OYO Files DRHP with SEBI for

 OYO Files DRHP with SEBI for IPO

 ●        OYO files DRHP to raise INR 8430 cr (~$1.2 bn^^)

●        OYO’s IPO consists 83% fresh issue (INR 7000 cr) and 17% offer for sale (INR 1430 cr)

●        OYO has improved its adjusted gross margin from 10% in FY20 to 33% in FY21

●        With over 70% of employees based in India, OYO is building products in India for the world

Global travel technology company, OYO (Oravel Stays Limited) has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO) of INR 8,430 cr ($1.2bn) with the Securities and Exchange Board of India (SEBI).

Founded in 2012, OYO is a leading new-age technology platform empowering the large yet highly fragmented global hospitality ecosystem. It has been focused on reshaping the short-stay accommodation space since its incorporation and has developed a unique two-sided technology platform focused on comprehensively addressing key pain points of Patrons (being the owners, lessors and/or operators of storefronts listed on our platform) on the supply side with our flagship products like Co OYO and OYO OS, and to Customers (being travellers and guests who book storefronts on the Company’s platform) on the demand side. OYO has more than 157,000** storefronts across more than 35 countries that benefit from its platform. On the consumer side, the OYO App has been rated as the most downloaded accommodation app in Asia and third largest in the world in 2020 as per Sensor Tower.

While OYO has a global footprint, its Core Growth Markets comprise India, Indonesia, Malaysia and Europe. These are the most mature markets in terms of scale and unit economics. OYO’s share** of the total addressable market in its Core Growth Markets is less than 1%*creating significant opportunities for it to grow its footprint. As of December 2019, the company’s Total Addressable Market opportunity consisted of 54 million* short-stay storefronts. Around 88%* global hotel storefronts are in the unorganized sector, thus creating significant opportunities for OYO. The scale of OYO’s business drives a self-reinforcing flywheel underpinned by strong local network effects and operating leverage. The virtuous cycle created by this flywheel effect enhances OYO’s platform stickiness and unit economics for both OYO and its patrons with an ever-increasing scale.

 OYO’s initial public offering consists of equity shares of face value of Re. 1 each of Oravel Stays Limited aggregated up to Rs. 8,430 cr (~$1,163 million) (the “Offer”). The offer comprises a fresh issuance up to Rs. 7,000 cr (~$966 million) (the “Fresh Issue”) and an offer for sale aggregating up to Rs. 1,430 cr (~$197 million). The IPO will consist of 83% fresh issue and 17% offer for sale. The Company and its stakeholders may, in consultation with Lead Managers, consider a further issue of equity shares for cash consideration aggregating up to Rs.1,400 million (~$193 million) (the “Pre-IPO placement”). The Pre-IPO placement, if undertaken, will be at a price to be decided by the company and its stakeholders in consultation with the Lead Managers and the Pre-IPO placement will be undertaken prior to filing of the Red Herring Prospectus with the ROC.

Over the past year, the Company implemented a number of measures as a part of its COVID-19 response strategy, including accelerated development and adoption of technology and products to reduce operating costs, and repositioning its offerings. The Company also streamlined strategic and shared services functions, such as revenue management, supply, human resources, legal and finance, from country teams to regional teams to streamline processes, create more efficiencies and reduce costs. As a result of various initiatives that the Company took, its Adjusted Gross Profit Margin improved from 9.7% in Fiscal 2020 to 33.2% in Fiscal 2021 along with ~79% reduction in EBITDA losses from FY20 to FY21 despite the pandemic.

The company has an asset light business model and a lean cost structure. As of March 31, 2021, 99.9% of the company’s storefronts did not have contracts with minimum guarantees or fixed payout commitments from the company, with any investments, capital expenditure, storefront employee costs borne largely by Patrons. This enables the company to be capital-efficient and scale its business with minimal marginal costs.

OYO is able to drive the highest share of Direct-to-Consumer (D2C) channel-led demand compared to other leading traditional hotel chains in India and quite high globally**. OYO was the 3rd^ most downloaded travel app globally in 2020. With over 9.2 million subscribers just in India, OYO Wizard, is the largest loyalty program among online hotel or food brands in India.

OYO is able to ensure higher repeat rates of around 68%, in comparison to various other travel D2C players in India as well as globally*. This is driven by OYO’s wide choice of storefronts, affordability, strength in D2C channel offering and the trust it has been able to generate in the customers’ mind over time, amongst other factors. This also fuels OYO’s revenue generating capability for its patrons.

OYO aims to increase its Patrons’ revenue generation potential by providing them with access to a large Customer base through its D2C direct channels, coupled with its suite of innovative products. In India, Indonesia and Malaysia, as per Redseer study, OYO storefronts that joined the platform in 2018 and 2019, performed better* than independent hotels of similar sizes in 2019 on average. After 12 weeks of joining the OYO platform, OYO hotel storefronts generated 1.5 to 1.9* times more revenue on average compared with the average revenue estimated at an independent hotel of a similar size. In Europe, OYO home storefronts earned an average of 2.4* times more revenue compared with the average revenue estimated at an independently managed home in 2019.

