SCHEME OF ARRANGEMENT
Raymond shares soar 18% to fresh record high on demerger
Raymond shares surged over 18% to a new 52-week high of Rs 3,480 on BSE following the announcement of the vertical demerger of its real estate business into Raymond Realty, a wholly-owned subsidiary. This strategic move aims to streamline corporate structure, boost shareholder value, and optimize operational efficiencies.
Stocks in news: HDFC Bank, IDFC First Bank, IDBI Bank, Dr Reddy's, Lloyds Metals
HDFC Bank advances rose 53% to Rs 24.87 lakh crore. LIC boosted IDFC First Bank's stake to 2.68%. Dr Reddy's, Sun Pharma recalled items in the US. PNB's global business grew 10%. Raymond Realty, Poonawalla Fincorp, IDBI, Ujjivan SFB, Lloyds Metals, RBL Bank's deposits rose 18%, and Mahindra Lifespace will redevelop Mumbai societies.
Raymond approves demerger of real estate business, to list on exchanges separately
Raymond Ltd has approved the demerger of its real estate business into Raymond Realty Ltd following the recent composite scheme of arrangement and restructuring involving the demerger of its lifestyle business and the amalgamation of its consumer trading arm, paving way for a more focused and streamlined corporate structure.
Raymond board approves demerger of realty biz to unlock growth potential
The company anticipates numerous benefits from the proposed restructuring of its real estate business. This is due to the distinct nature of risks, competition, challenges, opportunities, and business methods between the real estate and remaining operations, resulting in varied growth potential. The separation aims to unlock and maximise the unique strengths of each division.
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
From finfluencer crackdown to F&O stock entry, exit tweaks, top 10 decisions from Sebi board meeting
The Securities and Exchange Board of India (Sebi) has approved finfluencer norms, prohibiting regulated entities like brokers from dealing with them. Under the norms, the Sebi regulated entities and their agents are barred from having any association directly or indirectly with any other person who provides advice or recommendation in respect to securities
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SEBI cracks down on finfluencers, streamlines voluntary delisting process
In a significant move, the regulator approved a fixed price process for voluntary delisting, offering companies an alternative to the existing reverse book-building mechanism. Sebi chief Madhabi Puri Buch emphasised that unregulated entities providing market-related advice are acting unlawfully. The regulator also introduced a new delisting framework for investment holding companies, with the fixed price set at a 15% premium over the floor price. Additionally, SEBI granted exemptions to certain UNI funds from the beneficial ownership rule.
Network 18, arms get NCLT approval to proceed with merger scheme
Network18 owns 51.17% of TV18 and 91.89% of E18. TV18 also owns a 13.54% stake in Viacom18, which is in the process of merging with Walt Disney's Star India.
Sebi warns ICICI Bank over outreach for ICICI Securities delisting
Despite the bank's claim that their outreach program was solely educational and aimed at maximising shareholder participation, SEBI found evidence to the contrary. Investor complaints reveal that some bank officials exceeded their mandate by making persistent calls and requesting screenshots of voting, suggesting a concerted effort to influence shareholder decisions.
Tata Motors Finance to be merged with Tata Capital
Tata Motors announced a merger of Tata Motor Finance with Tata Capital, approved by their respective boards. This aligns with Tata Motors' strategy to focus on core businesses and emerging technologies. Tata Capital will issue its equity shares to Tata Motor Finance shareholders, giving Tata Motors a 4.7% stake in the merged entity. Tata Capital, a major NBFC in India, will expand its presence in CV/PV financing, aiming to offer innovative products and digital services. The merger is subject to regulatory approvals and is expected to take 9-12 months to complete, with no adverse impact on customers or creditors.
Sikkim assembly election 2024 result: SKM eyes landslide victory with 31 seats. Know all about founder Prem Singh Tamang here
As per the Election Commission of India, the ruling SKM is currently in the lead in 30 out of the 32 assembly seats in Sikkim, with the SDF ahead in one constituency. Vote counting for all 32 seats in Sikkim commenced at 6 am on Sunday, under stringent security measures, as reported by officials. Prem Singh Tamang, the Chief Minister and candidate of the Sikkim Krantikari Morcha (SKM), held a lead of approximately 6,443 votes over his closest SDF competitor, Som Nath Poudyal, in the Rhenock assembly constituency. Similarly, in the Soreng Chakung Assembly constituency, Tamang maintained a lead of 2,052 votes over his nearest SDF rival, A D Subba.
ITC to seek shareholder approval on June 6 for hotels biz demerger
As part of the demerger, which will unlock value for its 36 lakh shareholders and also improve the capital allocation of the parent company, ITC will own 40% of ITC Hotels. The remaining 60% will be owned by ITC shareholders in proportion to their ownership in the parent entity.
Flat stuck in a delayed or stalled real estate project? Six things aggrieved homebuyers can do
Homebuyers stuck in stalled real estate projects face financial strain and uncertainty. They pay EMIs and rent while bearing the loss of opportunity cost. If you have property in a delayed or stalled real estate project, here are some things you can do as a home buyer.
