Promoters of CleanMax raise Rs 400 crore in pre-IPO round
renewable energy
company,
CleanMax
, have raised ₹400 crore from
360 One Asset Management
to increase shareholding in the company in a
pre-IPO funding
completed last month. Founder Kuldeep Jain will raise stake from 14% to 21%. The money raised at 13% interest for 3 years will be repaid from IPO proceeds, people familiar with matter said.
"The promoter is looking to fortify his stake before the imminent listing, the DHRP of which is likely to be filed later this year," said a person. "The increase in stake through private transactions will ensure promoter stake remains around 15% even after a likely offer for sale in the IPO." A CleanMax spokesperson did not respond to an email seeking comment. A 360 One spokesperson said he had no comments to offer to ET's email query.
Productivity Tool
Zero to Hero in Microsoft Excel: Complete Excel guide
By Metla Sudha Sekhar
View Program
Finance
Introduction to Technical Analysis & Candlestick Theory
By Dinesh Nagpal
View Program
Finance
Financial Literacy i e Lets Crack the Billionaire Code
By CA Rahul Gupta
View Program
Digital Marketing
Digital Marketing Masterclass by Neil Patel
By Neil Patel
View Program
Finance
Technical Analysis Demystified- A Complete Guide to Trading
By Kunal Patel
View Program
Productivity Tool
Excel Essentials to Expert: Your Complete Guide
By Study at home
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
ETMarkets WhatsApp channel
)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
14 minutes ago
- Economic Times
Accel-backed Bluestone Jewellery cuts India IPO size
India's Bluestone Jewellery and Lifestyle has trimmed the size of its initial public offering, a prospectus showed on Tuesday. ADVERTISEMENT The Accel India-backed company will now issue fresh shares worth 8.2 billion rupees (about $93 million), down from 10 billion rupees earlier. Its existing shareholders, including venture capital firms Accel India and Kalaari Capital, will now sell 13.9 million shares in the offering, lower than the 24 million shares proposed earlier. Bluestone will launch the IPO on August 11 and close bids on August 13. Anchor investors will bid for the share sale on August 8. The jeweller was seeking a valuation of at least 120 billion rupees ($1.37 billion) in the IPO, Reuters reported in December, citing sources. The overall IPO size was slated to be around 30 billion rupees, the sources had said. The company may consider issuing specified securities, in consolidation with bookrunning lead managers, aggregating up to 2 billion rupees in pre-IPO placement, its draft prospectus from December said. ADVERTISEMENT The company, which sells diamond, gold, platinum and studded jewellery, competes with Titan, Kalyan Jewellers and Tribhovandas Bhimji Zaveri among listed firms in India. Proceeds from the offering will be used to fund working capital requirements and general corporate purposes, the Bluestone prospectus showed. ADVERTISEMENT Axis Capital, IIFL Capital and Kotak Mahindra Capital are its bookrunning lead managers. ($1 = 87.7790 Indian rupees) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
34 minutes ago
- Time of India
Mountain radars, SPYDER system & more: Defence Ministry clears Rs 67,000 cr proposals to give a boost to armed forces
The defence ministry on Tuesday cleared key military projects including procurement of long endurance drones and missile systems at a cost of around Rs 67,000 crore. The projects were approved by the Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh . Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program For the Indian Navy, approval was accorded for the procurement of compact autonomous surface craft , BrahMos fire control system and launchers and upgradation of BARAK-1 point defence missile system, the defence ministry said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo For the Indian Navy, AoN was accorded for the procurement of Compact Autonomous Surface Craft, BrahMos Fire Control System & Launchers and Upgradation of BARAK-1 Point Defence Missile System. The procurement of Compact Autonomous Surface Craft will provide the capability to the Indian Navy for detection, classification and neutralisation of threats in anti-submarine warfare missions. For the Indian Air Force, AoN for procurement of Mountain Radars and Upgradation of SAKSHAM/SPYDER Weapon System was accorded. The procurement of mountain radars will enhance the air surveillance capability along and across the borders in the mountainous region. The upgradation of SAKSHAM/SPYDER System for integration with Integrated Air Command and Control System will enhance the Air Defence capability. Live Events AoN was also accorded for procurement of Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft (RPAs) for the three Services. The proposed MALE RPAs can carry multiple payloads & weapons and operate at longer ranges for long endurance missions. They will significantly enhance round-the-clock surveillance and combat capability of the Armed Forces. In addition, DAC has also accorded AoN for sustenance of C-17 and C-130J fleets and comprehensive annual maintenance contract of S-400 Long Range Air Defence Missile System.
Time of India
34 minutes ago
- Time of India
CCI okays Dalmia Bharat's proposal to acquire Jaiprakash Associates
The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat 's proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process . Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant. Players as billionaire Gautam Adani-led Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI to seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC). A Supreme Court's directive mandates obtaining CCI approval before the committee of creditors can vote on any resolution plan that qualifies as a combination under the Competition Act. Live Events "The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd (JAL) by Dalmia Cement (Bharat) Ltd (acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the regulator said in a release. Dalmia Cement (Bharat) Ltd is a wholly owned subsidiary of Dalmia Bharat Ltd (DBL), which is the flagship company of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. On the other hand, Jaiprakash Associates operates in multiple sectors including cement, real estate, hospitality, and engineering, procurement and construction. JAL is engaged in diverse business activities viz, real estate, cement, hospitality, engineering, procurement, and construction. "Commission approves proposed acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd," CCI said in a post on X. A similar combination notice has also been filed with the CCI by the Adani Group as part of the same insolvency process. JAL was admitted into the CIRP through the National Company Law Tribunal , Allahabad Bench, order dated June 3, 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India . JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other and several other companies. Jaypee Group 's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
