Page 11 - Fundraising

Titan to raise Rs 2,500 cr via unsecured NCDs on private placement basis

Leading jewellery and watchmaker Titan on Tuesday said it will raise Rs 2,500 crore from the markets through unsecured Non-Convertible Debentures (NCDs) on a private placement basis. The board of the company in a meeting on Tuesday "approved the proposal for raising of funds through the issuance of rated, listed, redeemable, unsecured NCDs" for Rs 2,500 crore, said a regulatory filing from the Tata group managed firm. The board also authorised a committee to take action with respect to the finalisation of terms of issuance and the allotment of NCDs. Besides, the board, at the said meeting, had also approved "availing of long-term borrowings in the form of long-term unsecured loans up to a limit of Rs 1,000 crore from banks/financial institutions," it added. Besides, the company also informed about the change in nominee. "The board took note of the nomination of Arun Roy, IAS, Secretary, Industries Investment Promotion and Commerce Department, Tamil Nadu Government as Chairman and

7 tips for pitching your business ideas to investors to start your journey

No matter how good your idea is, if you don't have the right amount of funding to invest in your business, you will hit a deadend. Here are the five tips on how to pitch your business ideas

Mensa Brands raises $40 million in growth capital from EvolutionX

Mensa Brands will use the money to continue investing in brand-building

McCarthy's ouster as speaker could cost GOP its best fundraiser heading

Kevin McCarthy spent years raising mountains of Republican campaign cash, flying around the country to recruit top candidates in key districts and painstakingly building political relationships as he worked his way toward becoming speaker of the House. Now that he's been ousted from the post after less than nine months, some in the GOP are wondering if anyone can take his place as a fundraising dynamo and party builder. The House isn't scheduled to vote on who could replace McCarthy until at least next week with all legislative work suspended as the chamber navigates a situation never before seen in the nation's history. In the meantime, House Republicans have no clear leader heading into next year's election as they cling to a razor-thin majority. Nobody can raise money like him, said Rep. Kelly Armstrong, R-N.D. And no matter who is the next speaker of the House, none of them can do what Kevin McCarthy did. The National Republican Congressional Committee, the GOP's House campaign

ICICI Bank raises Rs 4,000 crore through bonds to fund business growth

Private sector lender ICICI Bank on Tuesday said it has raised Rs 4,000 crore via bonds to fund business growth. The bank has allotted 4,00,000 senior unsecured redeemable long-term bonds in the nature of non-convertible debentures aggregating to Rs 4,000 crore on private placement basis and the date of allotment being October 3, 2023, ICICI Bank said in a regulatory filing. The bonds are redeemable at the end of 10 years (redemption date being October 3, 2033), it said. There are no special rights or privileges attached to the bonds, it said. The bonds carry a coupon of 7.57 per cent per annum payable annually and were issued at par, it said, adding, the bonds would be listed in the relevant segment of the NSE.

Pharma firm Valiant Lab's IPO subscribed 2.17 times on third day of bidding

The Initial Public Offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories was subscribed 2.17 times on the third day of bidding on Friday. The initial share sale received bids for 1,65,77,925 shares against 76,23,030 shares on offer, as per NSE data. The category for Retail Individual Investors (RIIs) was subscribed 3.11 times while the quota for non-institutional investors got subscribed 1.51 times. The portion for Qualified Institutional Buyers (QIBs) received 1.04 times subscription. Price range for the offer is Rs 133-140 a share. The IPO is an entirely fresh issuance of up to 1.08 crore equity shares. Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences Private Ltd -- and to meet the working capital requirements of the subsidiary company. Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with it

Nabard plans to raise Rs 5,000 crore through green bonds in H2FY24

Shaji K V, chairman of Nabard, said the organisation is now focusing on documenting the impact and, in turn, ensuring transparency

