Latest news with #PublicOffering
Indian Express
9 hours ago
- Business
- Indian Express
Gujarat: ED opposes bail of Bahubali Shah in ‘money laundering' case
The Enforcement Directorate (ED) has opposed a plea seeking regular bail, filed by director of Lok Prakashan Ltd, Bahubali Shah, who was arrested in connection with a case of alleged money laundering. The agency, in its submissions filed on May 31 before the Principal District and Sessions Judge, Ahmedabad (Rural), claimed that evidence showed Bahubali 'possessed the proceeds of crime by acquiring IPO (initial Public Offering) shares of NTPC and TCS which were reserved for retail category,' through corporate entities. The ED said that it had come across the evidence while investigating a 2016 complaint filed by the Securities and Exchange Board of India (SEBI) against two corporate entities and their directors and that entities were under investigation. In the complaint by SEBI, M/s Excell Multitech Ltd, M/s Zenet Software Ltd and their directors had been named as accused in cases of alleged 'irregularities' detected in the IPOs. On May 15, the ED raided the offices of Lok Prakashan Ltd -run Gujarat Samachar newspaper in Ahmedabad and arrested Bahubali. He complained of uneasiness and was first moved to V S Hospital and then, on the request of his family, to Zydus Hospital where he was admitted to the ICU. He was granted interim bail by a local court for treatment, on May 16. Bahubali then moved a the regular bail application, which came up for hearing on May 31. The ED submission, accessed by The Indian Express, stated that the aforementioned corporate entities had provided finances to M/s Sugandh Estates and Investments Pvt Ltd (SEIPL), which in turn, opened a large number of fictitious accounts and fraudulently cornered the IPO shares of TCS and NTPC that were meant for retail investors. On the basis of the SEBI complaint, the ED then registered an Enforcement Case Information Report (ECIR) on August 16, 2023 to investigate into the aspect of 'money laundering'. Subsequently, the agency issued summons to the directors of the said corporate entities. In her statement to the ED on November 28, 2023, accused Saryuben H Vora, director of both companies, had shared details of the sources of income of both the firms which had 'cornered the shares of TCS and NTPC'. 'M/s Lok Prakashan Ltd gave Rs15 crore to M/s Zenet Software Ltd and Rs5.86 crore to M/s Excell Multitech Ltd. Further, the court submission further stated that Shreyansbhai S Shah gave Rs3.3 crore to M/s Zenet Software Ltd and Shreyansbhai S Shah HUF gave Rs2.86 crore to M/s Excell Multitech Ltd,' stated the submission by ED. The ED also said that 'the ledger books of the accused corporate entities allegedly revealed that Lok Prakashan Ltd received 6,46,922 shares of NTPC and 13,780 shares of TCS, while Rs10.94 crore were refunded to it by M/s Zenet Software Ltd and Rs4.74 crore were refunded to it by M/s Excell Multitech Ltd via Demand Drafts. Shreyansbhai S Shah (Managing Editor of Gujarat Samachar) received 85,600 shares of NTPC and Rs2.769 crore were refunded to him by M/s Zenet Software Ltd. Further, Shreyansbhai S Shah HUF received Nil shares and Rs2.86 crore were refunded to it by M/s Excell Multitech Ltd.' The ED submission further stated that it sent four summons to Bahubali, the then Managing Director of M/s Lok Prakashan Ltd, between December 27, 2023 and February 21, 2024. Bahubali appeared before the ED on February 28, 2024, and allegedly submitted that Dhiren Vora, associated with the accused companies, and son of Saryuben had approached him and said he would receive financial benefits if he provided funds to him. The ED said that when further documents were sought from Bahubali and summons issued, he allegedly neither submitted the documents, nor appeared before the agency. The ED further sent three summons to Bahubali on March 2, 14 and 28 last year but he allegedly neither appeared nor submitted the documents, 'thereby not cooperating with the PMLA investigation'. After a search was conducted at the premises of Bahubali in Ahmedabad's Satellite area on May 15, this year, his statements were taken wherein he allegedly undertook to submit the sought for documents within the two weeks, the ED said. It further said: '…there are reasons to believe based on material in possession, that Bahubali S Shah is actively involved in acquisition, possession, concealment, and use of proceeds of crime obtained and derived as a result of criminal activity relating to scheduled offences (by acquiring IPO shares of NTPC and TCS which were reserved for retail category) and he is guilty of the offence of money laundering under section 3 of PMLA, and punishable under section 4 of PMLA; hence he was arrested under section 19 of PMLA. The analysis of the material gathered and statements of various persons recorded under section 50 of PMLA clearly points out that Bahubali Shah is guilty of the offence of money laundering. Disclosures made by Bahubali Shah under PMLA, warrant his custodial interrogation.' The ED's submission also stated, 'Further, Bahubali Shah is the son of the founding editor of Gujarat Samachar and a highly influential person having family business running across various sectors including construction, chemical industry, fishing, trade and financial services. Therefore it is possible that Bahubali Shah may influence the witnesses/ other co-accused.' Advocate Devang Vyas, appearing for Bahubali had told The Indian Express that they had sought time to file a reply and the matter had been adjourned till June 10, 2025.
