 per share. The company offers water and sewerage infra solutions, including laying the sewerage network to build treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan. EMS Ltd on Thursday said it has raised Rs 96.37 crore from anchor investors. Proceeds from the fres

NTPC announces payement of final dividend of Rs 2,908.99 cr for FY 2022-23

State-owned power giant NTPC on Tuesday announced payment of Rs 2,908.99 crore final dividend for 2022-23. "This Final Dividend payment of Rs 2,908.99 crore constitutes 30 per cent of the paid-up equity share capital of NTPC Ltd," a company statement said. According to the statement, the total dividend disbursed for FY 2022-23 stands at an impressive Rs 7,030.08 crore, being 41 per cent of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends, underscoring its dedication to providing consistent returns to its investors, it added.

Sterlite Power reports 30% rise in net profit to Rs 322 cr in 2022-23

Sterlite Power on Tuesday reported over 30 per cent rise in its standalone net profit to Rs 322.01 crore for 2022-23, mainly on the back of higher revenues. The company's standalone net profit was Rs 246.57 crore in the preceding fiscal ended March 2022, a company statement said. Its revenue from operations rose to Rs 3,923.51 crore in fiscal 2022-23 from Rs 3,797.38 crore a year ago. Sterlite Power Managing Director Pratik Agarwal said, "The results demonstrate our continuous focus on garnering new opportunities and operational efficiencies and underscores our commitment to be a key player in building the nation's energy landscape". Recently, a record Rs 75,408 crore worth of power transmission projects have been approved by the 14th National Committee on Transmission (NCT) and are likely to be awarded this year through the bidding route, he added. With a solid track record of executing complex projects, the company is well positioned to capture a sizeable chunk of this opportuni

Aluminium rail coaches: Hindalco ropes in Italian firm for extrusion tech

Hindalco Industries, the world's largest aluminium rolling and recycling company, on Tuesday said it has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The Aditya Birla group company in a statement said the partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. For the last six decades, Metra has been known for its cutting-edge knowhow in aluminium extrusion, machining and welding, and the collaboration is a pivotal move to bring world-class technology currently limited to Europe, China, Japan and a few other countries to the domestic market. "We are joining hands with Metra to introduce a new era of aluminium extrusions for passenger trains in the country," said Satish Pai, Managing Director of Hindalco. "This is in line with our capability building for aluminium in commercial vehicles, freight wagons, electric vehicles and passenger train application

Coal India commits Rs 24,750 cr investment for 61 eco-friendly projects

Coal India Ltd has committed a capital investment of about Rs 24,750 crore in the next few years on as many as 61 first-mile connectivity (FMC) projects in a bid to boost eco-friendly coal transportation. In a statement, the world's largest coal producer said the projects, which will be set up in three phases, will have a combined capacity of 763.5 million tonnes per annum on completion. FMC projects involve the transportation of coal in mechanized piped conveyors from production points to coal handling plants/silos with a rapid loading system where coal is loaded directly into rail wagons. "It is essential that coal transportation is environment friendly to improve the quality of life of people living in the proximity of coalfield areas. "FMC projects offer benefits like suppression of dust pollution and carbon emissions. They also reduce the load on road transportation leading to safety. Other benefits include precise quantity and quality coal is loaded for consumers with minimal

Zaggle's Rs 564 cr IPO opens on Sep 14, price band fixed at Rs 156-164

Fintech player Zaggle Prepaid Ocean Services on Monday set the price band for its Rs 564-crore initial share sale at Rs 156-164 apiece, a hefty 156-164 times of the face value of its shares. The initial public offering (IPO), which is opening on September 14, comprises a fresh issue of equity shares up to Rs 392 crore and an offer for sale (OFS) by promoters and a few external investors aggregating up to Rs 174 crore. Post-issue the promoter/promoter entities will hold around 42 per cent of the paid up equity, while selling shareholders will collectively pare their holdings by a tad over 8 per cent. Through the OFS, the founder and chairman Raj P Narayanam will sell just 0.02 per cent from his 44 per cent holding. Another promoter Avinash Ramesh Godkhindi, who is also the managing director of the city-based firm, will sell an equal amount of stake. External investor VenturEast Proactive Fund will sell a 2.17 per cent, while another external investor GKFF Ventures will pare only 0.02

Elon Musk's Starlink may soon get a licence to start its services in India

The telecom ministry is expected to hold a meeting later this month to discuss the proposal of Starlink for a GMPCS service license, and it is likely to be passed

Fintech firm Perfios raises $229 mn from Kedaara in Series D funding

Perfios, a B2B SaaS specialist, says investment will help it in 'providing access to financial services'

Bullet train: HC asks Maha govt to decide in 30 days on Godrej & Boyce plea

The Bombay High Court on Monday directed the Maharashtra government to decide within a month an application filed by Godrej & Boyce company seeking enhancement of compensation awarded to it for acquisition of its land in suburban Vikhroli for the Mumbai-Ahmedabad bullet train project. A division bench of Justices B P Colabawala and M M Sathaye was hearing a petition filed by the company seeking a direction to the Mumbai suburban district collector and the deputy collector (land acquisition) to make a reference to the Land Acquisition, Rehabilitation and Resettlement (LARR) Authority on the company's application seeking enhancement of compensation. The bench directed the state government authorities concerned to decide on the company's application within 30 days. The company and the government have been embroiled in a legal dispute over acquisition of the company-owned land in Vikhroli area of Mumbai for the bullet train project since 2019. Godrej's contention was that initially ...