With over 70% of OYOpreneurs and most of the core engineering team based out of India, OYO is building its best in class technologies and products from India for the world.

OYO has proposed/plans to use the net proceeds from the Fresh Issue towards funding the following objects: (i) Prepayment or repayment, in part, of certain borrowings availed by certain Subsidiaries; (ii) Funding organic and inorganic growth initiatives; and (iii) General corporate purposes.

Investors including Ritesh Agarwal, Lightspeed Venture Partners, Sequoia Capital, Star Virtue Investment Limited (Didi), Greenoaks Capital, AirBnB, HT Media and Microsoft are not diluting their shareholding. The offer for sale comprises of aggregate shares from a small part of SVF India (Softbank), A1 Holdings Inc. (Grab), China Lodging, and Global IVY Ventures LLP.

The Global Co-ordinators and Book Running Lead Managers to the offer are Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and Citigroup Global Markets India Private Limited. The Book Running Lead Managers to the offer are ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited, JM Financial Limited and Deutsche Equities India Private Limited.

Retail focused HFC, Aptus Value Housing gets

 Retail focused HFC, Aptus Value Housing gets SEBI approval for IPO

Aptus Value Housing Finance, one of the largest housing finance companies in terms of asset under management having the largest branch network in South India has received market regulator Securities and Exchange Board of India’s (SEBI) nod for the Initial Public Offering (IPO). The company had filed its DRHP with SEBI on 14^th May 2021.

The fund raise comprises of a fresh issue of equity shares aggregating to 500 cr and an Offer for Sale of upto 64,590,695 equity shares by Promoter and Other Selling Shareholders. As per the market sources the company plans to raise approximately Rs. 2, 600 -3,000 cr.

Since the inception of the company in 2010 till date, the company has pristine asset quality with very low NPA and as of Dec 31, 2020 the companies AUM stood at Rs 3,790.93 cr of which 72.50% were loans to self-employed customers while the balance 27.50% accounted for salaried individuals.

As on Dec 31, 2020, the company had 1,844 personnel and a network of 181 branches catering to 56,430 active loan accounts across 75 districts in Tamil Nadu (including the Union Territory of Puducherry), Andhra Pradesh, Karnataka and Telangana and has a strong capital sponsorship by marquee investors i.e Westbridge, Malabar Investments, Sequoia Capital, Steadview Capital and Madison India.

AVHFIL, whose 60% customers are located in rural/semi urban regions offers home loans for purchase and self-construction of residential property, home improvement, extension loans, loan against property and business loans, primarily to first time home buyers belonging to the low and middle income groups The ticket sizes of its loans ranges between Rs 5-15L with tenures ranging between 8.5 to 12.5 years.

The asset quality focused financier in comparison to its peers, in FY20, not only had the highest ROA of 6.3% due to its optimal product mix   and cost control measures but also had one of the lowest cost to income ratio at 26.4% as compared with peers in the Industry.

After successfully growing its presence outside its home state, Tamil Nadu to other major markets in southern India, it is now intending to expand its branch network in large housing markets in the states of Maharashtra, Odisha and Chhattisgarh.

The company has stayed resilient and has seen consistent performance through the past and ongoing macro-economic challenges. As of Dec 31, 2020 it’s Net NPA stood at 0.57%, Capital Adequacy at 75.03% and Collection Efficiency at 99.20%.

The net proceeds from the issue will be utilized towards augmenting the company’s capital base and to meet future growth requirements.

Investment Bankers appointed for the Issue are ICICI Securities Ltd, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services Ltd and Kotak Mahindra Capital Company Limited

Indian Housing Finance Market, particularly the affordable housing clocked a higher growth of 16%-18% (13% CAGR of normal housing finance) between FY18-20 on account of rise in disposable income, healthy demand from smaller city markets, and attractive interest rates on government’s impetus on housing. As an asset class it has the lowest annual credit losses.

Star Health and Allied Insurance Company Limited files

 Star Health and Allied Insurance Company Limited 

files DRHP with SEBI for its IPO

 DRHP Link: https://www.investmentbank.kotak.com/downloads/star-health-and-allied-insurance-company-limited-DRHP.pdf

Star Health and Allied Insurance Company Limited (‘SHAICL’ or the ‘Company’), the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in Fiscal 2021, according to CRISIL Research, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for its Initial Public Offering (IPO).

The Initial Public Offering comprises of equity shares of face value of ₹10 each (“Equity Shares”) of Star Health and Allied Insurance Company Limited comprising a fresh issue aggregating up to ₹20,000 million (the “Fresh Issue”) and an offer for sale of up to 60,104,677 equity shares, including up to 30,683,553 equity shares by Safecrop Investments India LLP (“Promoter Selling Shareholder”), up to 137,816 equity shares by Konark Trust, up to 9,518 equity shares by MMPL Trust (“Promoter Group Selling Shareholders”) up to 7,680,371 equity shares by Apis Growth 6 Limited, up to 4,110,652 equity shares by Mio IV Star, up to 7,438,564 equity shares by University of Notre Dame Du Lac, up to 4,110,652 equity shares by Mio Star, up to 2,509,099 equity shares by ROC Capital Pty Limited, up to 1,476,140 equity shares by Venkatasamy Jagannathan, up to 1,804,312 equity shares by Sai Satish and up to 144,000 equity shares by Berjis Minoo Desai (collectively, the “Other Selling Shareholders”). The offer includes a reservation for subscription by eligible employees (“Employee Reservation Portion”).

