Page 11 - Fundraising

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.

Blue Star launches QIP to raise Rs 1,000 cr, floor price at Rs 784.55

Leading cooling products maker Blue Star on Monday launched its qualified institutions placement (QIP) offer with a floor price of Rs 784.55 per equity share to raise Rs 1,000 crore to support its growth plans. The floor price is 2.04 per cent lower than Rs 800, the price on which the scrips of Blue Star closed on BSE on Monday. The Executive Management Committee at its meeting held on Monday considered and approved the issue's opening on September 18, 2023. It also approved "the floor price for the Issue, being Rs 784.55 per Equity Share, based on the pricing formula, as prescribed under the SEBI ICDR Regulations". The equity shares have a face value of Rs 2 each, according to a regulatory filing by the company. Moreover, in accordance with the approval of the shareholders accorded through a special resolution on September 15, 2023, "the company may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the Issue", it added. A meeting

JSW Infra's IPO to open on Sept 25, comprises fresh issue of Rs 2,800 cr

JSW Infrastructure's issue will conclude on September 27, while the bidding for the anchor investors will open on September 22, according to the Red Herring Prospectus

JSW Infra's IPO to open on Sept 25, comprises fresh issue of Rs 2,800 cr

JSW Infrastructure's issue will conclude on September 27, while the bidding for the anchor investors will open on September 22, according to the Red Herring Prospectus

Reliance Retail in talks to raise $1.5 billion from existing investors

The talks are a part of the company's internal target to raise $3.5 billion by the end of September this year

Siddhanta Medicity partners with UK firm to raise $108 mn for cell therapy

Bhopal-based healthcare institution Siddhanta Medicity looks to raise around USD 108 million (around Rs 826 crore) in partnership with a UK-based firm for advancing clinical research and development in the field of cell therapies, a release said on Saturday. The investment of USD 108 million will play a pivotal role in establishing stem cell research centres, treatment facilities, and advanced laboratories, Dr. Subodh Varsheny, the managing director of the Bhopal-based health institution said. The institution has tied up with UK-based SRAM &AM Group to raise funds to advance clinical research and development in the field of NK Cell and Mesenchymal Stem Cell Therapies, the statement said. The SRAM &AM Group has also tied up with biopharmaceutical company Cellaax, which is engaged in the research and development of advanced cellular therapy.

Jupiter Wagons gets board's nod to raise Rs 700 crore through QIP route

Mobility solutions provider Jupiter Wagons Limited (JWL) on Tuesday said it has received the board's approval to raise Rs 700 crore through the Qualified Institutional Placement (QIP) route. The funds will be raised through the issuance of equity shares, with a total value of Rs 700 crore. The move is aimed at bolstering JWL's resources for expansion, subsidiary investments, joint ventures, capital adequacy enhancement, and various manufacturing plans, it said in a statement. "The objective (of raising funds) is to further strengthen the company's financial position and solidify our market presence and leadership position," said JWL Managing Director Vivek Lohia. The funds will also be used to ramp up wagon manufacturing capacity, new foundry plant at Jabalpur wagon facility, expansion of existing foundry plant at Kolkata wagon facility, and backward integration of wagon business, Lohia added.

Inox India files IPO papers with Sebi, with OFS of up to 2.21 cr shares

Cryogenic tank maker Inox India Ltd has filed preliminary papers with capital market regulator Sebi to mop up funds through an initial public offering. The Initial Public Offering (IPO) is entirely an Offer For Sale (OFS) of up to 2.21 crore shares by its existing shareholders and promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday. Those offering shares in the OFS are Siddharth Jain, Pavan Kumar Jain Nayantara Jain, Ishita Jain, and Manju Jain. Since the issue is completely an OFS, the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders. Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders. Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installati

Sebi looking to ease fundraising for NPO firms on social stock exchanges

Taking a step to ease the fundraising by not-for-profit organisations, capital markets regulator Sebi on Tuesday proposed flexibility in the regulatory framework for social stock exchanges. Under the proposal, the regulator has suggested reducing the threshold of the minimum issue size as well as application size for not-for-profit organisations (NPOs). Additionally, it has suggested abolishing the requirement of no pending notice or ongoing scrutiny by Income Tax against NPOs for registration on social stock exchanges (SSEs) and substituting the term social auditor with social impact assessor. Further, NPOs should be permitted to provide past social impact but not strictly as per the format specified by Sebi in their fundraising document, according to a consultation paper. The proposals are aimed at facilitating fundraising by NPOs. A not-for-profit organisation (NPO) is required to be registered with the SSE to raise funds. At present, 31 NPOs have been registered in this segmen

Adani Group takes bond brokers on Guj trip as it gears up to raise $1.8 bn

The Adani Group flew bankers to Mundra port in Gujarat to showcase infrastructure of India's largest private port and elaborate on the conglomerate's strong financial conditions and expansion plans

RenewBuy raises $40 mn from Japanese insurance major Dai-ichi Life Holdings

InsurTech firm RenewBuy on Thursday said it has raised USD 40 million (around Rs 332 crore) in a funding round from Japanese insurance major Dai-ichi Life Holdings Inc. It is part of the company's ongoing Series D fund raise, which is attracting interest from several marquee investors and is expected to close soon, RenewBuy said in a statement. RenewBuy's technology is used by more than 1,00,000 advisors across life, health and motor insurance firms to compare product features and prices before issuing policies on the spot, it said. The company works with more than 40 insurers and has more than 5 million consumers, it added.

Adani group plans to raise Rs 1,498 cr via Indian bond market: Report

Adani Airport Holdings and Adani Ports and Special Economic Zone may tap the market first, with offerings of around 10-15 billion rupees

Indian debt collection startup raises $50 million from Accel, Westbridge

Lenders are looking for efficient ways to communicate with borrowers and collect payments, a task that becomes more onerous in countries such as India that are experiencing rising credit growth