Cordelia Cruise owner files DRHP, NSEIX inks MoU with CSE, and more

Business Standard

10 hours ago

Waterways Leisure Tourism, which operates Cordelia Cruises, has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The proposed ₹727-crore IPO will be a fresh issue entirely.
The IPO proceeds will be used for payment of deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping.
Waterways Leisure Tourism currently operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises, and since its launch, 549,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024.
The firm's cruise vessel primarily sails to domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna.
Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers.
Biocon launches ₹4,500-cr QIP
Biocon has launched a qualified institutions placement (QIP) to raise ₹4,500 crore. The biopharmaceutical firm will issue up to 139 million new shares — 11.6 per cent of the current outstanding equity base. The floor price for the QIP has been set at ₹323.2. Shares of Biocon last closed at ₹357.3, valuing the firm at ₹42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday.
Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale.
IFC commits $60 mn to Motilal Oswal Alternates
The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement to invest $60 million in Motilal Oswal Alternates' India Business Excellence Fund V G (IBEF VG), with an additional $60 million co-investment envelope.
The fund, targeting $750 million (with a $150 million green-shoe option), will support 12–16 mid-market companies in consumer, financial services, life sciences and manufacturing sectors, focusing on expansion, job creation and technology adoption, particularly in India's Tier-II and Tier-III cities.
Managed by MO Alternates, the private investment arm of Motilal Oswal Financial Services Ltd, IBEF VG aims to bridge the funding gap for small and medium enterprises (SMEs) in underserved regions. IFC will also support the fund in enhancing women's workforce participation through workshops and standards.
NSE IX inks MoU with Cyprus Stock Exchange
The NSE International Exchange (NSE IX), based in GIFT City, has signed a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE). The agreement was formalised during a roundtable event held in Limassol, Cyprus, during the official visit of India's Prime Minister Narendra Modi and attended by President of the Republic of Cyprus, Nikos Christodoulides.
The MoU establishes a framework for multifaceted collaboration between NSE IX and CSE, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge and research collaboration, capacity-building initiatives and fintech engagement programmes.
PM Modi said: 'I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat's GIFT City.'
RIL sells another 0.89% stake in Asian Paints
Siddhant Commercials, a subsidiary of Reliance Industries (RIL) on Monday, sold another 0.89 per cent stake in Asian Paints via block deals. The RIL entity sold 8.5 million shares at Rs 2,207 apiece to ICICI Prudential Mutual Fund for Rs 1,876 crore. Last week, it had sold 35 million shares (3.6 per cent equity) at Rs 2,201 apiece to SBI Mutual Fund for Rs 7,704 crore. At the end of March 2025 quarter, Siddhant held 4.9 per cent stake (47 million shares) of the paints major.
AlphaGrep Securities gets in-principle approval for MF foray
AlphaGrep Securities, a quantitative investment firm specialising in systematic strategies, has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into mutual funds (MFs). AlphaGrep Investment Management (AGIM), the asset management vertical of the financial services firm, will house the proposed MF business. AGIM has an AUM of over Rs 2000 crore and 500+ clients across two CAT III AIFs (long-short), Long Only PMS and GIFT City-domiciled outbound CAT III AIF, the company said.