Vedanta raises funds at higher rates amid company rejig, say bankers

The company will offer a coupon of 12%, payable on a quarterly basis to investors of the issue, which is unrated, bankers said, adding that the coupon on an annualised basis works out to be around 13%

Co-working firm EFC exploring FPO, other ways to raise funds for expansion

Co-working spaces firm EFC India on Thursday said it is exploring various options, including Follow-on Public Offer (FPO), to raise funds for expanding its capacity to 60,000 seats by the end of this fiscal. The company said in a statement that it has recently signed around 5 lakh square feet of office spaces in Pune, Noida, Hyderabad, and Kolkata. "We intend to expand the number of seats from the present 25,000-plus to nearly 60,000 by the end of this financial year. We are exploring various options, including FPOs, to raise the necessary funds for these expansions. However, I cannot comment on how much money will be raised at the moment," Umeash Sahhaaii, founder & CEO of EFC Ltd, said. The company has recently concluded a fundraising round of Rs 90 crore through the preferential issue for future expansion. The EFC, which commenced its operations in 2012, is into office infrastructure, co-working spaces, and office design segments. The company got listed on BSE through a reverse

Third Wave Coffee raises $35 mn in series C funding round led by Creaegis

Third Wave Coffee is present in several major Indian cities, including Bangalore, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor, and Chandigarh

Fintech firm Bright Money raises Rs 515 cr in equity, debt funding

Fintech firm Bright Money on Wednesday said it has raised USD 62 million (about Rs 515 crore) round of funding from a clutch of investors. It has about 95 per cent of employees in India. The funding includes USD 50 million in debt from Encina Lender Finance and USD 12 million in equity led by Alpha Wave, Hummingbird, and PeakXV, Bright Money said in a statement on Wednesday. Encina Lender Finance provides lending solutions to consumer and commercial speciality finance companies across the US and Canada. "The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service," Bright Money co-founder and Co-CEO Petko Plachkov said in the statement Bright Money app helps consumers get out of debt, with the power of AI and machine learning. The mobile app combines all the technology needed to manage and get rid of debt. The company offers credit score building, automated debt paydown pl

Kontor Space IPO kicks off on Wednesday, price band at Rs 93 per share

Kontor Space Ltd said it has set the price band for its Rs 15.62 crore initial share sale at Rs 93 apiece, which will open for public subscription on Wednesday. The issue will conclude on October 3, and the shares will be listed on SME EMERGE platform of the National Stock Exchange (NSE), the company said in a statement on Monday. The Initial Public Offering (IPO) consists of a fresh issuance of up to 16.80 lakh equity shares at a face value of Rs 10 each. Proceeds from the issue will be utilised to make the payment of rental deposits of new co-working centres, capital expenditure for fit-outs of new co-working centres and for general corporate purposes. Investors can bid for a minimum of 1,200 equity shares in the public issue and in multiples of 1,200 equity shares thereof, the company said. "The capital from this IPO will empower us to expand and refine our services, ensuring we continue to meet the evolving needs of industry and our clients," Kanak Mangal, Promoter of Kontor S

Beauty startup Pilgrim raises $20 million in Series B funding round

Pilgrim, a startup operating in the field of beauty and personal care, on Tuesday said it has raised USD 20 million (around Rs 166.6 crore) in a funding round. This Series B round was led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures & Narotam Sekhsaria Family Office, a joint statement said. The company currently has an annual run rate of Rs 300 crore and aims to scale it to Rs 1,000 crore by 2025 on the back of its commitment to robust R&D and consumer-centricity. Pilgrim, which is serving over five lakh consumers monthly, will deploy this funding to increase brand building, and R&D, and bolster offline expansion within India, it added. "Pilgrim has been steadfast in crafting efficacious solutions tailored to individual consumer needs and co-creating products alongside our customers. This approach has empowered us to introduce groundbreaking innovations, reshaping the landscape of India's beauty and personal care market," its .