Yahoo
4 days ago
- Business
- Yahoo
/C O R R E C T I O N -- OHI Group S.A./
In the news release, OHI Group S.A. Announces Intention to Submit Confidential Draft Registration Statement for Proposed U.S. Initial Public Offering, issued 29-May-2025 by OHI Group S.A. over PR Newswire, we are advised by the company of an update to the media contact. The complete, corrected release follows: LUXEMBOURG, May 29, 2025 /CNW/ -- OHI Group S.A., a société anonyme organized under laws of Luxembourg (the "Issuer"), today announced that it intends to confidentially submit a draft registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the "SEC") relating to a proposed initial public offering of its ordinary shares in the United States. The timing, number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined. The proposed initial public offering is subject to market and other conditions, including completion of the SEC's review of the registration statement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). This announcement is being issued in accordance with Rule 135 under the Securities Act. Contact:Ivan CoyardGroup CFOPhone: (+351) 910019317e-mail: View original content: SOURCE OHI Group S.A. View original content:
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Business Standard
6 days ago
- Business
- Business Standard
Hero FinCorp receives Sebi's go-ahead to float Rs 3,668 crore IPO
Hero FinCorp, the financial services division of two-wheeler manufacturer Hero MotoCorp, has received Sebi's go-ahead to float a Rs 3,668 crore Initial Public Offering (IPO), an update with the markets regulator showed on Wednesday. The proposed IPO is a combination of fresh issue of equity shares worth Rs 2,100 crore and an Offer For Sale (OFS) of Rs 1,568 crore by investor shareholders, according to the Draft Red Herring Prospectus (DRHP). Those selling shares in the OFS are -- AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd. As per the update, Hero FinCorp, which filed its preliminary IPO papers with Sebi in August, obtained its observations on May 22. In Sebi's parlance, obtaining observations means its go-ahead to launch the public issue. Going by the draft papers, proceeds from the fresh issue will be used to increase the company's capital to meet future funding needs for lending activities. Hero FinCorp is an NBFC offering a diversified suite of financial products catered primarily to the retail, micro, small and medium enterprise (MSME) customer segments in India. As of March 2024, the NBFC firm had assets under management (AUM) of Rs 51,821 crore, of which retail and MSME loan verticals contributed 65 per cent and 21 per cent, respectively. Since the company's inception in 1991, its customer base has grown to 1.18 crore as of March 2024. JM Financial Ltd, BofA Securities India Ltd, HSBC Securities and Capital Markets (India) Private Ltd, ICICI Securities Ltd, Jefferies India Private Ltd and SBI Capital Markets Ltd are the book running lead managers of the proposed IPO. The equity shares of the company are proposed to be listed on the BSE and NSE.