The Net Proceeds from the Fresh Issue are proposed to be utilized augmentation of the Company’s capital base.

 Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited and ICICI Securities Limited are the Global Co-Coordinators and Book Running Lead Managers to the Issue.

CLSA India Private Limited, Credit Suisse Securities (India) Private Limited and Jefferies India Private Limited are the Book Running Lead Managers to the Issue.

Ambit Private Limited, DAM Capital Advisors Limited (Formerly IDFC Securities Limited) and IIFL Securities Limited are the Co-book Running Lead Managers to the issue.

UTI Mid Cap Fund: Benefit from the Market’s Potential

         UTI Mid Cap Fund: Benefit from the Market’s Potential Sweet Spot

In contrast to biological life cycle, companies do go through periods of growth and saturation. Mid cap companies capture a period in the typical business life cycle, wherein companies have successfully navigated the phase inherent to small companies, such as raising initial capital, managing early growth challenges, however, these companies are likely to sustain leadership, operate with significant moat, and they are not so large enough that their ability to fast grow is disparaging. Therefore, mid-cap companies can offer a sweet spot between fast-growing small businesses and well-established large companies.

Mid cap stocks fall in between large cap and small cap stocks and are typically determined based on the market capitalization of the companies. As defined by SEBI, 101^st to 250^th company by full market capitalization are mid cap stocks. A mid cap fund predominantly invests in mid cap stocks with a minimum of 65% of the fund’s corpus in equity & equity related instruments of mid cap companies.

The Funds investing in mid cap companies provide investor an opportunity to cover broader market capitalization helping in portfolio diversification and also an opportunity to take part in growth stories of medium sized businesses. However, investors should take cognizance of its inherent risks, as both risk and reward potential of mid cap funds are relatively higher than that of well-diversified growth funds.

UTI Mid Cap Fund is an open ended equity scheme investing predominantly in mid cap companies. The Fund’s strategy focuses on investing in companies with scalable business models and long growth runway, the fund is also open to investing in good companies whose business/s are going through transitory phase of weakness OR undergoing a transformational change. The Fund pursues pure bottom-up stock selection approach to pick businesses with healthy financials and potential for sustenance of margins over a period of time. The Fund is also a well-diversified portfolio with about 70 stock covering various sectors and industries.

The Fund’s inception was on April 7, 2004 and has an AUM of over Rs. 5,500 crores with over 3.60 lakhs of unit holder accounts as of May 31, 2021. The Fund is a true to label product, therefore would prefer to have an allocation in mid cap and small cap companies in the range of 85-90% in the portfolio at all point in time. The Fund has about 70% invested into mid cap companies, 16% into small cap companies and remaining in large cap companies as on May 31, 2021. The scheme’s top holding consists of Cholamandalam Investment and Financial Services Ltd., SRF Ltd., PI Industries Ltd., Jubilant Foodworks Ltd., Mphasis Ltd., Tube Investments of India Ltd., Astral Ltd., Bharat Forge Ltd., Crompton Greaves Consumer Electronics Ltd. and Federal Bank Ltd. which accounts for about 27% of the portfolio’s holdings.

The Fund with its diversified exposure aims to strike a balance between risk and reward by following a patient approach towards companies in the portfolio and with right mix of companies with Return on Capital Employed (RoCE) and Cash flow profile. This is likely to aid in mitigating sharp return divergence and volatility of the portfolio.

UTI’s rich experience in research and fund management, coupled with coverage of large cross section of companies in mid and small cap universe will help the Fund in picking quality stocks and also avoid the poor ones.

UTI Mid Cap Fund is suitable for investors looking for an investment in a portfolio predominantly investing in mid cap companies and looking to supplement their core equity portfolio with its underlying growth potential.

Utkarsh Small Finance Bank gets

 

Utkarsh Small Finance Bank gets SEBI approval to float IPO

Utkarsh Small Finance Bank Ltd, has received market regulator Securities and Exchange Board of India’s (SEBI) nod to raise Rs. 1350 crore through the Initial Public Offering (IPO) route. The company had filed DRHP with SEBI on March 5, 2019.

The IPO consists of fresh issue aggregating up to Rs 750 crore and an offer for sale of up to Rs  600 crore by the selling shareholder Utkarsh Coreinvest Ltd. The equity shares, of face value Rs 10 each, will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange) BSE.  The public issue of shares, of face value of Rs 10 each, will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

As stated in the DRHP, the company intends to utilize the net proceeds from the fresh issue to augment its tier 1 capital base to meet future capital requirements arising out of growth in its assets, i.e Loans and Advances. The company may consider raise Rs. 250 Cr through a pre IPO placement which would be in consultation with the appointed lead managers to the issue. If the pre-IPO placement, of equity shares aggregating upto Rs 250 crore, is undertaken, the amount will be reduced from the fresh issue.

