Shanti Gold eyes Rs 360-cr via IPO; issue to open on Jul 25
Shanti Gold International, a gold jewellery manufacturer, has set the IPO price band at ₹189-₹199 per share, aiming to raise ₹360 crore. The IPO opens on July 25 and closes on July 29, featuring a fresh issue of 1.81 crore shares. Proceeds will fund a Jaipur facility, working capital, debt repayment, and general corporate needs.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Manufacturer of gold jewellery Shanti Gold International on Tuesday fixed a price band of Rs 189 to Rs 199 per equity share for its upcoming Rs 360-crore initial public offering (IPO).The IPO will open for public subscription on July 25 and close on July 29, the company said.The issue is entirely a fresh issue of 1.81 crore shares worth Rs 360.11 crore, at the upper-end of the price band, with no offer-for-sale (OFS) component.Proceeds of the issue will be used for setting up a facility in Jaipur, funding the company's incremental working capital requirements, payment of debt and for general corporate purposes.The Mumbai-based Shanti Gold specialises in the design and production of various types of gold jewellery. As of now, the company has an installed manufacturing capacity of 2,700 kg per annum.Shanti Gold's revenue from operations increased by 55.52 per cent to Rs 1,106.41 crore in fiscal 2025, from Rs 711.43 crore in the preceding fiscal and profit after tax rose to Rs 56 crore in fiscal 2025, from Rs 27 crore in fiscal 2024.The company announced that half of the issue size has been reserved for qualified institutional buyers , 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Choice Capital Advisors is the sole book-running lead manager to the issue. PTI
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
16 minutes ago
- Mint
Trump's Billions in Climate Cuts Have Nonprofits Scrambling to Survive
If any nonprofit epitomizes the whiplash experienced by climate advocacy groups in the US over the past few years, it's Rewiring America. Founded in 2020 shortly before former President Joe Biden was elected, the organization focuses on shifting US homes from fossil fuel-powered appliances to electric ones like heat pumps — a prime goal of Biden's Inflation Reduction Act when it was passed in 2022. Rewiring America was poised to receive nearly $500 million from a $27 billion program created by that law. In February, the group was blocked from accessing those funds, and the Environmental Protection Agency, which administers the program, has since terminated $20 billion in grants because of 'substantial concerns' about 'program integrity, the award process, programmatic fraud, waste, and abuse, and misalignment with [the] agency's priorities.' The program is under investigation by the Federal Bureau of Investigation, according to the agency. Meanwhile, grantees have sued over frozen bank accounts. The funding uncertainty put Rewiring America in a bind, says Chief Executive Officer Ari Matusiak, 'and so we had to make the decision to operate financially as though the dollars weren't there.' It's led to Rewiring America laying off 36 staff — more than a quarter of the organization — and scaling back its work while putting more focus on regional projects. President Donald Trump's assault on clean energy regulations and funding has hit other parts of the climate NGO sector. Biden-era programs that injected billions into nonprofits have been culled, and leading philanthropists have warned they'll be unable to fill in the gap. At risk is the energy transition in the US as nonprofits struggle to provide services while also playing defense to protect remaining federal climate programs. 'We still need to act now to stop some of the worst impacts of climate change,' says Randall Kempner, founder and executive director of the Climate Philanthropy Catalyst Coalition. 'That fact has not changed. If anything, our ability to move on that has been negatively impacted by the change in the administration and its policies.' Rewiring America isn't alone: US climate-related nonprofits have cut positions and looked for other ways to cut costs in recent months as the flow of funds has dried up. Environmental group RMI has also cut jobs, laying off about 10% of its staff in May following federal funding cuts. The New Orleans-based nonprofit Deep South Center for Environmental Justice had to lay off eight staffers after losing a $13 million, five-year federal grant in February, says Beverly Wright, the group's founder and executive director. 'We hired a lot of people we had to let go,' Wright says. 'I thank God we hadn't hired even more.' Nonprofits were among the entities eligible for around $54 billion of the IRA's nearly $105 billion in climate grants and direct agency spending, according to the Inflation Reduction Act Tracker, a project run by Columbia Law School and the Environmental Defense Fund. For organizations highly dependent on public money, 'the funding became so uncertain that their survival required contracting the workforce,' says Alexander Reid, a tax policy expert and nonprofit consultant at BakerHostetler who works with many climate nonprofits. The White House didn't respond to specific questions about the effect of cuts on nonprofits. Spokesperson Taylor Rogers says the tax law Trump recently signed 'will create thousands of good, new, good-paying jobs thanks to the explosive growth' it will bring. Rewiring America is part of a coalition dubbed Power Forward Communities that applied for a grant from the $27 billion Greenhouse Gas Reduction Fund , which supports providing clean energy in low-income and disadvantaged communities. The group was awarded $2 billion last year, of which Rewiring America itself was set to receive nearly $500 million over seven years to help electrify homes at a discount. The EPA specifically singled out Power Forward Communities before it terminated $20 billion in GGRF grants, calling it 'a new nonprofit with ties to Stacey Abrams' — who