Latest bank charges to send money abroad: SBI, HDFC Bank, ICICI Bank, Axis Bank, IDFC FIRST Bank, DBS Bank India
It means that as per the RBI rules, one can transfer of money up to USD 250,000 per calendar year for defined purposes. However, fees per transaction differ depending on the bank. Here is a comparison of the latest top banks’ charges for sending money abroad.
ICICI Securities Delisting: 16 fund houses vote in favour of plan and 7 against
Sixteen domestic mutual funds, including Kotak and LIC, supported ICICI Bank's proposal to delist ICICI Securities, despite concerns raised by some shareholders. This led to a class-action lawsuit by retail investors and support from ICICI Prudential Mutual Fund.
Stocks in news: PFC, Mankind Pharma, Patanjali Foods, Bharti Airtel, Siemens, Cipla
Benchmark equities surged for the third consecutive day on Tuesday. PFC, Mankind Pharma, Patanjali Foods, Bharti Airtel, Siemens, and Cipla are in focus for news developments and quarterly results. RVNL, Dixon, and Titagarh will also announce their fourth quarter results today.
Siemens board approves demerger of energy biz into a separate listed entity
As per the scheme of arrangement, shareholders will get one share of Siemens Energy for every one share they hold of Siemens.
Electoral Bonds: CJI to take call on listing of plea seeking SIT probe into quid pro between corporates and political parties
Two NGOs have requested the Supreme Court to consider their PIL for a court-monitored investigation into alleged quid pro quo involving political parties, corporations, and investigative agencies in the electoral bonds scheme. The Court acknowledged the plea and assured it would be listed for an early hearing, following the recent scrapping of the electoral bonds scheme by a Constitution bench.
Stop registering voters for beneficiary schemes under guise of surveys: EC to political parties
Election Commission cautions against blurring survey lines with beneficiary schemes, advising immediate cessation of activities creating one-to-one transactional relationships for post-election benefits and potential inducement for voting.
ITC Hotels Demerger: ITC to hold meeting of ordinary shareholders on June 6 to approve scheme
The move comes following an order by the National Company Law Tribunal (NCLT) to convene a meeting of the ordinary shareholders of the company.
SBI customers can pay education fee to foreign universities in Indian rupee; check details
The State Bank of India (SBI) and Flywire, a global payments enablement and software firm, have announced a partnership that would enable Indian students and SBI customers to pay tuition fees in local currency to overseas universities and colleges.
ABFRL to raise Rs 2500 crore after dermerging Madura business into new separate listed entity Aditya Birla Lifestyle Brands
ABFRL plans to raise Rs 2500 crore by splitting its retail business, creating ABLBL with brands like Louis Phillippe, Peter England, and Sabyasachi. The demerger aims to unlock value and support growth through equity raise.
Bengaluru launches recycled water supply scheme from today. Key things to know
The Bangalore Water Supply and Sewerage Board (BWSSB) is starting the distribution of recycled water for construction purposes from today to diminish reliance on borewells in the area. Developers have already requested 62 lakh liters of recycled water and the demand is expected to go up.
Quantum MF votes against ICICI Bank-ICICI Securities’ proposed merger scheme
ICICI Bank wants to merge its 75% subsidiary ICICI Securities with itself offering investors 0.67 shares of ICICI Bank for every one share in ISEC.
IMF criticises Pak Finance Ministry declaration that all targets have been achieved
IMF expresses displeasure over Pakistan's premature claims of meeting benchmarks. IMF team in Islamabad for review, discussing mini budget, tax collection, circular debt, and energy sector issues. Finance ministry's early announcement causes uncertainty in the process.
RBI diktat to banks, credit card companies set to upend long-term integrations
For several years, banks have been dependent on deep integrations and partnerships with companies like Visa and Mastercard to make credit card operations profitable for them and attractive for customers. But now, given the choice, if consumers want to move to other card schemes like RuPay, those partnerships will get disrupted.
Investors upset as LetsVenture proposes new exit fee for all
On February 13, LetsVenture notified investors of the changes in the PPM arrangement and asked for their consent through a Google form. The platform also added that in case of no response, it will be 'deemed consent', which has further invited the ire of LPs.
Tight security arrangements in Guwahati ahead of PM Modi's visit on February 3-4
Prime Minister Modi will address a mega public rally, lay the foundation stone and inaugurate several projects worth Rs 11599 crore on Sunday at Veterinary College Field, at Khanapara in Guwahati.
NCLT approves amalgamation, arrangement between JP Infra (Mumbai) entities
The scheme of amalgamation and arrangement between JP Infra (Mumbai) and its affiliated entities Four D Estates, Four D Buildspace and JP Infra Realty have been approved by NCLT. As all these entities belong to the same promoter group, the proposed demerger is expected to ensure alignment of the business verticals—JP Infra (Mumbai) and Four D Estates continuing in the brownfield redevelopment projects and JP Infra Realty in greenfield projects involving development of newly-acquired land parcels.
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