Month: January 2022

Before civic polls, Uddhav govt plans Rs 16.5-cr ad blitz ‘to promote 2 years’ achievements’

Before civic polls, Uddhav govt plans Rs 16.5-cr ad blitz ‘to promote 2 years’ achievements’

Mumbai: Ahead of civic polls in Maharashtra’s major cities, including the capital city of Mumbai, the Uddhav Thackeray-led Maha Vikas Aghadi (MVA) government has planned an advertisement blitzkrieg across different media, talking up its achievements. The state government has earmarked Rs 16.53 crore for advertisements to be rolled out across different media, like social media, OTT (over the top) platforms, FM radio channels, newspapers, outdoor hoardings, and private television channels between January and March 2022. The timing of the publicity campaign coincides with elections to ten municipal corporations, including the state’s major cities Mumbai, Pune, Nagpur, and Nashik. The polls…
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Shyam Metalics IPO Subscribed 3.65 Times On Second Day

Shyam Metalics IPO Subscribed 3.65 Times On Second Day

The IPO comprises fresh issuance of equity shares worth up to Rs 657 crore and a Rs 252 crore offer for sale by existing shareholders. Shyam Metalics has set a price band of Rs 303-306 a share for its Rs 909 crore-IPO, which will close for subscription on June 16 The initial public offer of Shyam Metalics and Energy was subscribed 3.65 times on the second day of subscription on Tuesday. The company's Initial Public Offer (IPO) received bids for 7,69,49,910 shares against 2,10,90,890 shares on offer, as per data available with BSE.The category meant for Qualified Institutional Buyers (QIBs)…
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Dodla Dairy Mobilises Rs 156 cr From Anchor Investors Ahead Of IPO

Dodla Dairy Mobilises Rs 156 cr From Anchor Investors Ahead Of IPO

The company has decided to allocate a total of 36,46,099 equity shares at Rs 428 apiece to anchor investors for Rs 156.05 crore, a circular uploaded on the BSE website showed Dodla Dairy, a leading dairy company in southern India, on Tuesday, said it has raised a little over Rs 156 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Wednesday. The company has decided to allocate a total of 36,46,099 equity shares at Rs 428 apiece to anchor investors for Rs 156.05 crore, a circular uploaded on the BSE website showed.Those who…
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Classplus Valuation Crosses Rs 1,000 Crore

Classplus Valuation Crosses Rs 1,000 Crore

US-based platform GSV has led the Series C round with Rs 108 crore and acquired 10.75% in the six-year-old company. Noida-based Classplus has raised Rs 220 crore in a funding round led by GSV Ventures Fund. Regulatory filings show Classplus has allotted 17,762 Series C1 Preference shares at an issue price of Rs 1,23,706 to raise Rs 220 crore. US-based platform GSV has led the Series C round with Rs 108 crore and acquired 10.75% in the six-year-old company.Existing investors RTP Global and Alpha Wave Incubation and have put in Rs 26 crore and Rs 73 Crore respectively. Its early…
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Apna Raises $70M From Tiger Global, Others

Apna Raises $70M From Tiger Global, Others

Apna will use the proceeds to strengthen its presence in existing cities and expand pan-India over the next 6 months to help restart India’s economy as it recovers from the COVID-19 pandemic. Apna, the market-leading professional networking and jobs platform for India’s rising working class, has raised a $70 million Series B round led by Insight Partners and Tiger Global. Existing investors, Sequoia Capital India, Lightspeed India, Greenoaks Capital, and Rocketship VC have also participated in the round. The investment amounts to an endorsement of Apna’s undisputed market leadership and stellar business growth. With this investment, Apna has now raised…
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XYXX Raises INR 30 Cr To Disrupt The Men’s Innerwear Market

XYXX Raises INR 30 Cr To Disrupt The Men’s Innerwear Market

DSG Consumer Partners and Synergy Capital Partners joined existing investor Sauce.VC to invest in this round. XYXX, a front-runner in the men’s innerwear and comfort-wear space, has raised INR 30 Cr in its Series-A round of funding. DSG Consumer Partners and Synergy Capital Partners joined existing investor Sauce.VC to invest in this round.Led by founder Yogesh Kabra, XYXX aims to revolutionize the men’s basics segment in India with innovative fabrics and contemporary designs. As a consumer, he wanted more from his basics but soon realized that good-quality basics were either impossible to find in store aisles or almost unaffordable for…
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Helicopter, transport pilots missing in IAF top ranks. It is a fighter-dominated Service

Helicopter, transport pilots missing in IAF top ranks. It is a fighter-dominated Service

Recently, the Indian Air Force appointed Air Vice Marshal Pawan Mohey VSM as Assistant Chief of Air Staff (ACAS)–Training. This is a landmark moment in the history of the Indian Air Force as AVM Mohey is the first helicopter pilot in the last three decades to hold the position of ACAS Training. The last helicopter pilot to head it was AVM Ranjit Malhotra AVSM VM, in 1994. The training directorate deals with policy formulation related to training of personnel. Though this is an important step in moving towards equality in staff appointments within operational fleets—fighters, transports, helicopters and the navigation stream—a lot more needs to be done.…
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Allowing illegally intercepted telephonic conversations as evidence violation of fundamental rights: Delhi High Court

Allowing illegally intercepted telephonic conversations as evidence violation of fundamental rights: Delhi High Court

The Court has said that as per Rule 419A of the Rules framed under the Telegraph Act, the order of the Home Secretary granting permission to intercept telephonic conversations is to be forwarded to the review committee within seven days of passing the order. However, in this case there was no material on record to establish that any review of the order of the Home Secretary was conducted.“This Court is of the view that as per Section 5 (2) of the Telegraph Act, an order for interception can be issued on either the occurrence of any public emergency or in…
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Uber, SoftBank, And Tencent Set To Benefit From Didi Chuxing IPO

Uber, SoftBank, And Tencent Set To Benefit From Didi Chuxing IPO

Major shareholders to reap returns are SoftBank Vision Fund, which owns 21.5% of the company, Uber owns 12.8%, and Tencent owns 6.8% China’s ride-sharing behemoth, Didi Chuxing has unveiled its IPO filing in the U.S., which is estimated to be at $10 Billion. If this round is successfully executed, it can raise the valuation of the company to $100 Billion. As per the prospectus, Didi’s 38-year-old founder Cheng Wei owns 7% of the company’s shares, and controls 15.4% of its voting power before the IPO, according to the prospectus. Major shareholders to reap returns are SoftBank Vision Fund, which owns…
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ED Slaps FEMA Contravention Notice On WazirX

ED Slaps FEMA Contravention Notice On WazirX

The exchange and its promoters denied any wrongdoing and said they are 'in compliance with all applicable laws'. The ED issued a statement saying that it stumbled upon the transactions of the exchange during an ongoing money-laundering probe into 'Chinese-owned' illegal online betting applications. The show-cause notice is for transactions worth Rs 2,790.74 crore, the ED said. The Enforcement Directorate (ED) on Friday said it has issued a show-cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA).Mumbai headquartered WazirX is as a domestic…
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