The company intends to utilize the net proceeds from the fresh issue to augment its tier 1 capital base to meet future capital requirements arising out of growth in its assets, i.e Loans and Advances. The company may consider raise Rs. 250 Cr through a pre IPO placement which would be in consultation with the appointed lead managers to the issue.

The fast growing Varanasi headquartered company, who’s SFB was incorporated in 2016 and commenced operations in 2017, is one of the most profitable small finance banks in the country as on FY 2020, according to the CRISIL report. As on September 30, 2020, the retail and technology focused, small finance bank across 528 banking outlets has served 2.74 million customers majorly located in rural and semi urban areas in the states of Bihar, Uttar Pradesh and Jharkhand that has a significant untapped market. Its deposits and disbursements have grown at a CAGR of 54.48% and 33.66% respectively, between FY 18-20 and as on March 31, 2020 had the lowest gross and net NPA ratios amongst its SFB peers. Between FY17-20 Small Finance banks have registered an AUM growth rate of 30% CAGR and the loan portfolio is expected to see a growth of 22% in the near term.

ICICI Securities Ltd., IIFL Securities Ltd. and Kotak Mahindra Capital Company Ltd. are the BRLMS to the Issue.

லம்பக் கலையில் சிறந்து விளங்கும்

            லம்பக் கலையில் சிறந்து  விளங்கும் வேலம்மாள் பள்ளி மாணவர்  

 
முகப்பேர் வளாகத்தில் உள்ள வேலம்மாள் முதன்மைப் பள்ளியின் 7 ஆம் வகுப்பு மாணவர் செல்வன் ரோஹித். வி,அண்மையில் சென்னை ஃபாரெக்ஸ் மைதானத்தில் நடைபெற்ற தமிழகத்தின் பரம்பரிய வீர விளையாட்டுப் போட்டி -2021 இல் கலந்து கொண்டு சிலம்பட்டத்திற்கான "மகாகுரு ஜம்பு ஆசான்" நினைவுப் பரிசை வென்றார்.

 இப்போட்டியினை சென்னை மாவட்ட சிலம்பாட்டக் கழகம்   ஏற்பாடு செய்திருந்தது. இது தமிழ்நாட்டின் பாரம்பரிய தற்காப்புக் கலையின் வளமான பாரம்பரியத்தை மீண்டும் மக்களிடம் கொண்டு சேர்ப்பதாக அமைந்திருந்தது.
தமிழ்ப் பாரம்பரியத்தின் நுட்பத்தை வெளிப்படுத்தும் சிலம்பாட்டத்தில்
மாணவரின் மகத்தான இச்சாதனையைப்  சாதனையைப் பள்ளி நிர்வாகம்  வியந்து பாராட்டியுள்ளது.

JSPL to divest its coal fired power business to

 JSPL to divest its coal fired power business to reduce emissions, debt

To significantly reduce JSPL carbon footprint by almost 50%

Key Highlights

● Cash Proceeds of Rs.3,015 crores to be received at closing

● Transaction in line with ESG objectives and debt reduction strategy of JSPL to create a robust balance sheet

● Enhanced Focus on India Steel business and upcoming Angul plant expansion from 6 MTPA to 12 MTPA

Chennai,  27th April 2021: Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that Jindal Steel & Power Limited ("JSPL" or "the Company") has accepted a binding offer from Worldone Private Limited ("Acquirer"), to divest its 96.42% stake in Jindal Power Limited ("JPL"), a material subsidiary of the Company. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India Steel business and significantly reduce its carbon footprint by almost half as part of its ESG objectives. The equity value is an all-cash offer of Rs. 3,015 crores for 96.42% stake in JPL including 3,400 MW Coal fired power plants in State of Chhattisgarh and other non-core assets owned by JPL.

The divestment is subject to receipt of requisite approvals including approval from shareholders of JSPL, approval from lenders of JPL and JSPL, and such other statutory approvals, consents, permissions and sanctions as may be necessary in line with the extant relevant guidelines. Grant Thornton acted as the Transaction Advisor and ran a comprehensive sale process, reaching out to numerous national & international investors for the asset. Cyril Amarchand Mangaldas, India, acted as JSPL’s legal advisor for the transaction.

Shri V.R. Sharma, MD- JSPL said, “This divestment is in line with our ESG objectives to be amongst the top 10 lowest Co2 emitting steel companies of the world. It is yet another step towards our vision to reduce debt substantially and create a robust balance sheet for our investors and stakeholders. Looking to the future, JSPL will be a key growth driver in the Indian steel industry and will now focus on undertaking expansion of its Angul steel plant from Jindal Steel & Power Limited Corporate Office Jindal Centre, 12 Bhikaji Cama Place, New Delhi 110 066 6 MTPA to 12 MTPA. Infrastructure spending in India is bound to grow exponentially and JSPL is fully aligned with GoI’s vision of achieving 300 MTPA steel production by 2030. We firmly believe in the India growth story and its potential to be an engine of global growth.”

