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Business Standard
6 days ago
- Business
- Business Standard
Sebi flags ₹77,800 cr as difficult-to-recover dues in FY25 annual report
The Securities and Exchange Board of India (Sebi) has identified approximately ₹77,800 crore as 'difficult to recover' dues in its annual report for the financial year 2024-25, marking a nearly 2 per cent increase from the previous year. These dues remain unrecovered despite exhaustive recovery efforts. Of the total, over ₹61,200 crore pertains to cases pending before court-appointed committees, while ₹12,300 crore relates to parallel proceedings pending in state PID courts, the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), and the Supreme Court. Sebi clarified that categorising dues as difficult to recover (DTR) does not prevent officials from pursuing recovery if circumstances change. In the report, Sebi Chairman Tuhin Kanta Pandey underscored the regulator's commitment to simplifying regulations, easing norms for foreign portfolio investors (FPIs), and enhancing investor awareness. Pandey said Sebi will undertake a comprehensive exercise to rationalise existing regulations, mindful that excessive or overlapping rules increase compliance costs. He added that Sebi aims to streamline the regulatory framework for FPIs to facilitate smoother operations and promote long-term foreign capital inflows. Recent initiatives include easier registration for FPIs investing solely in Indian government securities and a proposed single-window clearance system — 'SWAGAT-FI' — for low-risk FPIs. 'Efforts will focus on streamlining processes, removing regulatory bottlenecks, and strengthening engagement with FPIs and stakeholders. Investor education, including cyber-fraud awareness, remains a top priority,' Pandey said. Other key focus areas this year include easing compliance requirements for stockbrokers, simplifying offer documents, reviewing restrictions on asset management companies, and implementing reforms for alternative investment funds. Sebi is also reviewing the margin trading funding (MTF) framework, including eligible securities. As of August 8, the MTF book stood at ₹92,000 crore, according to NSE data. The regulator has constituted a committee to review Takeover Regulations, tasked with simplifying and strengthening the framework in line with judicial rulings and global best practices. Sebi also conducted a nationwide investor survey to shape its investor awareness strategy and has bolstered cybersecurity and technological infrastructure. Inspection activities surged significantly last year, with 312 stockbroker inspections in FY25, up from 146 in FY24. Inspections of investment advisers and research analysts also rose sharply to 207 and 149, respectively, compared to 21 and 15 the previous year. Settlement application filings jumped to 703 in FY25 from 434 in FY24. Regarding pending cases, as of March 2025, 520 matters awaited resolution at the Supreme Court, while 960 were pending at the Securities Appellate Tribunal (SAT).
Business Upturn
28-04-2025
- Automotive
- Business Upturn
SML Isuzu shares hit 10% lower circuit as Mahindra & Mahindra announces major acquisition for Rs 555 crore
Shares of SML Isuzu hit a 10% lower circuit after Mahindra & Mahindra Limited (M&M) announced definitive agreements to acquire a 58.96% stake in the company for Rs 555 crore. This move marks a major step for Mahindra to strengthen its presence in the trucks and buses segment. The acquisition involves purchasing 43.96% equity from Sumitomo Corporation and 15% from Isuzu Motors Limited at Rs 650 per share. Furthermore, M&M will launch a mandatory open offer to acquire up to 26% of public shareholding at Rs 1,554.60 per share, following SEBI's Takeover Regulations. Advertisement Post-transaction, SML Isuzu will become a listed subsidiary of Mahindra, giving the auto giant complete control. Strategically, this acquisition aligns with Mahindra's goal to expand in the commercial vehicle space. While M&M commands a dominant 52% share in the sub-3.5 tonne LCV segment, it currently holds only 3% in the >3.5T CV category. The deal is expected to double Mahindra's market share to 6% immediately, with an ambitious target of 10-12% by FY31 and over 20% by FY36. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Business Upturn
26-04-2025
- Automotive
- Business Upturn
Mahindra & Mahindra to acquire 58.96% stake in SML Isuzu for Rs 555 crore
