Tata Capital has submitted revised and updated DRHP at SEBI
As per reports, submitting offer documents prior to filing is an optional alternative approach for conducting an Initial Public Offering on the mainboard. Under SEBI regulations, firms looking to launch an IPO on the mainboard are required to "pre-file" the offer document with SEBI.
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Indian Express
2 hours ago
- Indian Express
Jane Street seeks more time from Sebi to respond to July 3 interim order
New York-based proprietary trading firm Jane Street on Monday asked the Securities and Exchange Board of India (Sebi) more time to respond to July 3 interim order, which accused the group of engaging in manipulative trading practices. 'We are engaging constructively with Sebi and have sought an extension to respond to the interim order issued on July 3,' Jane Street group said in a statement. The group said it is committed to conduct that upholds the integrity of India's capital markets and contributes to their continued development. On July 3, the Sebi ordered the seizure of alleged Rs 4,843.57 crore 'illegal gains' Jane Street made through manipulative trading in Nifty futures. The markets regulator also barred the firm from participating in any securities trading until the amount was recovered. In its interim order, Sebi had given 21 days (from July 3) to Jane Street to file their reply or objections. In response to the Sebi order, the US firm, on July 14, deposited Rs 4,843.57 crore in an escrow account with a lien in favour of the regulator. The group clarified that the deposit was made without prejudice to its legal rights and remedies, which it intends to pursue. Following the deposit of the money, Sebi permitted Jane Street to resume operations on July 21. However, the US firm will stay away from trading in both the options and cash markets until it resolves several issues with the regulator, a report by Reuters had said. Jane Street, a major player in India's derivatives space, had strongly rejected Sebi's allegations. In internal communications, the firm called the regulator's claims 'extremely inflammatory' and said it was deeply disappointed.
Time of India
2 hours ago
- Time of India
Panasonic in talks to buy controlling stake in Focus Lighting and Fixtures
Panasonic may acquire a controlling stake in Focus Lighting and Fixtures. This would be Panasonic's second electricals acquisition in India. The deal involves buying the Sheth family's shares and a public offer. Negotiations are advanced, but due diligence has revealed issues. The acquisition could cost Panasonic ₹526 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi | Kolkata: Panasonic is in talks to buy a controlling stake in business-to-business (B2B) light fittings maker Focus Lighting and Fixtures , in what would be its second acquisition in the electricals segment in India after nearly two decades, said people aware of the Sheth family, founding shareholders of Focus Group, owns 55% of the NSE-listed company. The remainder is with the public including individuals and bodies is looking to acquire the promoters' entire shareholding in Focus Lighting, said the people cited above. A potential deal would trigger a mandatory open offer to the company's public shareholders for at least 26% stake as per Sebi guidelines, they acquisition would cost Osaka-headquartered Panasonic about ₹526 crore, including the 26% open offer, based on Focus Lighting's current market capitalisation, as per ET's to the people cited above, the negotiations are at an advanced stage, but the due diligence of Focus has brought to light issues which need to be addressed before inking the contract.A spokesperson for Panasonic's electric works business divisions (erstwhile Anchor) said the speculation "appears to be unfounded." "No such information has been shared, and to our knowledge, no such facts exist," he which listed on NSE's small and medium enterprises (SME) board in 2017, did not respond to ET's company makes light fittings for commercial uses such as retail store facades and interiors. Its clientele includes Reliance Retail and DLF The Indian B2B market for lighting products and fixtures is mostly unorganised with the presence of several small and local companies in the segment. Matsushita Electric , Panasonic's previous avatar, had acquired household name Anchor Electricals in 2007, getting a foothold in the business-to-customer (B2C) home electricals and light fitting electric works business, which includes LED lighting products, switches and wires, cables, smart home products and energy solutions is the largest revenue contributor for Panasonic in India, accounting for over half of Panasonic Life Solutions India Pvt Ltd sales, the flagship entity. The rest comes from AC, televisions, industrial and system solutions, lithium-ion battery trading, and smart factory solutions of SMT machines, robotic arms and welding efforts to acquire control of Focus Group underscores its strategy to enhance its footprint in the B2B segment, its biggest revenue-generator globally.
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Business Standard
2 hours ago
- Business Standard
Renault Group gets CCI nod to acquire remaining 51% stake in Indian JV
Fair trade regulator CCI on Monday approved French auto major Renault group's proposal to buy out its Japanese partner Nissan's remaining 51 per cent stake in their Indian manufacturing joint venture -- Renault Nissan Automotive India Pvt Ltd. Renault Group B V and its nominee Renault SAS are acquiring the entire shareholding of the Nissan entities in Renault Nissan Automotive India Pvt Ltd (RNAIPL). "The proposed combination involves the acquisition of equity shares and fully paid-up zero coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd," the Competition Commission of India (CCI) said in a release. Japan (Nissan) and Nissan Overseas Investments B V (Nissan Overseas) are collectively divesting their stakes in the joint venture. Renault Group B V is engaged in the designing and manufacturing of passenger cars and light commercial vehicles worldwide and Renault SAS is engaged in the construction, maintenance and manufacturing of parts and equipment. "CCI approves the proposed acquisition of certain shareholding of Renault Nissan Automotive India Pvt Ltd by Renault Group BV and Renault SAS," CCI said in a post on X. In March this year, Renault Group said it will buy out Nissan's 51 per cent stake in their Indian joint venture RNAIPL for an undisclosed amount. The JV firm operates the alliance's Chennai-based production facility, which rolls out models for both Renault and Nissan brands. As part of a global framework agreement signed between Renault Group and Nissan, Renault Group would own 100 per cent of Renault Nissan Automotive India, by acquiring the 51 per cent shareholding currently held by Nissan. The company, however, did not disclose the financial details of the transaction. Nissan will continue to use RNAIPL for sourcing vehicles for India and for exports in the coming years, Renault Group said. Meanwhile, Renault Group and Nissan will continue to operate jointly, Renault Nissan Technology & Business Center India (RNTBCI) in which Nissan will retain its 49 per cent stake and Renault Group will hold its 51 per cent stake. In a separate release, the CCI cleared the proposed combination involving Anantam Highways Trust, Alpha Alternatives Fund Advisors LLP and others (Sponsor and Sponsor Group) and Dilip Buildcon Ltd (DBL) and DBL Infraventures (DIPL). Anantam Highways is a Sebi-registered infrastructure investment trust (InvIT). DBL is engaged construction of road and highways. DIPL is a wholly owned subsidiary of DBL, and belong to the DBL Group. Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
