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Mint
32 minutes ago
- Business
- Mint
IndiQube Spaces IPO: Workspace solutions provider raises ₹314 crore from anchor investors ahead of public issue
IndiQube Spaces IPO: Workplace solutions provider IndiQube Spaces completed its anchor investor round on Tuesday, July 22, 2025. The company raised over ₹ 314 crore from anchor investors ahead of its initial public offering (IPO). IndiQube Spaces allocated a total of 1,32,62,658 equity shares or 1.32 crore equity shares to the anchor investors at an allocation price of ₹ 237 per share, the company informed BSE in an exchange filing. Of the total equity shares allocated to the anchor investors, 8,932,571 shares were assigned to 8 domestic mutual funds across 21 schemes. Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV & WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, Motilal Oswal Large Cap Fund, Malabar India Fund & Malabar Midcap Fund are some of the key anchor investors who were allocated equity shares. Additionally, Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, TOCU Europe III S.A R.L., Groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius Private Limited, and Societe Generale were also allotted equity shares. Notably, WestBridge Capital, along with group companies Aravali Investment Holdings, WestBridge AIF I, Konark Trust, and MMPL Trust, has a pre-offer shareholding of 27.95 per cent in the company and is not diluting any stake. On Tuesday, July 22, the grey market premium (GMP) of Indiqube Spaces IPO stood at ₹ 23 per share at 8:36 pm. With the upper price band at ₹ 237 per share, the shares of the company are expected to be listed at ₹ 260, with a premium of 9.7 per cent, according to data from Investorgain. Indiqube Spaces has set the price band for the public issue at ₹ 225 to ₹ 237 per equity share. The company aims to raise ₹ 700 crore from this public offer, of which ₹ 50 crore is reserved for offer for sale (OFS). The remaining ₹ 650 crore will be raised through the issuance of fresh shares. In fiscal 2025, IndiQube reported a total income of Rs1,103 crore and a CAGR of 35 per cent from fiscal 2023. The company's EBITDA stood at ₹ 660 crore with a return on capital employed (RoCE) of 34.21 per cent.
Express Tribune
an hour ago
- Express Tribune
Eight SBCA officers get bail in building collapse case
Listen to article An Additional District and Sessions Judge (South) has approved the bail applications for eight officers of the Sindh Building Control Authority (SBCA) who were arrested following the tragic incident of building collapse in Lyari's Baghdadi area. Each officer has been ordered to submit a surety bond of Rs1 million. During the hearing, the court questioned the duration of posting of the accused and their specific roles. Defence lawyer Shahab Sarki Advocate contended that the accused had no direct involvement in the collapse, and their official postings were not explicitly linked to the case. He noted that the building, constructed in 1986, had not obtained NOC at the time of its construction. When the court inquired if the building was constructed illegally. The defence confirmed that the SBCA had no records of it. The court then asked whether any notice had been issued declaring the building as dangerous. The lawyer replied that no such notice was issued, nor was the building officially declared hazardous. "Then whose negligence is this?" the court pressed. Sarki responded by questioning how an illegally constructed building was provided with essential utility connections like electricity, gas, and water. He attributed negligence to various committees, including the demolition committee (headed by the deputy commissioner, with members like the SSP and assistant commissioner), another committee involving the SBCA director general, Mukhtiarkar, and other officers, and the supervision committee (chaired by the commissioner, with the additional IG and other members). Sarki also pointed out that in 2024, the SBCA had declared 722 buildings dangerous and advised evacuation, raising the question of why K-Electric provided utility connections to the building in question. The prosecutor asserted that the inquiry report clearly identified the roles of the accused. However, when the court asked if the accused were specifically named in the inquiry, the defence stated they had not received the report and that the building was not specifically mentioned within it. According to the report, accused officer Zargham Haider served for four months, Ashfaq Khokhar for a total of nine months over two tenures, and Faheem Murtaza for only two months in 2024. Another defence lawyer, Mustafa Advocate, added that Irfan Haider served for only one month. He asked for a thorough investigation. The defence further highlighted that Lyari is a sensitive area and the SBCA lacks a proper enforcement force. He pointed out that this is an inquiry case with no charge sheet (challan) presented yet, advocating for the formation of a Joint Investigation Team (JIT). The court also observed that the sections applied in the case appeared weak and reiterated that it is the state's responsibility to compensate the victims. 