By Aditya Bhagchandani Published on April 26, 2025, 20:55 IST Mahindra & Mahindra Limited (M&M) announced on Friday that it has entered into definitive agreements to acquire a 58.96% stake in SML Isuzu Limited (SML) for a total outlay of Rs 555 crore, strengthening its presence in the trucks and buses segment. The acquisition includes buying 43.96% equity from Sumitomo Corporation and 15% equity from Isuzu Motors Limited at Rs 650 per share each, aggregating to Rs 413.55 crore and Rs 141.09 crore respectively. Additionally, M&M will make a mandatory open offer to acquire up to 26% of the public shareholding at Rs 1,554.60 per share, in line with SEBI's Takeover Regulations. Post-completion, Mahindra will gain control of SML Isuzu, which will become its listed subsidiary. Strategic Importance The proposed acquisition aligns with Mahindra's strategy to grow its commercial vehicle business. Currently, M&M holds a 52% market share in the sub-3.5 tonne LCV (light commercial vehicle) category but only about 3% in the >3.5T CV segment. This acquisition is expected to double Mahindra's market share to 6% immediately, with a target to reach 10-12% by FY31 and 20%+ by FY36, according to the company. About SML Isuzu Incorporated in 1983, SML Isuzu is a leading player in the intermediate commercial vehicle (ILCV) buses segment with around 16% market share . SML reported a revenue of Rs 2,196 crore and EBITDA of Rs 179 crore in FY24. The company has a manufacturing facility in Punjab and exports to countries like Bangladesh, Nepal, Bhutan, Ghana, and Dubai. Management Commentary Dr. Anish Shah, Group CEO & MD of Mahindra Group, said, 'The acquisition of SML Isuzu marks a significant milestone in Mahindra Group's vision of delivering 5x growth in our emerging businesses.' Rajesh Jejurikar, Executive Director and CEO of Auto and Farm Sector, M&M, added, 'SML brings a strong legacy, a loyal customer base, and a credible product portfolio that complements Mahindra's offerings in the trucks and buses segment. This acquisition is a pivotal step toward becoming a full-range formidable player in commercial vehicles.' Timeline and Approvals The transaction, including the open offer, is subject to regulatory approvals, notably the Competition Commission of India (CCI), and is expected to be completed by December 2025. Kotak Investment Banking is advising Mahindra on the transaction and managing the open offer, while Khaitan & Co is serving as the legal advisor. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
26-04-2025
- Automotive
- Business Upturn
Mahindra to acquire majority control in SML Isuzu at Rs 650 per share; launches open offer at Rs 1,554.60 per share
By Aditya Bhagchandani Published on April 26, 2025, 21:17 IST Mahindra & Mahindra Ltd (M&M) has announced that it will acquire a 58.96% stake in SML Isuzu Limited (SML) for an aggregate consideration of Rs 555 crore. The acquisition includes purchasing a 43.96% stake from Sumitomo Corporation and a 15% stake from Isuzu Motors Limited, both at a price of Rs 650 per share. Additionally, M&M will make a mandatory open offer to acquire up to 26% of SML's public shareholding at Rs 1,554.60 per share, in line with SEBI's Takeover Regulations. Upon completion of these transactions, Mahindra will gain control of SML, and the company will become a listed subsidiary of Mahindra & Mahindra. Strategic rationale M&M's acquisition is aimed at expanding its market share in the commercial vehicle segment, particularly the >3.5 tonne segment, where it currently holds only a 3% market share. The acquisition is expected to double Mahindra's market share to 6% immediately. The company aims to grow its market share to 10–12% by FY31 and over 20% by FY36. The proposed acquisition is also seen as a move to unlock synergies in operations, supply chains, product offerings, manufacturing, and talent, thereby enhancing Mahindra's commercial vehicle play. About SML Isuzu Incorporated in 1983 , SML Isuzu is a listed player in India specializing in light commercial vehicles (LCVs) and medium commercial vehicles (MCVs), including buses and trucks. SML has a 16% market share in the intermediate commercial vehicle (ILCV) bus segment. The company reported an operating revenue of Rs 2,196 crore and EBITDA of Rs 179 crore for FY24. It has a manufacturing facility in Punjab and exports vehicles to Bangladesh, Nepal, Bhutan, Ghana, and Dubai. Management Commentary Dr. Anish Shah, Group CEO & MD of Mahindra Group, said: 'The acquisition of SML Isuzu marks a significant milestone in Mahindra Group's vision of delivering 5x growth in our emerging businesses. This acquisition is aligned with our capital allocation strategy for investing in high potential growth areas which have a strong right to win and have demonstrated operational excellence.' Mr. Rajesh Jejurikar, Executive Director and CEO of Auto and Farm Sector, Mahindra & Mahindra Ltd., added: 'SML brings a strong legacy, a loyal customer base, and a credible product portfolio that complements Mahindra's existing offerings in the trucks and buses segment. This acquisition is a pivotal step toward our ambition to become a full-range, formidable player in commercial vehicles by enhancing market coverage, unlocking operating leverage, and scaling rapidly.' Transaction details Stake acquired : 43.96% from Sumitomo Corporation and 15% from Isuzu Motors Limited. Price : Rs 650 per share for both transactions. Open offer price : Rs 1,554.60 per share for public shareholders. Total consideration for acquisition : Rs 555 crore. Completion timeline: Subject to regulatory approvals, including from the Competition Commission of India (CCI), and expected to be completed by December 2025. Kotak Investment Banking is acting as the financial advisor to M&M and manager to the open offer, while Khaitan & Co is serving as the legal advisor. Disclaimer: The information provided is for informational purposes only and should not be construed as investment advice. Readers are advised to consult a financial advisor before making any investment decisions. Business Upturn and the author are not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
