Page 8 - Funding

Vedanta Resources' bondholders back company's debt restructuring plan

"The overwhelming consent to the revised terms will take immediate pressure (off) Vedanta to repay the debt obligation," Vedanta Resources said

Jyoti CNC Automation's IPO worth Rs 1,000 crore to open on January 9

Gujarat-based Jyoti CNC Automation's initial public offering worth up to Rs 1,000 crore will open on January 9. It will also be the first public issue of 2024 on the main board of leading stock exchanges BSE and NSE. The company is planning to list its shares for the second time in nearly 10 years. The three-day Initial Public Offering (IPO) of Jyoti CNC will close on January 11, while the anchor book of the offer will be launched for a day on January 8, as per the Red Herring Prospectus (RHP). The price band for the offer is yet to be announced. Last month, the company got approval from markets regulator Sebi to float the public issue. The IPO is entirely a fresh issue of equity shares worth up to Rs 1,000 crore. The proceeds from the issue would be used for debt payment, funding the long-term working capital requirements of the company, and general corporate purposes. Jyoti CNC Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers in

Esconet Technologies files draft papers to raise funds through IPO

Integrated IT solutions company Esconet Technologies on Tuesday said it has filed draft papers to mobilise funds through an initial public offering. The initial public offering (IPO) is entirely a fresh issuance of up to 33,60,000 equity shares, with a face value of Rs 10 each, and the shares of the company are proposed to be listed on Emerge platform of the NSE, the company said in a statement. Corporate Capital Ventures is the sole book running lead manager, while Skyline Financial Services is the registrar for the issue. Esconet proposes to utilise the proceeds from the issue towards working capital requirements of the company and invest in its wholly-owned subsidiary ZeaCloud Services to fund its capital expenditure expenses, as per the draft documents. A portion of the proceeds will also be used for the general corporate purposes. Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agrawal and Sunil Kumar Agrawal, Esconet Technologies has been in the business of

Diffusion Engineers files IPO papers, will use funding for expansion

Engineering solutions provider Diffusion Engineers has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial share sale. The initial public offering (IPO) is purely a fresh issue of up to 98,47,000 equity shares with a face value of Rs 10 each, according to the draft red herring prospectus (DRHP) filed on Dec 27. Going by the draft papers, proceeds from the issue will be used by the company towards expansion of its existing manufacturing facility and setting up a new manufacturing facility in Maharashtra. Proceeds will also be used towards funding working capital requirements and general corporate purposes. Incorporated in 1982, Diffusion Engineers engaged in the business of providing engineering solutions to customers in domestic and international markets. The Nagpur-based firm provides a wide range of products and services, including the manufacture of special welding consumables, wear plates and heavy engineering equipment, and provi

Tech entrepreneur's tips on how to start up

Stay within means and shun VCs as long as you can!

Congress puts up bar codes for crowdfunding in Nagpur's mega rally

The pamphlet read, "In this struggle of 138 years for the formation of a better India, Congress needs you. India needs you. Scan now to donate."

Foxconn invests fresh capital of around Rs 461 crore in Bengaluru unit

Taiwanese electronics manufacturing services major Foxconn has infused USD 55.29 million (about Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited, according to a regulatory filing. The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited. Foxconn Singapore has acquired about 46,08,76,736 shares at Rs 10 each, amounting to around USD 55.29 million (Rs 460.87 crore), according to the filing. Foxconn Precision Engineering was incorporated around six months ago. In July, Foxconn proposed to set up a Rs 8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka. It has also bought 300 acres at Devanahalli. According to the announcement made earlier by the Karnataka government, Foxconn is expected to create employment for about 50,000 people in the first phase at Devanahalli.

Fundraising through SME IPOs hits record high; 181 firms raised Rs 4,643 cr

While there were no mainboard IPOs in the first two months of this year, the SME exchanges saw 21 issues during the same period

Flipkart in talks to raise $1 billion, $600 million to come from Walmart

The fundraising is likely to increase Flipkart's valuation by 5-10 per cent from $33 billion earlier

BluSmart raises $24 mn in new equity round, will expand charging infra

Ride-hailing company says it aims to have a fleet of 8,000 EVs in Delhi and Bangalore by next year

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

Agritech company Vegrow raises $46 mn in funding round led by GIC

Start-up will use the money to expand in India and strengthen global network

Enough jobs exist for smart people: Info Edge's Sanjeev Bikhchandani

Bikhchandani said there is no funding winter for good companies, and there never was

SpiceJet board adjourns meeting, to discuss funding plans on Tuesday

Crisis-hit SpiceJet's board of directors will continue to discuss fundraising plans on Tuesday after it could only partially complete the agenda items on Monday. On Monday, the no-frills airline's shares touched a 52-week high and ended with more than 10 per cent gains on the BSE as investors were enthused by funding plans and the proposal to list the company's securities on the National Stock Exchange (NSE). In an evening filing to the BSE, SpiceJet said its board on Monday "could only partially complete the agenda items and the meeting has now been adjourned to December 12, 2023 (Tuesday)". Apart from options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis, the board will also consider the September quarter results, as per the filing. Earlier in the day, shares of SpiceJet touched its 52-week high and closed with a gain of 10.19 per cent at Rs 60.57 apiece on the BSE. The airline has been grappling with multiple

Centre allocates Rs 81 cr for education, health infrastructure in Tripura

This financial sanction will pave way for crucial infrastructure projects, including the construction of a science building at MBB College and a women's hostel at Gandatwisa Government Degree College

Union Cabinet approves Rs 2,500 crore for Interest Equalisation Scheme

This would help exporters from identified sectors and all MSME manufacturer exporters to avail of pre and post-shipment Rupee export credit at competitive rates

Startup funding in 2023 lowest in 5 yrs as big-ticket deals dip: Report

Funding rounds of $100 million+ fall 69% compared to 2022; only two unicorns created after 23 last year

Defence manufacturer CoreEL Tech secures $16 mn funding from 360 ONE Asset

The Bengaluru-based firm's products have been deployed in India's next-generation radars, missiles, electronic warfare and avionics

PhiCommerce raises $10 mn in funding led by Singapore-based BEENEXT

Payments solution firm will use financing to expand international business, improve technology

EU pledges 10 million euros to support Afghanistan's healthcare system

The long-lasting cooperation between the EU and WHO has contributed to stronger and more resilient health care in Afghanistan, it said