Specialty Chemicals Company Anupam Rasayan receives

 Specialty Chemicals Company Anupam Rasayan receives SEBI Nod for 760 Cr IPO

Custom Development and Manufacturing focused speciality chemicals company Anupam Rasayan India Ltd has received market regulator Securities and Exchange Board of India’s (SEBI) nod to raise Rs. 760 crore through an Initial Public Offering (IPO). The IPO will be a complete fresh issue of equity shares of face value of Rs 10 each and will be listed on both exchanges, BSE and NSE

The issue will have 50% quota reserved for QIBs, 15% for Non-institutional investors, and 35% for retail investors and funds raised from the net proceeds will be used to repay/prepay Rs 556.19 cr of its indebtness i.e term loans, external commercial borrowings, working capital loan besides general corporate purposes

The company had filed DRHP with SEBI on December 22, 2021 and may consider a pre-ipo placement of equity shares aggregating up to Rs. 100 cr, in consultation with the BRLMs.

Anupam Rasayan India Ltd. has carved a niche for itself into speciality chemicals that involves multi step synthesis and complex chemistries such as Etherification, Acylation, Cyclization, Diazotization and Hydrolysis. It currently operates out of 6 multi-purpose manufacturing facilities based in Gujarat.

From FY18 to FY20, the company’s revenues have grown at CAGR of 24.29 % and its EBITDA for FY20 stood at Rs. 134.90 Crs. In spite of the lockdown imposed due to the COVID-19 pandemic the company’s half-yearly revenues increased by 51.51% i.e. from Rs 234.40 Crs to Rs 355.12 Crs for the comparable periods of September 30, 2019 and September 30, 2020, respectively.

Bankers appointed to the Issue are Axis Capital, Ambit Private, IIFL Securities and JM Financial

 --

Brookfield India Real Estate Trust to open IPO on

 Brookfield India Real Estate Trust to open IPO on February 03, 2021
and close on February 05, 2021

 ·         Brookfield India Real Estate Trust (“Brookfield REIT”) is issuing Units aggregating up to ₹38,000 million (“Issue”).

·         Bids open on February 03, 2021 and closes on February 05, 2021.

·         The Price Band for the Issue is from Rs. 274 to Rs. 275 per unit.

·         Bids can be made for a minimum of 200 Units and in multiples of 200 Units thereafter by Bidders other than Anchor Investors.

·         Initial public offer in reliance upon Regulation 14(1) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended (the “REIT Regulations”).

The initial public offering (“IPO”) of Brookfield India Real Estate Trust (“Brookfield REIT”), India’s only 100% institutionally managed public commercial real estate vehicle, will open on February 03, 2021 at a price band of Rs 274 to Rs 275. Brookfield REIT is issuing Units aggregating up to ₹38,000 million (“Issue”). The Issue is being undertaken in reliance upon Regulation 14(1) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended (the “REIT Regulations”).

The Units of Brookfield REIT are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). The Brookfield REIT has received in-principle approvals from BSE and NSE for listing of our Units pursuant to letters dated November 2, 2020 and November 5, 2020, respectively. BSE is the Designated Stock Exchange for the Issue.

The Net Proceeds from the Issue will be utilised towards the following objects: (i) Partial or full pre-payment or scheduled repayment (in accordance with the deployment of Net Proceeds specifics set forth under ‘Use of Issue Proceeds - Requirements of Funds’ on page 219 of the Offer Document dated January 27, 2021 (“Offer Document”) of the existing indebtedness of Asset SPVs; and (ii) general purposes.

The Issue is being made through the Book Building Process and in compliance with the REIT Regulations and the SEBI Guidelines (as defined in the Offer Document), wherein not more than 75% of the Issue shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Manager may, in consultation with the Lead Managers, allocate up to 60% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the REIT Regulations and the SEBI Guidelines.

Further, not less than 25% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the REIT Regulations and the SEBI Guidelines, subject to valid Bids being received at or above the Issue Price. The Manager in consultation with the Lead Managers, may retain oversubscription in the Issue in accordance with the REIT Regulations and the SEBI Guidelines.

All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts which will be blocked by the Self Certified Syndicate Banks (“SCSBs”), to participate in this Issue.

Bids can be made for a minimum lot of 200 Units and in multiples of 200 Units thereafter by Bidders other than the units subscribed for by Anchor Investors.

Axis Trustee Services Limited is the Trustee, while BSREP India Office Holdings V Pte. Ltd. is the Sponsor. Brookprop Management Services Private Limited is the Manager.

The Global Coordinators and Book Running Lead Managers (“GCBRLMs”) to the Issue are Morgan Stanley India Company Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited. Book Running Lead Managers (“BRLMs”) to the Issue are Ambit Private Limited, Axis Capital Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited.

Sahara paid Rs 3,226 Crore, as maturity to

 Sahara paid Rs 3,226 Crore, as maturity to investors 

in last 75 days, total Rs 1.40 Lakhs Crore paid 

in last 10 years                                                  

Sahara India Pariwar, in a statement issued to the media today, said that in last around 2 to 2.25 months alone, the group has paid Rs.3226.03 Crore to its 10,17,194 Members. Out of the total amount paid in this period, 2.18% payments were made against the requests from the delayed-payments complainants. The total delayed-payment complainants are 0.07 % of the total number of esteemed investors. Sahara has around 8 crore investors across India.