previously worked with Rewiring America — and suggesting that the organization shouldn't have received funding because it was new and had limited revenue in 2023. Despite the layoffs, Rewiring America is still moving forward with the home equipment upgrade program, though at a smaller scale, a spokeswoman says. The group has also decided to focus its efforts on states and localities and invest less in federal work, which the organization sees as less winnable, says a former employee impacted by the layoffs. The five employees dedicated to state and local policy were unaffected by the layoffs, a spokesman says. Power Forward Communities is suing Citibank, accusing the bank of 'unlawful suspension of accounts,' which the group says it is legally entitled to. But the organization has had to lay off staff, and two of the coalition's five members — Habitat for Humanity International and United Way Worldwide — have left. Climate United Fund, another GGRF recipient that also had its money frozen, is suing Citibank alongside Power Forward Communities. The group has lost about 10 of 35 staffers since February due to layoffs, departures and reassignments, says Chief Executive Officer Beth Bafford. Coalition members CPC Climate Capital and Self-Help Climate Capital have also had to fire and reassign staff, Bafford says. When the Kresge Foundation surveyed grantees earlier this year about the impact of federal grant cancellations, as many as half of groups receiving climate-related grants reported that they were either already affected or at risk of being affected. Many were benefiting from IRA funds, and shortfalls ranged from 20% to up to 80% of their budgets. RMI, which now has fewer than 700 staffers, had five federal agreements canceled, according to a spokesperson. Those represented a relatively small portion of the group's overall revenue — around $7.5 million compared to $170 million in revenue and support listed in its most recent annual report — but the philanthropic organizations that provide most of its funding are also facing uncertainty, the spokesperson says. Smaller NGOs working at the local or regional level are also reeling — and often have fewer resources to cushion the blow. The Deep South Center for Environmental Justice was expecting funding to help dramatically scale up the group's work with community-based organizations focused on climate resilience issues like flash flooding, overflowing sewers and toxic air in underserved areas. The nonprofit previously partnered with 10 to 20 community groups a year and aimed to reach at least 200 across 14 states. 'We're back to getting all these phone calls we can't respond to,' Wright, the executive director, says. 'It's disheartening and stressful.' The IRA grant was one of two big federal programs supporting the group's work, she says. It hasn't heard back about the other grant, which has helped fund the center for more than 30 years. Without it, the organization may need to lay off more staff. Not all organizations are feeling the same pressure. Executive Director Todd Paglia says that the advocacy group has never accepted corporate or government cash and that its model is designed specifically to avoid political shifts' impact on grants and giving. 'We want to maintain our independence,' he says. Paglia says that the organization has a 'diverse stream of revenue sources,' including tens of thousands of donors, foundations and many high-net-worth individuals. 'We are not having the downturn that a lot of groups are having,' he says. Some foundations are increasing their giving or easing administrative processes for grantees. But 'there are definitely going to be some foundations who do not want to run afoul of the Trump administration,' says Kempner, the founder and executive director of the Climate Philanthropy Catalyst Coalition, given its attacks on 'private-sector organizations with whom it disagrees.' Large institutional foundations are most likely to increase their grantmaking, says Kempner, whose coalition is composed of philanthropic networks, advisory firms and foundations. Corporate giving has also continued, he says, but organizations aren't talking about it as much or are shifting how they describe their climate programs, part of a phenomenon known as greenhushing. Philanthropies are also more likely to focus on legal defense of policies like the IRA and areas where there may be more climate momentum, including at the state and local level, Kempner says. The MacArthur Foundation announced in March that it plans to increase its giving over the next two years in response to Trump's attempts to cut budgets, going from 5% of its endowment to 6%. However, the extra cash will be spread across multiple focus areas, says Deborah Philbrick, a senior program officer within climate solutions at the MacArthur Foundation. 'It's not the role of philanthropy to backfill for the government in all cases. It's a balancing act,' Philbrick says. Some organizations she oversees are reporting funding gaps in the millions, she added. The Kresge Foundation, which provides about $20 million in grants to environmental organizations a year, says it is simplifying its processes to help nonprofits spend 'time and energy where it is needed most,' according to a letter President and CEO Rip Rapson sent out to more than 900 grantees on June 3. Kresge anticipates spending more this year to help grantees survive the federal funding pullback, says Rapson, noting nonprofits don't have the cash reserves needed to get through a year or 18 months. 'There's no way that philanthropy over the next two or three or four years can fill in where the federal government has pulled back,' he says. 'A foundation like Kresge is a mid-sized foundation, and yet we could deplete our annual grantmaking easily with just a handful of grants to people who are in vulnerable positions.' This article was generated from an automated news agency feed without modifications to text.
