TSMC unit TSMC Global acquires fixed-income securities for $12 million
This investment aligns with TSMC's strategy to manage cash reserves prudently amid ongoing global economic uncertainties and evolving semiconductor industry dynamics.
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The Hindu
2 hours ago
- The Hindu
Tax, securities regulations make buybacks unattractive for shareholders
A combination of taxation and regulatory changes have led to Indian listed companies losing interest in buyback of shares. According to PrimeDatabase, there were only four share buy back offers, amounting to a total of ₹186 crore as of June 26, 2025 . Last calendar year, this amounted to 38 offers with a total value of over ₹8,000 crore. 'As the data show, buybacks have completely dried up ever since the taxation rule change as per which has shifted the burden from companies to shareholders with effect from October 1, 2024 to bring it on a par with dividends,' said Pranav Haldea, MD of Prime Database Group. 'Buybacks have been negligible despite the bearish market which we had from October till March, during which buybacks typically thrive,' he said. 'Companies who might have wanted to buyback shares may have already completed it in September 2024 after the Budget announcement,' Mr. Haldea added. 'Companies which were considering a buyback may have accelerated their plans to launch before the new taxation rules came into effect,' he said. The Union government had announced that with effect from October 2024, income from buyback of shares would be taxed on a par with income from dividend. Earlier, companies were paying a 20% buyback tax. If the income that shareholders receive is considered as dividend, then shareholders will have to pay capital gains. This, according to experts, may have made buybacks less attractive for shareholders and hence may not have led to such a demand even during a bear market. Besides the North Block regulation, the markets watchdog might have also contributed to the trend. 'The reduction is primarily a consequence of SEBI's regulatory changes. SEBI had been progressively reducing the option for companies to buy back their shares through the open market, and starting this FY, it has eliminated. Companies are now restricted to undertaking a buyback only through the tender offer route,' said Arindam Ghosh, partner at Khaitan & Co. Merchant bankers, who were earlier advising companies on buyback offers, may have now lost their stream of income. 'It is possible that merchant bankers previously active in share buyback deals are facing challenges, given the recent regulatory changes by SEBI phasing out the open market buyback route. They may need to shift their focus to other areas where they are mandatorily required to be involved as an intermediary,' Mr. Ghosh said.
Time of India
6 hours ago
- Time of India
Wakefit Innovations files draft papers with Sebi; seeks to raise ₹468 crore via fresh issue
NEW DELHI: Home and furnishings company Wakefit Innovations Ltd has filed preliminary papers with markets regulator Sebi , seeking its approval to raise funds through an initial public offering (IPO). The proposed IPO of the Bengaluru-based company is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP) filed on Thursday. As part of the OFS, the promoters -- Ankit Garg and Chaitanya Ramalingegowda and other selling shareholders -- Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares. Wakefit proposes to utilise the proceeds from the fresh issue worth Rs 82 crore for setting up of 117 new COCO -- Regular Stores and one COCO -- Jumbo Store; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 145 crore for expenditure for lease and sub-lease rent and license fee payments for existing stores. Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes. Also, the company may consider a Pre-IPO Placement aggregating up to Rs. 93.6 crore. If such placement is undertaken, then the fresh issue size will be reduced. Wakefit, which was incorporated in 2016 is among the fastest homegrown players in the home and furnishings market in India. It has a wide range of mattresses, furniture, and furnishings which it sells through both own channels and external channels (including various marketplaces, such as major e-commerce platforms and multi-branded outlets). It is a fullstack vertically integrated company, enabling it to control every aspect of operations, from conceptualizing, designing and engineering products to manufacturing, distributing and providing customer experience and engagement. Wakefit operates five manufacturing facilities of which two are situated in Bengaluru, Karnataka, two at Hosur, Tamil Nadu, and one at Sonipat, Haryana. Wakefit reported revenue from operations of Rs 986.3 crore in FY24. Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and the NSE.
New Indian Express
7 hours ago
- New Indian Express
Pump and dump scam: Sebi says has raided many shell companies
The raids primarily involved 15-20 shell companies which were allegedly created by promoters of some listed companies to pump and dump their own shares. At least two listed agro-tech companies along with their promoters are said to be at the helm of the alleged network, sources had said. 'Sebi has seized several documents including company documents, rubber stamps. Preliminary assessment suggests the scam was at least Rs 300 crore, however more details would emerge once the seized documents are analysed,' a source was quoted by one such report. Generally, in cases of pump and dump schemes, Sebi issues an order against the entities. In in very few cases, Sebi also uses its search and seizure powers against the entities like in the current case. The pump and dump scam works in the following manner: promoters create shell companies and register them as proprietary traders which will buy and sell the company stocks later. In the past, there have many instances where Sebi has gone after promoters of small and mid-cap companies for manipulating their stocks. In a pump and dump scheme, entities related to the scamsters first start buying shares of own companies in large numbers to drive up the stock price and once the price has gone up significantly, it catches the attention of retail investors and the manipulators then exit the stock at a profit by selling the shares to gullible retail investors. In one such case the Sebi investigators have found that the stock price of a little known company rose from below Re 1 to Rs 40 in a span of less than a year and then the stock again fell back to about Rs 2-3. This happened despite there being any change in terms of business of the company or its earnings, clearly indicating a fraudulent scheme. The Sebi is also said to be monitoring some Telegram channels where these stocks are being advertised by non-Sebi registered analysts and is looking at whether these Telegram groups are also part of the manipulation scheme.