Sahara in last 10 years has made maturity payment of Rs. 1,40,157.51 Crore to 5,76,77,339 esteemed investors. Out of this only around 40% cases are of reinvestment, the rest have been paid in cash.

The group admits delay in payments, which is primarily owing to the embargo imposed for last 8 years by the Hon’ble Supreme Court. If any money is generated through selling or mortgaging assets of the group (including Co-operatives) or from joint ventures the same has to be deposited in the Sahara-SEBI account, as per the directives of Hon’ble Supreme Court. Sahara official said, “We cannot use even a single rupee for organizational work, not even for repayment to the esteemed investors.”

On the other hand, Sahara, till date, has deposited approximately Rs. 22,000 Crore including interest in the Sahara-SEBI account, whereas, despite giving four rounds of advertisements in 154 newspapers by SEBI in last 8 years across the country, SEBI has repaid only Rs. 106.10 Crore to the esteemed investors. In its last advertisement that was published around a year ago, SEBI made it clear that it would not entertain any further claim thereafter. It means that for SEBI there is no claimant left. The only reason that SEBI didn't receive any further claim was that Sahara Group had already repaid to its esteemed investors. As per the directives of the Hon’ble Supreme Court, this amount of Rs. 22,000 Crore will eventually come back to Sahara after due verification.

Sahara spokesperson clarified that some of the media reports are creating the impression that Sahara is in Chit Fund business, which is completely wrong and misleading information. Sahara was never in Chit Fund business, neither in the past nor is in present. Sahara has always worked under the regulatory legal framework.

Sahara India Pariwar said, "We have paid each and every depositor. And the interest of our esteemed investors has always been paramount to us. Sahara has been well serving its members for last 42 years and will continue to do so. Whatever money has been received from the members has been taken by fully following the legal procedures. But, because of the impact of the directive of the Hon'ble Supreme Court we are making a bit delayed repayments. However, we are giving interest for the delayed period. The same has been communicated through newspaper ads to our esteemed investors. We also like to inform that Sahara India Pariwar has assets three times its liability. Therefore, every investor should rest assured regarding their repayment." 

Statement by Ronojoy Dutta, Whole Time Director and CEO

Statement by Ronojoy Dutta, Whole Time Director and CEO:

A section of the media has reported regarding the outcome of a "preliminary SEBI enquiry" on
InterGlobe Aviation ('IndiGo'). As already notified to the Stock Exchanges yesterday, IndiGo once
again clarifies that it has not received any communication from the SEBI regarding any outcome of
any preliminary enquiry by SEBI. Further, IndiGo strongly denies any allegations of wrongdoing or
avoidance of processes.

 It reiterates that it has strong processes for ensuring arm’s length dealings with related parties and that such transactions were entered into in the ordinary course of business and were in the best interests of IndiGo. IndiGo has responded to all queries from the SEBI regarding these matters and remains confident that its position will be accepted. If and when SEBI conveys to IndiGo any outcome of an enquiry, IndiGo being confident of its compliance record, will deal with it appropriately. IndiGo requests all media outlets to refrain from relying on unverified "source-based"
information on this matter.

Casual Dining Giant, Barbeque Nation refiles

Casual Dining Giant, Barbeque Nation refiles for IPO

Barbeque Nation Hospitality Limited, the single largest player in the organised dining space has refiled a fresh draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The Issue comprises a fresh issue of shares of ₹275 and an offer for sale of up to 98,22,947 equity shares. The Company may consider to do a pre ipo placement not exceeding ₹150 crore, as stated in the DRHP.

The promoters of BNHL are Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by private equity investor, CX Partners who made its first investment 2013 and again in 2015.

The Promoter and Promoter group holds 60.24 percent, CX Partners owns 33.79 percent and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 percent in the company owned and company operated restaurant chain.

IIFL Securities Limited, Axis Capital Limited, Ambit Capital Private Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.

Up to 50 per cent of the offer will be available for allocation to qualified institutional buyers (QIBs). Further, up to 15 per cent of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and 35 per cent of the offer will be available for the allocation to retail individual bidders.

According to market sources, the Issue size will approximately be between ₹1000-1200 crore. The proceeds of the issue will be utilized to repay an outstanding borrowing of Rs 205 cr in part or full and general corporate purposes.

As a part of its expansion plans, BNHL which pioneered the format of over the table barbeque concept in indian restaurants, has diversified itself, the cuisine offered and customer segement outreach by recently acquiring 61.35% stake in Red Apple Kitchen which owns a well-established brand, Toscano, a casual dining Italian restaurant chain which currently has 10 outlets operating across Bengaluru and Chennai. Additionally through its existing kitchen infrastructure, it launched UBQ in November 2018 to provide a la carte Indian cuisine in the value segement which is currently being availed by delivery across 71 cities

The consolidated total revenue from continuing operations, EBITDA and Adjusted EBITDA of the company grew from ₹4,985.81 million, ₹1,217.33 million and ₹695.69 million, respectively, in FY2017 to ₹7,425.41 million, ₹1,493.87 million and ₹777.31 million, respectively, in FY2019, at a CAGR of 22.04%, 10.78% and 5.70%, respectively.