JetBlue steps up campaign to save plan to buy Spirit Airlines for $3.8 bn

JetBlue Airways said on Monday it has reached agreement to turn over Spirit Airlines' operations at airports in Boston and Newark, New Jersey, as JetBlue ramps up its effort to win regulatory or court approval to buy Spirit. JetBlue CEO Robin Hays said the announcement is aimed at removing any doubt of our commitment to promoting competition. The US Justice Department is suing to block JetBlue's proposed USD 3.8 billion purchase of Spirit, arguing that it will hurt competition and raise prices by eliminating Spirit, the nation's biggest discount airline. A trial is scheduled to start next month in federal court in Boston. Lawyers for two dozen consumers have filed a similar lawsuit in the same court. The Justice Department was emboldened after it won a similar case and blocked a partnership between JetBlue and American Airlines, leading JetBlue to scramble to salvage its Spirit deal. The New York-based airline argues that buying Spirit will make it bigger and a stronger competitor

Walt Disney, Charter Communications near distribution deal: Report

Charter, one of the biggest cable companies in the United States, has been locked in a distribution battle with Walt Disney over how much its channels are worth and how to package them

Credit Access Grameen raises Rs 989 cr via non-convertible debentures

Microfinance firm Credit Access Grameen on Monday said it has raised Rs 989.58 crore through public issue of secured, redeemable Non-Convertible Debentures (NCDs). The NCD Tranche II Issue had a base issue size of Rs 400 crore with an option to retain oversubscription of up to Rs 600 crore aggregating up to Rs 1,000 crore, the Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) said in a statement on Monday. The issue saw interest from investors across series and tenures offering monthly and cumulative interest options with effective yield ranging from 9.48 per cent to 10.13 per cent per annum, it said.

ITC launches dairy products in Jharkhand under 'Aashirvaad Svasti' brand

Diversified city-based conglomerate ITC Limited Monday announced its entry in the dairy business in Jharkhand with the launch of various products under its 'Aashirvaad Svasti' brand. The company will offer a slew of dairy products like milk, curd, paneer, lassi and 'mishti doi' (sweet curd) to the consumers of the state, a company statement said. Sanjay Singal, ITC chief operating officer (dairy and beverages), said the company has expanded its milk-based offerings to Jharkhand after establishing a strong brand presence in Bihar and West Bengal. "The dairy products offered by the company are differentiated and innovative and have become an established brand in these two states within a short span of five years," he said in the statement. The Aashirvaad Svasti dairy products will be available across 2000 general and modern trade outlets across Jharkhand, it added.

DevDynamics.ai raises $600,000 led by Powerhouse Ventures for amplifying AI

Engineering analytics platform DevDynamics on Monday said it has raised USD 600,000 (about Rs 4.98 crore) led by Powerhouse Ventures for amplifying its AI capabilities. Other investors include Sunn91 Ventures, PointOne Capital, and select angel investors, the company said in a statement. Founded in 2022 by Pruthviraj Haral and Rishi Saraf, the company is building a co-pilot for software engineering leaders. DevDynamics' AI co-pilot feature will help software leaders explore insights, get suggestions and anticipate challenges - transforming the landscape of engineering decision-making, the company said.

TCS joins Living Heart Project to create digital human heart models

Tata Consultancy Services on Monday said it joined the Living Heart Project of European technology major Dassault Systmes to create accurate digital human heart models. TCS in an exchange filing said it will use its domain and technology expertise, and research on the Digital BioTwin of the heart to contribute to model refinement, simulation, and technological implementation in developing and validating accurate and personalised digital human heart models. The TCS Digital BioTwin is a biophysics-based high-fidelity computational model developed by TCS researchers to enable the investigation of the function of a particular human organ remotely and non-invasively. The Living Heart Project unites an ecosystem of cardiovascular researchers, educators, medical device developers, regulatory agencies, including US FDA, and practising cardiologists, to develop and validate realistic digital simulations of the human heart. A groundbreaking project with the Living Heart simulated 3D heart m

Tesla supercomputer may boost market value by $600 bn: Morgan Stanley

The electric-vehicle maker (EV) started production of the supercomputer used to train artificial intelligence (AI) models for self-driving cars in July and plans to spend more than $1 billion on Dojo

Grocery delivery app Instacart aims for up to $7.7 bn valuation in US IPO

The San Francisco-based company and its selling shareholders are looking to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing

'Lulu Group expects to launch IPO in H1 2024, shares to be listed in Gulf'

Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday

Oriana Power bags orders worth Rs 134 cr for solar projects in K'taka, Raj

Oriana Power Ltd on Monday announced securing two fresh orders totalling Rs 134.6 crore to set up solar capacities in Karnataka and Rajasthan. It has secured an EPC (engineering, procurement and construction) contract worth Rs 100.2 crore from a steel company for construction of a 29 MW captive open access solar power plant in Karnataka, Oriana said in a statement. "With a projected completion date of five months, the company will oversee the project's life cycle, including design, engineering, supply, and installation," the statement said. The second order worth Rs 34.4 crore is for setting up a 7 MW DC solar plant in Rajasthan, the renewable energy company said adding the project was awarded by a cement player in last week of August. The company would be responsible for supply of the auxiliary panel with metering and supply and laying of cables. Oriana Power is one of India's leading solar energy solution providers that finances, constructs and operates solar projects for its ...