Page 18 - Fundings

Manappuram Finance to raises Rs 6,000 crore capital through NCDs in FY25

Gold loan financier Manappuram Finance on Tuesday said it has received board approval to issue redeemable non-convertible debentures (NCDs) up to the overall limit of Rs 6,000 crore by way of private placement or public issue in one or more tranches to meet business growth. This is the fundraise plan for the financial year 2024-25. Besides, the board has also approved the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures for an aggregate amount of Rs 25 crore on a private placement basis, the company said in a regulatory filing.

Engrail Therapeutics closes oversubscribed $157 million Series B financing

Funding from the Series B round will propel the advancement of the company's pipeline through multiple stages of clinical development

Binny Bansal's Three State Ventures invests Rs 207 crore in Curefoods

The funding would help the startup to compete with firms like Rebel Foods, Biryani by Kilo and EatClub

ASK Hedge Solutions aims to raise Rs 3,000 crore from AIF in 18 months

ASK Hedge Solutions on Monday said it is targeting to raise Rs 3,000 crore corpus from wealthy individuals and family offices in the next 18 months for its alternative investment fund. The ASKAbsolute Return Fund is an open-ended category-III alternative investment fund (AIF), which will be seeking to raise the money from high networth individuals, ultra HNIs, family offices and corporate treasuries, the company's chief executive officer Vaibhav Sanghavi told reporters here. Over the past decade or so, the nascent long-short platform has delivered returns of 10-15 per cent from a compounded annual growth rate perspective, Sanghavi said. He said the current fund will be targeted purely at domestic investors, but the next one of a similar strategy will open it for foreign investors as well. The newly launched fund has already received commitments of Rs 50 crore, and the company is targeting to take it to Rs 1,000 crore in six months. When asked about market regulator Sebi's concerns

States plan to raise record Rs 50,206 crore next week through bonds

At the previous state loan auction, the cut-off yield on the 10-year state government securities was set in a range of 7.36-7.41 per cent

Electoral bonds: 22 entities donated Rs 100 crore+ each to parties in 5 yrs

The BJP received the largest share of donations, totaling more than Rs 6,000 crore

Startup movement must be driven by domestic financing, says Amitabh Kant

Indian startup movement must be driven by Indian financing and cannot depend on foreign funding, G20 Sherpa Amitabh Kant said on Thursday. While speaking at the CII Unicorn Summit, Kant said the nation needs to create a fund of funds to support young deep tech startups. He said unicorns are national assets to the country. Startups should focus on corporate governance for growth, otherwise, they will land up in a debacle, Kant added. He also said women are outperforming men in every single walk of life, and if India wants to be a USD 35 trillion economy by 2047, it cannot do so without women.

Indian beer startups growing, launching new products after surge in funding

Proost attributes the growth in the beer market due to rising per capita beer consumption, increased disposable income, and reduced societal stigma around alcohol

Time taken for startups to get Series A funding longest in over a decade

Waiting for institutional round of financing could extend to 86 months compared to 81 last year

Perfios secures $80 million funding, set to become 2nd unicorn of 2024

Perfios helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring

IIFL Finance to raise $242 mn via rights basis, non-convertible debentures

The company will raise the funds through the issue of shares on rights basis and non-convertible debentures via a private placement, it said in an exchange filing

Former Sequoia India firm launches new fund Peak XV for early ventures

"We plan to leverage this internal balance sheet to invest in and partner with other fund managers across regions, strategies and sectors," the letter added

Day after Supreme Court rap, SBI submits electoral bond details to EC

State Bank of India (SBI) on Tuesday evening submitted details of electoral bonds to the Election Commission of India in compliance with the Supreme Court order. The Supreme Court on Monday ordered SBI to disclose the details of electoral bonds to the Election Commission by close of business hours on March 12. As per the order, the Election Commission will have to publish the details shared by the bank on its official website by 5 pm on March 15. According to sources, SBI has complied with the orders of the apex court and submitted the details of the electoral bonds to the Election Commission. The SBI has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018. The Supreme Court, however, in a landmark verdict on February 15 scrapped the Centre's electoral bonds scheme that allowed anonymous political funding, calling it "unconstitutional" and ordered disclosure by the EC of donors, the amount donated by them and recipients. SBI had s