23-02-2025
- Business
- Yahoo
KKR Acquires Controlling Stake in Indian Healthcare Provider Healthcare Global Enterprises for $400 Million
KKR to be the largest and controlling shareholder MUMBAI, India, February 23, 2025--(BUSINESS WIRE)--KKR, a leading global investment firm, and Healthcare Global Enterprises (BSE: 539787; NSE: HCG; "HCG"), a leading healthcare organization in India, today announced the signing of definitive agreements with CVC, a leading global private markets manager, under which funds managed by KKR ("KKR") will become the largest shareholder in HCG and assume sole control of HCG's operations. Dr. BS Ajaikumar, Founder of HCG, will take on the role of Non-Executive Chairman and be focused on driving clinical, academic and research and development excellence. As part of the transaction, KKR will acquire up to 54% of equity in HCG from CVC Asia V at a purchase price of INR 445 per share. Pursuant to the Securities and Exchange Board of India's ("SEBI") Takeover Regulations, an open offer will be conducted by KKR to purchase additional equity shares in HCG from public shareholders. Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77%. Founded in 1989, HCG is one of India's largest oncology hospital chains. HCG operates 25 medical care centers across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theaters and 40 linear accelerator machines (LINACs). Akshay Tanna, Partner and Head of India Private Equity, KKR, said, "HCG is a pioneer in cancer care in India and has established itself as an important healthcare provider in the country for the past three decades. As healthcare continues to be a thematic focus for KKR in India, our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services and care to more patients in the country. We look forward to leveraging KKR's global healthcare expertise to strengthen HCG's offerings and working with Dr. BS Jaikumar to further enhance HCG's clinical excellence." Dr. BS Ajaikumar, Founder, HCG, said, "I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. Patient well-being and outcomes will always be a top priority for us at HCG, and in my new role as Non-Executive Chairman, I will focus on clinical aspects involving multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics." Siddharth Patel, Managing Partner, CVC, said, "We are proud to have supported HCG's transformation at a critical juncture in time to build it into one of India's leading healthcare organizations and the delivery of high-quality care to many patients over the years." Amit Soni, Partner, CVC added, "Our partnership with Dr. Ajaikumar and the management team is a testimony to the ability to combine clinical and professional acumen to increase the reach of cancer care in India. We thank Dr. Ajai and the management for their unparalleled support and commitment to a common vision." KKR makes its investment from its Asia Fund IV. This transaction marks KKR's latest investment in India's healthcare space. Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-specialty hospital chains in India; Healthium, a leading Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; Max Healthcare, one of India's largest hospital networks; JB, a leading branded formulations pharmaceutical company in India and Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company. The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals. About HCG HealthCare Global Enterprises Ltd. (HCG), headquartered in Bengaluru, is one of the largest providers of cancer care in India. Through its network of 25 comprehensive cancer centers, HCG has brought advanced cancer care to the doorstep of millions of people. HCG's comprehensive cancer centers provide expertise and advanced technologies for the effective diagnosis and treatment of cancer under one roof. About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at About CVC CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of approximately €249 billion from some of the world's leading pension funds and other institutional investors. Funds managed or advised by CVC's private equity strategy are invested in approximately 140 companies worldwide, which have combined annual sales of over €162 billion and employ over 580,000 people. For further information about CVC please visit: Follow us on LinkedIn. View source version on Contacts Media Inquiries For HCG Shipali S Poojaryshipali.p@ For KKR Wei Jun Ong+65 6922 For CVC Delna IraniAdfactors PR+91 22 6757 4444cvc@