Since its earlier filing in August 2017, the fast growing restaurant chain has opened up 59 new outlets and is currently operating 138 outlets across 78 cities across 24 states in India and 7 outlets in UAE, Oman and Malaysia. The restaurant has seen 14.29 % CAGR increase in its in dining covers in India which has grown from 6.86 mn in FY17 to 8.96 mn in FY 19, pillared by referrals and recommendations of customers

According to Technopak, the chain CDR market is one of the fastest growing segments in the Indian restaurant Industry and is projected to grow at a CAGR of 20% between FY19- FY24

NSE, Warburg Pincus backed CAMS, files for

NSE, Warburg Pincus backed CAMS, files for IPO

Computer Age Management Services (CAMS), India’s largest technology driven financial infrastructure and services provider to the growing mutual fund industry, serving an AAUM of Rs. 18.7 trillion as on November, 2019 which is 69.4% of total mutual fund assets held by 16 Mutual Funds, on Thursday filed its Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

 

The IPO will be an Offer for Sale (OFS), in which 1,21,64,400 equity shares of face value Rs. 10 each will be offloaded by the Great Terrain Investment Ltd (an affiliate of Warburg Pincus), NSE Investments Ltd , Acsys Investments Ltd, HDFC Ltd and HDB Employees Welfare Trust  The issue includes an eligible employee reservations of upto 1.5% of the post offer paid up equity share capital. The Net Offer will have a 50% allocation to Qualified Institutional Buyers, 15% to Non Institutional Investors and 35% to Retail Individual Buyers.

The Book Running Lead Managers (BRLMs) to the offer are Kotak Mahindra Capital Company Limited, HDFC Bank Limited, ICICI Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited.

Market sources estimate the IPO size to be anywhere between Rs. 1500-1600 crore

Spearheading the financial services segment since over 2 decades and augmenting fund growth, CAMS, offers an integrated canvas of services across physical and electronic touch points for receipt, verification and processing of financial and non-financial transactions for the BFSI sector, largely to the MF industry, in services of transaction origination and execution, payment, settlement and reconciliation; dividend processing, record keeping, report generation, intermediary empanelment and brokerage computation and compliance related services via its proprietary technology platforms and application suites such as myCAMS (2.9mn users), GoCORP (2400+ users), CAMSsmart, digiSIP, digiINFO,edge360 which caters to investors and intermediaries               

The AUM of equity mutual funds serviced by CAMS grew from Rs. 2,180 billion as of March 31, 2015 to Rs. 6,643 billion as of March 31, 2019, at a CAGR of 32.1%, and as of September 30, 2019 was Rs. 6,701 billion.

According to the DRHP, its total income and profit after tax for FY19 stood at Rs. 7,114.96 mn and Rs. 1308.95 mn respectively, its revenues have grown at a CAGR of 19% since 2017.

CAMS, the largest registrar and transfer agent for MFs going forward seeks to maintain its leadership position by deepening its technology integration and improving its value delivery, in addition to its focus on growing its business across insurance, electronic payment collection, Alternative Investment Funds, KYC Registration and Software Solutions.

According to the CRISIL Report, AAUM of the mutual fund industry has grown at a CAGR of 16.2 % between 2010 and 2019. This growth was led by increase in share of mutual funds in household savings as well as the increase in number of individual and institutional investors investing in mutual funds. Indian MF industry has a lot of headroom to grow keeping in mind higher disposable incomes and investable surplus, a growing investor base, increasing financial savings and Govt fillps towards awareness, ease, digitization and perception of MFs as a long term wealth creator 

Route Mobile gets SEBI nod for Rs 600 cr IPO

Route Mobile gets SEBI nod for Rs 600 cr IPO

Omni Channel Cloud Communications Service Provider, RouteMobile, has received market regulator Securities and Exchange Board of India’s nod to raise an estimated Rs 600 crore through the Initial Public Offering (IPO) route. The company had initially filed for its IPO in January 2018, it refiled its document on 3 October 2019.

The Company was issued final observations by capital market regulator, SEBI on 24 December 2019, according to the information published on its website

According to the Draft Red Herring Prospectus (DRHP) filed by the company, the offer comprises of a fresh issue worth Rs 240 crore and an Offer For Sale (OFS) of Rs 360 cr by the promoters, Y Sandipkumar Gupta and Rajdipkumar Gupta. Additionally, a pre ipo placement of upto aggregating upto Rs 100 crores may be considered in consultation with the BRLMs which will reduce the size of the offer, retrospectively

ICICI Securities Limited, Axis Capital Ltd, Edelweiss Financial Services Ltd, IDBI Capital Markets & Securities Limited are the BRLMs to the issue.

The company will use Rs. 36.9 crore towards repayment and advance payment of certain borrowings, Rs 83 crore for acquisitions and other strategic initiatives besides the purchase of an office premise.

