Page 8 - Fundraising

Karnataka Bank raises Rs 600 cr through qualified institutional placement

Karnataka Bank on Thursday said it has raised around Rs 600 crore through qualified institutional placement by issuing shares to institutional investors. The qualified institutional placement (QIP) opened on March 21 and closed on March 27. "...The Committee of Directors at its meeting held today, approved the issue and allotment of 2,64,31,718 equity shares to 25 eligible qualified institutional buyers at the issue price of Rs 227 per equity share...aggregating to Rs 599.99 crore," the bank said in a regulatory filing. The institutions which bought shares in the QIP include HSBC Mutual Fund, Morgan Stanley Asia Singapore PTE, HSBC Global Investment Funds, SBI Life Insurance Company, Franklin India Smaller Companies Fund and Max Life Insurance Company. Shares of Karnataka Bank settled at Rs 225.10 apiece, down 1.53 per cent over the previous close on the BSE.

Crizac files IPO papers with Sebi for Rs 1,000 cr, consists entirely of OFS

Student recruitment solution provider Crizac Ltd has filed preliminary papers with markets regulator Sebi to garner Rs 1,000 crore through an initial public offering. The initial public offering (IPO) is entirely an offer for sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component. The OFS consists of sale of equity shares worth Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees, according to the draft red herring prospectus (DRHP) filed on Tuesday. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO. The Kolkata-based company offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand. Crizac has established partnerships with leading universities in the UK and is a major player in student recruitment from India to the

Fundraising through SME IPOs hit a new high in FY24, Rs 5,579 crore raised

Investors should not take long-term positions in SME IPOs unless they are familiar with the sector and the company, analyst cautions

Jumbotail raises Rs 151 crore in series C3 equity round led by Artal Asia

Jumbotail is building AI-driven technologies to drive higher customer wallet share. The firm is leveraging its deep sourcing capabilities across FMCGs and staples and its kirana supply chain

KITES Senior Care raises Rs 45 crore from Ranjan Pai's family office fund

Pai recently invested $168 million (Rs 1,400 crore) in edtech firm Byju's test-prep subsidiary AESL and was in discussion to invest about $350 million in Byju's in both equity and debt

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

IIFL Finance board to consider fundraise on March 13 after RBI clampdown

IIFL Finance had said that Fairfax India had agreed to invest up to $200 million of liquidity support on terms to be mutually agreed upon and subject to applicable laws and regulations

Identity security firm IDfy raises $27 mn for business expansion

Company's products help in employee background verification, risk and fraud mitigation

Flipkart Internet receives Rs 924 cr infusion from its Singapore entities

Flipkart is also currently in discussions to raise up to $1 billion, with parent company Walmart committing to inject $600 million

Torrent Power raises Rs 700 crore through non-convertible debentures

Torrent Power on Wednesday said it has raised Rs 700 crore through Non-Convertible Debentures (NCDs) issued on a private placement basis. The NCDs are proposed to be listed on wholesale debt market segment of the NSE, a regulatory filing said. According to the statement, the company has issued and allotted Series 13 -- 70,000 secured, rated, listed, taxable, non-cumulative, redeemable NCDs of Rs 700 crore at a coupon rate of 8.32 per cent per annum on a private placement basis. The first coupon will be paid on February 28, 2025 and subsequent coupon payments will be made on an annual basis, the statement added.

Fundraise through venture debt up 50% in 2023; equity funding down 70%

Indian startups cumulatively raised $1.2 billion in venture debt investments across around 175-190 deals last year, a 50 per cent rise from $800 million raised across 170-180 deals in 2022

Angel One plans to raise Rs 2,000 cr to tap opportunities in fintech space

The stockbroker plans to move beyond equity and mutual funds and will offer distribution of credit and fixed-income products

SDI issuances by corporates to rise to Rs 100 crore in FY2024: ICRA

According to ICRA, since FY20, 18 SDIs have been issued by corporate entities, totalling approximately Rs 250 crore

Swan Energy's QIP opens with starting price fixed at Rs 703 per share

Swan Energy on Tuesday announced opening of its Rs 4,000 crore fund raise through a qualified institutional payment (QIP), with a starting price fixed at Rs 703.29 per share. In a stock exchange filing, Swan said pricing of the issue would be decided on February 26. Swan Energy, in December 2023, acquired Reliance Naval and Engineering through Hazel Mercantile, a special purpose vehicle.

Fundraising in India to be stronger than ever over next 2 years: BofA

Purohit expects between 5 and 10 tech firms and two or three local subsidiaries of multinational companies to launch initial public offerings in the period.

Future Consumer defaults on payment of Rs 133 crore towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 132.97 crore towards payment of principal and interest of Non-Convertible Debentures (NCD) issued by the company to CDC Emerging Markets. FCL had defaulted on payment towards interest amount of Rs 32.97 crore and principal amount of Rs 100 crore, according to a regulatory filing by the FMCG arm of the debt-ridden Future Group on Friday. "The company has been unable to service its obligations towards payment of principal and interest due on unlisted Non-Convertible Debentures issued by the company to CDC Emerging Markets Ltd," it said. The default happened on February 15, 2024. Future Consumer had sought deferment for payment of principal and interest amount due towards NCDs, the filing added. It had NCDs of Rs 200 crore for a tenure of seven years with a coupon rate of 11.07 per cent per annum. This was applicable from the date of allotment, which is February 15, 2018. FCL, part of the Kishore Biyani-led Future Group, i

Electoral bonds worth Rs 16k cr sold so far, BJP got nearly 55%, shows data

Electoral bonds have accounted for more than Rs 16,000 crore worth funds contributed to various political parties so far, a lion's share is estimated to have gone to the BJP, data shows. All political parties put together received more than Rs 12,000 crore till last fiscal since the introduction of the now-annulled electoral bond scheme in 2018, of which the ruling BJP got nearly 55 per cent or Rs 6,565 crore, according to the data available with Election Commission and Association for Democratic Reforms (ADR). While the party-wise data for the current fiscal 2023-24 would be available later after they file annual audit reports for the year, ADR put the collective amount of funds generated through sale of electoral bonds between March 2018 and January 2024 at Rs 16,518.11 crore. On an average, these bonds are estimated to account for over half of total contributions received by the parties, though it is more than 90 per cent in case of some regional parties that are in power in thei

Canara Bank raises Rs 2,000 crore funds from bonds at coupon of 8.40%

State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth. The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40 per cent, Canara Bank said in a regulatory filing. Additional Tier I bonds qualify as core capital or equity capital, and it is one of the means of raising capital by banks.

Hinduja nears Rs 4,000 cr borrowing deal for Reliance Capital acquisition

The group's acquisition is still pending court and regulatory approvals. If the transaction is successful, IIHL, along with other entities, will have a controlling stake in Reliance Capital

Four state-owned banks may be approved to raise funds in H1 of FY25

Punjab National Bank eyes FPO, Central Bank of India seeks approval for OFS; move aimed at accelerating lending business and improving public participation