21 SBCA officers served final show cause notices Director General (DG) of Sindh Building Control Authority (SBCA) has issued final show-cause notices to 21 SBCA officers in Central District, directing them to submit their replies within a week. In January 2025, these officers were initially served show-cause notices over allegations of collusion with the builder mafia, but no action had been taken so far. Following the SBCA DG Shahmeer Khan Bhutto directive, the inquiry has now been reactivated after a six-month Shahmeer has initiated strict departmental proceedings against government officers and officials facilitating illegal constructions in Karachi. The officers facing disciplinary action include assistant directors Shiraz Nazir, Jangi Khan Magsi, Asad Khan, Murtaza Tunio, Dileep Kumar, Majid Ali Magsi, Syed Muzammil Hussain and Fayaz Hussain Mehr. Also named are Deputy Director Aftab Ahmed Soomro, Inspectors Abid Ali Bhutto, Shahid Hussain Jokhio, Aamirul Hasan, Aurangzeb Khan, Taufiq Ansari, and Syed Javed Qadeer, along with several other officials. According to sources, these officers allegedly played a direct role in enabling unauthorized constructions across Central District. Earlier this year, they were ordered to take action against illegal structures but reportedly failed to comply with the directives. Insiders further revealed that the SBCA is preparing a separate list of officers allegedly involved in similar illegal activities in Karachi's East District.
India.com
5 hours ago
- Business
- India.com
Rs 3780000000 loss: Major security breach hits Indian crypto exchange CoinDCX, here's what exactly happened?
Rs 3780000000 loss: Major security breach hits Indian crypto exchange CoinDCX, here's what exactly happened? A major security breach was reported at Indian cryptocurrency exchange CoinDCX in recent days. Because of the security breach**,** the company lost approximately Rs 378 crore (USD 44.2 million). As per reports, the incident took place on July 19 at around 4 am. Someone made unauthorised access to an internal operational account on a partner exchange. However, CoinDCX has assured its users that the security breach will not affect their funds and they will remain secure. CoinDCX Filed An FIR According to the FIR, the Indian cryptocurrency exchange stated that it is covering the entire financial loss using its own treasury funds, so customers won't be affected. Co-founders Sumit Gupta and Neeraj Khandelwal took to X and attributed the major security breach to 'sophisticated server attack' that attacked the internal wallet whish is used by the company for liquidity provisioning. 'Today, one of our internal operational accounts – used only for liquidity provisioning on a partner exchange – was compromised due to a sophisticated server breach. I confirm that the CoinDCX wallets used to store customer assets are not impacted and are completely safe. This won't cause any loss to our customers. CoinDCX will be bearing the full amount,' Gupta wrote in the post. 'The total amount lost was Rs378 crore ($44 million) out of our treasury assets. CoinDCX Treasury will be bearing these losses,' Khandelwal posted. Who Detected The Security Breach? The security breach was first detected by blockchain investigator ZachXBT, following which CoinDCX made the announcement. A 17-hour delay in publicly disclosing the incident has drawn online criticism, despite widespread praise for the company's efforts to safeguard user funds. Withdrawal Requests Overwhelmed CoinDCX's Systems As soon as the security breach news came out, users overwhelmed the CoinDCX's systems with withdrawal requests, leading to its portfolio APIs becoming temporarily unresponsive. The API is responsible for displaying balances and transaction histories, but due to the unresponsiveness, several users were stuck and were unable to view their holdings. Following a security breach, CoinDCX fired leading cybersecurity firms and reported the incident to India's CERT-In. A full investigation is underway, and the company plans to release its findings. This incident comes after a significant 2024 hack of WazirX, resulting in India's largest cryptocurrency exchange theft to date, exceeding Rs1,965 crore (USD 230 million).