Time of India
6 days ago
- Business
- Time of India
Hero FinCorp gets Sebi nod to float Rs 3,668 cr IPO
Hero FinCorp, the financial services division of two-wheeler manufacturer Hero MotoCorp , has received Sebi 's go-ahead to float a Rs 3,668 crore Initial Public Offering (IPO), an update with the markets regulator showed on Wednesday. The proposed IPO is a combination of fresh issue of equity shares worth Rs 2,100 crore and an Offer For Sale (OFS) of Rs 1,568 crore by investor shareholders, according to the Draft Red Herring Prospectus (DRHP). Those selling shares in the OFS are -- AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd. As per the update, Hero FinCorp, which filed its preliminary IPO papers with Sebi in August, obtained its observations on May 22. In Sebi's parlance, obtaining observations means its go-ahead to launch the public issue. Going by the draft papers, proceeds from the fresh issue will be used to increase the company's capital to meet future funding needs for lending activities. Live Events Hero FinCorp is an NBFC offering a diversified suite of financial products catered primarily to the retail, micro, small and medium enterprise (MSME) customer segments in India. As of March 2024, the NBFC firm had assets under management (AUM) of Rs 51,821 crore, of which retail and MSME loan verticals contributed 65 per cent and 21 per cent, respectively. Since the company's inception in 1991, its customer base has grown to 1.18 crore as of March 2024. JM Financial Ltd , BofA Securities India Ltd, HSBC Securities and Capital Markets (India) Private Ltd, ICICI Securities Ltd, Jefferies India Private Ltd and SBI Capital Markets Ltd are the book running lead managers of the proposed IPO. The equity shares of the company are proposed to be listed on the BSE and NSE.
Business Standard
7 days ago
- Business
- Business Standard
NR Vandana Tex's Rs. 27.89 crore IPO to open on May 28
PNN Kolkata (West Bengal) [India], May 27: The Rs. 27.89 crore Initial Public Offering (IPO) of NR Vandana Tex Industries Limited, a leading designer, manufacturer and wholesaler of cotton textile products, is set to open on Wednesday, May 28, and will close on Friday, May 30. The company has fixed a price band of Rs. 42 to Rs. 45 per share. The IPO is a completely fresh issue of 61,98,000 shares and will raise Rs. 27.89 crore at the upper end of the price band. The company has reserved 29,37,000 shares for Qualified Institutional Bidders (QIBs), 11,97,000 shares for Non-Institutional Bidders (NIBs), and 20,64,000 shares for retail applicants. The lot size is 3,000 shares. For retail investors, both the minimum and maximum application size is 6,000 shares (two lots), amounting to Rs. 2,70,000. For High-Net-worth Individuals (HNIs), the minimum application size is 9,000 shares, with a minimum application amount of Rs4,05,000. NR Vandana Tex Industries aims to utilise the net proceeds from the issue to meet working capital requirements (Rs. 16.28 crore), repayment of certain loans (Rs. 5 crore), and the rest for general corporate purposes. The shares are expected to list on the NSE SME Emerge platform on June 4. The lead manager of the issue is Marwadi Chandarana Intermediaries Brokers, while Cameo Corporate Services is the registrar. Alacrity Securities is the market maker. NR Vandana Tex Industries specialises in the design, manufacture and wholesale of premium cotton textile products, including cotton sarees, salwar suits, and bed sheets. Its operations cover all stages of production, including cutting, dyeing, embroidery, sewing, embellishment, finishing, inspection, and packing. The company also outsources a portion of its production to 229 job workers, providing them with specific technical instructions to ensure consistency in quality. The company markets its products under the "Vandana" and "Tanaya" brands and operates under the B2B model. As of March 2025, it served a network of 1,397 wholesalers across 31 states and union territories and also leveraged a B2B e-commerce platform. It actively engages with potential clients through direct visits and leverages strong local market connections to expand its reach. As of March 31, 2025, NR Vandana Tex Industries offered a portfolio of over 1,500 SKUs, catering to various market segments and price ranges. Regionally, its revenue distribution stands at 88.10% from the East, 7.34% from the West, 2.46% from the South, and 2.10% from the North. The company employed 86 full-time staff and 34 contractual workers as of April 2025.