MTNL to seek shareholders' nod to raise Rs 3,126 cr through bond

In 2022, the cabinet approved a second revival package for Bharat Sanchar Nigam Limited (BSNL) and MTNL amounting to Rs 1.64 trillion

Power Grid Corp to raise up to Rs 2,250 crore via bonds to fund capex

The bonds are redeemable at par in 10 equal instalments and interest payment on a yearly basis

Bajaj Finance in talks with 4 investment banks to raise $800 mn-$1 bn

The final decision for the fundraising is likely to be taken in the upcoming board meeting on October 5

Agritech Ergos raises $10 mn as equity, debt from investors to grow biz

Agritech firm Ergos has raised USD 10 million (about Rs 82.88 crore) through a combination of equity and debt from investors, including Norway's fund Abler Nordic, to expand its operations. In a statement on Friday, Ergos announced a "capital injection of USD 10 million through a combination of equity and debt, as part of its Series B round led by Abler Nordic and existing investors Aavishkaar Capital, Chiratae Ventures and Trifecta Venture Debt Fund." Ergos digitises grain storage, empowering farmers to convert their grains into tradable digital assets and earn more by selling produce at optimal times post-harvest. The company offers a buyer's platform linking farmers to markets, safe grain storage in warehouses, and access to affordable finance through partner lenders. Ergos currently supports over 1,60,000 farmers on its platform and has a physical network of farm-gate-based warehouses branded as Grainbank in over 200 locations across Bihar, Karnataka and Maharashtra. "There is

Updater Services' IPO starts Sept 25, with fresh issue of up to Rs 400 cr

The initial share sale of integrated facilities management company Updater Services Ltd will open for public subscription on September 25. The three-day Initial Public Offering (IPO) will conclude on September 27 and the bidding for anchor investors will open on September 22, according to the Red Herring Prospectus (RHP). The IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer for Sale (OFS) of up to 80 lakh equity shares by a promoter and existing shareholders. Under the OFS, Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund-IIA will be selling shares of the company. Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives and general corporate purposes. The company offers integrated facilities management services and business support services to its clients. It caters to customer segments across sectors such

Godrej Properties raises Rs 1,160 cr via NCDs on private placement basis

Realty firm Godrej Properties on Wednesday said it has raised Rs 1,160 crore through issue of non-convertible debentures on private placement basis. In a regulatory filing, the company said the allotment committee of the Board of Directors approved the allotment of the Non-Convertible Debentures (NCDs). Godrej Properties said the company has allotted one lakh rated listed unsecured redeemable NCDs of face value of Rs 1,00,000 each, aggregating to Rs 1,000 crore. For these series I NCDs, the maturity date is March 19, 2027 with a coupon rate of 8.3 per cent. Separately, it has allotted 16,000 NCDs of face value of Rs 1 lakh each, aggregating to Rs 160 crore. For these Series II NCDs, the date of maturity is September 20, 2028 and the coupon rate is 8.5 per cent. The interest for all NCDs will be paid annually. In August, the board had made an enabling approval for raising of funds, by issue of NCDs, bonds and/or other debt securities on a private placement basis, in one or more ..

Shree Cement to issue NCDs worth Rs 700 cr on pvt placement basis

Leading cement company Shree Cement said on Tuesday that it is planning to issue Non-Convertible Debentures (NCDs) worth Rs 700 crore on a private placement basis. The company's board of directors will consider approving the issuance of NCDs on September 25. The fundraising plan is expected to be part of the company's Rs 7,000-crore capex plan in the next phase of growth, during which it aims to add additional 12 million tonne of capacity. The company has said it is planning to expand in Rajasthan and Maharashtra. Recently, the company announced commercial production at Purulia in West Bengal with a three million-tonne capacity clinker cement plant at a cost of Rs 600 crore. The company aims to cross 50 million tonne per annum capacity by 2025 and over 70 million tonne in the next few years. The current installed capacity is around 45 million tonne per annum.