Express Tribune
21 hours ago
- Business
- Express Tribune
Property tax surge sends buyers reeling
With the start of the new fiscal year 202526, a massive hike in commercial and residential property registry fees across Rawalpindi district has left citizens and buyers deeply troubled. Along with this increase, a building map fee has also been imposed on buyers. While advance tax on property registration has been reduced by 1.5 per cent, the gain tax has been raised by the same margin. Deputy Commissioners across the district have increased DC rates in all commercial and domestic zones by 10 per cent to 20 per cent. These changes have led to a sharp spike in registry costs. According to the revised rates and taxes, the complete registry fee for a five-marla house has soared to Rs350,000. In the commercial sector, registry costs have gone up by Rs500,000 to Rs1 million. Despite the hike in taxes, gain tax and map fee, the online challan fee payment system remains non-functional. As a result, even ten days into the new fiscal year, not a single registry or power of attorney has been processed. At Rawalpindi Cantonment and City Tehsil offices, registry work remains stalled. Registrations have been halted since June 15 and have yet to resume. According to the Property Registrar Office, the new DC rates have not yet been uploaded to the registry app. The app will only open for new registries once the updated rates are uploaded in the next three days. Stamp Vendors Union Secretary General Sheikh Mudasir said that this year has brought extreme financial pressure on property buyers. For a new registry, buyers must pay 1 per cent stamp duty, 1 per cent municipal corporation duty, 4.5 per cent gain tax, 2per cent map fee, 1per cent FBR e-tax, 0.10per cent online processing fee, and 1.5per cent cantonment board fee. This brings the total to 10.5per cent of the property's value for filers and up to 18per cent for non-filers. Property Dealers Association Vice President Hassan Shah said that the excessive increase in fees and taxes has opened doors for loopholes. Now buyers will declare residential properties as dilapidated structures to reduce costs with insider collusion, bringing down expenses by nearly 20 per cent. This will not only result in significant government revenue loss but also promote tax evasion and increase transactions through power of attorney, bypassing proper registration. Billing delay halts property trades Twenty-one days into the new fiscal year, residents of Rawalpindi and Chaklala cantonment boards are facing difficulties as new billing for property tax, water charges, and other revenues has yet to be issued. Sources said delays in issuing computerised bills under the new tariff - which includes a 150pc to 200pc increase in water and conservancy charges - have completely stalled property transactions and related services. Despite the old tariff being applicable to outstanding dues, billing of arrears has also been linked to the new system. As a result, citizens seeking to clear dues and complete sale or purchase of properties are being told to wait. Speaking to media, Rawalpindi Cantonment Board spokesperson Imran Habib said the new bills, including outstanding dues and revised charges, are being finalised. The delay, he added, was due to incorporating revised tariffs approved in the recent board meeting. He assured that billing would be issued within the next couple of days.
Time of India
a day ago
- Politics
- Time of India
Special Centre for Marathi Language, Pending for Nearly 17 Years, Set to Become Reality at JNU
New Delhi: A special centre to promote Marathi language, literature and culture, pending for nearly 17 years, is set to become a reality at the (JNU). The University will inaugurate the Kusumagraj Special Centre for Marathi Language, Literature and Culture on July 24, it said in a statement. Tired of too many ads? go ad free now On the same day, the university will also lay the foundation stone for the Chhatrapati Shivaji Maharaj Special Centre for Security and Strategic Studies, which will be housed under the School of International Studies. Maharashtra Chief Minister will inaugurate the Marathi centre and lay the foundation stone for the defence studies centre. Deputy Chief Minister Eknath Shinde and Ajit Pawar will be the guest of honour. Along with them, ministers Uday Samant, Chandrakant Patil and Ashish Shelar are also expected to attend. The Maharashtra government has sanctioned Rs10 crore each for the two centres. The proposal for the Marathi centre was first announced in 2007 by then Chief Minister Vilasrao Deshmukh, who had signed an MoU with JNU and allocated Rs1 crore for the project. However, it remained stalled for years.
