Tag: listing

Shares of Life Insurance Corporation of India (LIC) hit an all-time low, falling 3 percent to Rs 776.1, on the BSE on Monday, which is 18 percent down from its IPO issue price of ₹ 949. With the fall in share prices, the market capitalization of the company also fell below Rs 5 lakh crore to Rs 4.98 lakh crore. It is now the seventh most valuable company in the country. LIC share is trading in the red for the fifth straight session. The scrip has slumped by around 7 percent in the last five sessions The decline in LIC shares is far sharper than the general decline in the market.LIC shares got listed on the stock exchanges on May 17. Since its listing, the scrip has closed in the positive four sessions. For the rest of the days, it witnessed selling pressure. Read more

Auto components maker Rolex Rings based in Gujarat made its stock market debut on Monday with its shares listing at ₹1,250 per share on the NSE, surging nearly 39% premium over its issue price of ₹900 per share. It rallied up to Rs 1,264.95, up 40 percent. Analysts had expected it to debut with a 45-50 percent premium. The Rolex Rings was subscribed a massive 130 times by investors last month. Rolex Rings’ Rs 731 crore IPO was a mix of fresh issues of equity shares worth Rs 56 crore while the remaining Rs 675 crore was an offer for sale (OFS) by existing shareholders. The company's price band was fixed at ₹880-900 per share. The company is one of the top five forging companies in India, in terms of installed capacity The client base of Rolex Rings consists of leading global bearing manufacturers such as SKF, Timken, Schaeffler, NEI & NRB Bearings. Read more

The Indian benchmark indices traded nearly half a percent higher in early deals today (24th June 2021) ahead of 44th Reliance Industries AGM and the monthly F&O expiry. The S&P BSE Sensex was up 250 points, or 0.5 percent, at 52,560 levels and the Nifty50 index topped the 15,750-mark. TCS, Infosys, and Tata Steel were the top Sensex gainers, while Bajaj Auto and NTPC were the top laggards. Majority of the Nifty sectoral indices traded in the green, led by the Nifty IT index, up 0.9 percent. The S&P BSE MidCap index was flat in the broader markets while the SmallCap index ticked up 0.3 percent. The shares of Shyam Metalics and Sona Comstar are slated to list on the bourses today. A strong debut is on the cards for Shyam Metalics while Sona Comstar is likely to witness a muted listing, suggest grey market trends. Read more

Fifty listed companies are not to be found on their registered address and had been suspended for violations for more than six months. The stock exchange has also been unable to contact them through other means. The BSE had reached out to them with show-cause notices in December 2020.The latest notice dated May 26 gave the companies 15 days to respond. A number of companies raised money from investors in the 1990s and then were untraceable. These came to be known as ‘vanishing companies’. “We have given the notice to non-compliant companies seeking compliance. Where the company does not respond, further steps as mentioned above will be taken. Declaring a company as a ‘vanishing company’ is done by the Ministry of Corporate Affairs as per their criteria,” said an exchange official. Read more

The metals major is about to close a 5-day reverse book building process today (Oct. 9) in which public shareholders have already tendered 137.1 crores of the total 169.73 crore shares held by them, against the minimum requirement of 134 crore shares taking the promoter shareholding to above the 90% threshold required for a successful delisting. Shares of the company closed 3.83 per cent higher at Rs 122.10 on Friday, Of the 137 crore shares, more than 69 crore shares tendered up to Rs 155 per share, 21 crore at Rs 160 per share and 31.80 crore at Rs 320 per share. The Bombay Stock Exchange has extended the bidding till 7 pm today as some of the retail shareholders reportedly faced trouble in tendering shares. The discovered price on account of the reverse book building process will be announced soon. It is the price at which the promoter shareholding reaches 90% of the total issued and paid-up equity share capital of the company. Read more

The government is considering an amendment to the Companies Act to allow unlisted Indian companies to list abroad, as per a Business Standard news. The Companies Amendment Bill is expected to be tabled in the ongoing Parliament session, with changes including decriminalisation and a reduced compliance burden. “We will specify the jurisdictions where Indian firms can list. They will be mature and compliant with the Financial Action Task Force,” as per a MCA official. Currently, Indian companies tap foreign capital mostly through American depository receipts (ADRs) or global depository receipts.The Ministry of Corporate Affairs (MCA) is also planning to introduce an enabling provision in the law to ensure large unlisted companies have to file quarterly results on the MCA21 portal.