Krystal sets Rs 680-715 price band to raise Rs 300 cr capital via IPO

Facility management and security services provider Krystal Integrated Services on Monday fixed a price-band of Rs 680-715 a share for its Rs 300-crore initial public offering (IPO). The IPO comprises Rs 175 crore in fresh issue and Rs 125 crore in offer-for-sale by the promoters (at the upper-end of the price band). Post-issue, the overall promoter holding led by promoter Pravin Ramesh Lad and his family (Krystal Family Holdings) will come down to close to 70 per cent. The floor price is 68 times the face value of the shares and the cap price is 71.50 times the face value of the shares which has a face value of Rs 10, chief executive Sanjay S Dighe said here. The anchor investor bidding will begin on Wednesday and the issue opens for public subscription from Thursday. The company will use the net proceeds from the fresh issue towards part repayment of its debt of Rs 187 crore; funding working capital requirements of Rs 100 crore and capital expenditure for purchasing new machinery

Sidbi secures first green climate fund project worth $120 million

Development bank Sidbi on Monday said it has secured approval from the Green Climate Fund (GCF) for its first anchored project, Avaana Sustainability Fund (ASF), valued at USD 120 million. The closure was announced at the 38th board meeting of the GCF, which will invest USD 24.5 million in the fund, in Kigali, Rwanda, on March 5, Sidbi, an accredited entity of GCF, said in a statement. The primary aim of the ASF project is to invest in early-stage companies harnessing technology-led innovation to spur climate solutions and sustainability in the country. The anticipated outcomes include significant contributions to climate change mitigation, adaptation, and the enhancement of resilience in vulnerable sectors of the economy. This is the first project anchored by Sidbi including the first secured for the country in the past few years and will go a long way in advancing the country's nationally determined contributions by effecting substantial global changes through its proficiency in .

Microsoft, Walmart help Israeli VC Team8 raise $500 mn to support startups

Moody's Corp. and Temasek Holdings Pte also backed the three new funds and follow-on funding that brings Team8's assets under management to more than $1 billion

Matrix Gas & Renewables raises Rs 350 crore capital in pre-IPO round

Matrix Gas and Renewables Ltd (Matrix) on Tuesday said it has raised Rs 350 crore in the pre-IPO round to accelerate expansion of its gas business, acquisitions, and funding capital expenditure plans. "The pre-IPO (Rs 350 crore) round saw participation from key investors like Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund and the promoters of the company," it said in a statement. Matrix is a Gensol Group company and is the fastest-growing green hydrogen infrastructure developer and natural gas aggregator. "Matrix has successfully raised Rs 350 crore in the pre-IPO round," it said. "With the current capital raise, Matrix is now well positioned to accelerate its growth initiatives towards expanding market share for the gas aggregation business, acquiring city gas distribution (CGD) assets, and funding the ongoing capital expenditure plan. This round will also expedite setting up and commissionin

Fairfax-backed Go Digit receives Sebi's approval to raise funds via IPO

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday. The approval came after the company's preliminary IPO papers were first filed in August 2022. Go Digit's proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issuance would be utilised for the augmentation of the company's capital base and maintenance of solvency levels and for general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. According to an update with the Sebi (Securities and Exchange Board of India) on Monday, the regulator gave its observation on March 1. In Sebi's parlance, obtaining ..

Powergrid board approves proposal to raise up to Rs 1,200 crore via bonds

Power Grid Corporation of India (Powergrid) on Monday said its board has approved a proposal to raise up to Rs 1,200 crore by issuing bonds. "The Committee of Directors for Bonds approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds - LXXVI (76th) issue up to Rs 1,200 crore," the company said in an exchange filing. On the size of the issue, the company said the base size is Rs 400 crore, along with the green shoe option of Rs 800 crore. The bonds are redeemable at par at the end of the 10th year, and interest payment on a yearly basis, the company said. Powergrid, under the Ministry of Power, is India's largest electric power transmission utility with 1,76,762 ckm of transmission lines.

Adani Energy Solutions aims to raise about $400 mn via oversees bonds

The group's ability to raise funds offshore has been under close scrutiny since the 2023 crisis triggered by shortseller Hindenburg Research's allegations of malfeasance