Time of India
31 minutes ago
- Time of India
Yaduveer inspects Unity Mall project at Doddakere
Mysuru: Mysore MP on Monday visited Dasara Exhibition Grounds at Doddakere, opposite the Mysuru Palace, to inspect the centrally-sponsored Unity Mall project, which is being developed on 6.5 acres. Tired of too many ads? go ad free now He was accompanied by Krishnaraja MLA TS Srivatsa, Karnataka State Industrial Development Corporation (KSIDC) chief engineer Suresh Babu, and executive engineer Hemanth Kumar. During his visit, Wadiyar observed the initial stages of construction. Yaduveer said that the mall's construction, sanctioned by the Union govt at a cost of Rs 192.99 crore and implemented by KSIDC, is scheduled for completion by the end of 2027. The project includes a Wrestling Pavilion, Sky Walk, 3D theatre, and other facilities aimed at promoting the wrestling activities for which Mysuru is renowned. The Centre has also sanctioned the construction of similar malls in Gujarat and Tamil Nadu to boost trade, commerce, hospitality, and tourism. The mall, also known as Unity Mall and inspired by Delhi Haat, will be built in Indo-Saracenic style. Under the Swadesh Darshan scheme, the Union govt has provided interest-free loans to establish Unity Malls in Karnataka with the primary aim of showcasing local handicrafts from all 31 districts, 28 states, and 8 union territories under one roof. The mall will also feature dedicated spaces for sandalwood products, silk products of the state, rosewood inlay works, geographical indication (GI) tagged products like Mysuru jasmine, Mysuru betelnut, Najangud rasabale, Mysuru Pak, and other Make In India products, reflecting the rich cultural heritage of the Mysuru region. The architectural design of the mall will embody India's unity and grandeur, incorporating elements like grand facades, atriums, and landscaping. Tired of too many ads? go ad free now Amenities will include a state-of-the-art food court, parking, and designated areas for recreational and cultural activities. Additionally, there will be conference rooms, galleries, exhibition spaces, and parking facilities as per the project plan. A total of 99 stalls will be available for exhibitions, open to visitors throughout the year. The three-storeyed Unity Mall will feature a grand entry, ticket counter, food counter, bar and restaurant, mall management office, restrooms, conference room, fire safety systems, prayer hall, kids play area, commercial complexes, and a wrestlers' room on the ground floor. The first floor will include one country, one product stalls, a Mysuru painting gallery, toilet stores, multi-purpose theatres, and a 3D IMAX theatre. The second floor will house stalls related to one district, one product, other state govt stalls, and gaming facilities. The third floor will contain additional stalls, with 14 on the ground floor, 23 on the first floor, 43 on the second floor, and 19 on the third floor.
Time of India
an hour ago
- Time of India
Online frauds cheat investors with fake luxury goods scheme, 8 arrested
Noida: Eight members of an online fraud racket that lured people with promises of becoming millionaires were arrested on Sunday. The accused operated via Google Meet, convincing targets to invest Rs 1.5 lakh by purchasing fake luxury goods like gold, diamonds, and watches. Payments were collected during the meetings, often in dollars or bitcoins. When investors failed to make profits, they were pressured to buy more products and even offered fake loans to continue investing. Those arrested include Vidhan Dagar (27), Kaushik Dagar (31), Tapas Dhara (28), and Ganesh Bera (23), natives of West Bengal; Satish Shaw (29) of Jharkhand; Kalpesh Raju Bhai (23) of Gujarat; Gurvinder Singh (29) of Ludhiana; Gurdeep Singh (39) of Punjab. All of them were residents of the Bisrakh area, Greater Noida. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Ten laptops, five tablets, 13 mobile phones, a cheque worth Rs 1 crore, 30 ATM cards, four watches, and a Swift car were recovered from their possession. According to Greater Noida's additional DCP Sudhir Kumar, a man named Pravin Kumar Pal registered a complaint stating that he and his cousin had been duped out of a large sum of money by an online business. Acting on the complaint, Ecotech-1 police traced and arrested the accused. Ecotech-1 police station in-charge Arvind Verma said the accused worked for a Dubai-based online company, commonly known as QNET/VIHAAN, which lured people in "get-rich-quick" schemes. The company was already under investigation in Delhi, Rajasthan, and Meghalaya. Explaining the gang's modus operandi, Verma stated that the gang held webinars on Google Meet and made the targets pay Rs 1.5 lakh to join the company. The targets were sold products such as gold, diamonds, and watches, and were told to resell them for bigger profits. In most cases, the victims did not receive the products. Those who did found them to be of substandard quality. "The accused now face charges under sections 318(4) (cheating), 351(2) (criminal intimidation), and 61(2) (criminal conspiracy) of the BNS at the Ecotech-1 Police Station," Verma said.