The company has serviced more than 27500 clients across sectors including BFSI, Aviation, Retail, E-Commerce, Logistics, Healthcare, Hospitality, Media and Entertainment, Pharmaceuticals and Telecom. It’s  total revenue increased at a CAGR of 37.87 per cent from Rs 4,575 million in FY2017 to Rs 8,446.68 million in FY 2019.

Route Mobile hasn’t any capital infusion in the company since 2007, all the growth has been funded through internal accruals and the strategy going forward would be to augment its cloud services across multiple channels of communication, cross sell and upsell multiple solutions to enterprises to become a one stop solution and adopt a bi modal go to market strategy via its developer community programme.

Ujjivan Small Finance Bank files DRHP for Rs 1200 cr IPO

Ujjivan Small Finance Bank files DRHP for Rs 1200 cr IPO

 Ujjivan Small Finance Bank (USFB), which caters to the unbanked urban poor and young middle class customers, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed IPO.

According to the DRHP, the company seeks to raise Rs 1200 crore, including reservation of equity shares of up to Rs 120 crore by eligible UFSL shareholders. The equity shares being offered are at a face value of Rs 10 each.

According to the DRHP filed by USFB, it may, in consultation with the book running lead managers, consider a pre-issue placement of an aggregate amount not exceeding Rs. 300 crore( PRE- IPO Placement). The PRE-IPO Placement, if undertaken, will be at a price to be decided by USFB in consultation with the BRLMs and the PRE-IPO Placement will be undertaken prior to filing of the Red Herring Prospectus with the ROC. If the Pre-IPO Placement is undertaken, the amount raised from the Pre-IPO Placement will be reduced from the issue, subject to the minimum issue size constituting at least 10% of the post-issue paid-up equity share capital of USFB.

According to the DRHP filed by the company, the mass focused SFB is committed to building financial inclusion in the country and is among the leading SFBs in terms of deposits, advances, branch count and Geographic Spread as of March 31, 2019.

Ujjivan has served 4.72 million customers from its 474 banking outlets, which include the 120 unbanked rural centers as of June, 2019. In FY-19, the SFB operationalized 287 banking outlets and has a network of 387 ATMs.

USFB has appointed Kotak Mahindra Capital Company Limited, IIFL Securities Limited and JM Financial Limited as the running lead managers to the issue.

The bank has posted consistent gains on the back of its focus on technology led initiatives like customer relationship and document management systems, biometric ATMs and tablet based loan origination systems.

Tamil Nadu – based Annai Infra Developers Ltd

Tamil Nadu – based Annai Infra Developers Ltd. gets SEBI approval to float IPO

Tamil Nadu – based Annai Infra Developers Limited, a major player in Water Management and Irrigation EPC - Engineering, Procurement and Construction segment, has received approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering.

The capital markets regulator issued its final observations on Annai Infra Developers Ltd’s IPO proposal on July 12, 2019, according to information on the SEBI website.

Annai Infra Developers Ltd had filed its draft red herring prospectus for the IPO with SEBI on March 30, 2019 this year.

The total IPO size is about Rs 200-250 crore. The IPO will be an offer for sale by Mr. Subramaniam Ashok Kumar and Mrs. Duraisamy Kalaiselvi who are the promoters of the Company.

Pantomath Capital Advisors (P) Ltd are the book running lead managers and LINKIntime are the registrar to the issue to the issue.

The shares of Annai Infra Developers Ltd. are proposed to be listed on BSE Limited and National Stock Exchange Limited.

About Annai Infra Developers Ltd.

With over a decade’s experience, Annai Infra Developers Limited has emerged as a major player in Water Management and Irrigation EPC - Engineering, Procurement and Construction segment.

Established in 2008 based out of Erode, Tamil Nadu, Annai Infra has been promoted by Mr. Subramaniam Ashok Kumar and Mrs. Duraisamy Kalaiselvi having more than 15 years and 8 years of experience, respectively in the industry.

The Company has more than a decade’s experience in Water EPC projects. The Company undertakes water supply projects & distribution projects such as integrated storm water drains, dams constructions, drainage systems, water storage facilities, pipe network, reservoirs, waste water treatment and underground rain water management system among others. The Company aims to capitalize opportunities from growing water management development activities and smart city initiatives by the Government of India in South India with the aid of the Company’s regional presence and knowledge.

Annai Infra’s projects pertaining to Water EPC includes projects in public sector awarded by governmental and municipal authorities. Annai Infra’s business can be categorized into two segments viz., (a) Water Management Systems; and (b) Irrigation.

a)      Water Management Systems- The water management business includes construction and rehabilitation of water management infrastructure projects which include water supply projects and distribution projects such as integrated storm water drains, dams constructions, drainage systems, water storage facilities, pipe network, reservoirs, waste water treatment and underground rain water management system. The nature of such water management infrastructure projects includes various works, such as maintenance, improvement as well as development activities apart from undertaking construction activities. Annai Infra’s standalone and consolidated revenues from operation from this segment formed 83.54 % and 76.48 % for Fiscal 2018 and September 2018.

b)      Irrigation- The projects in irrigation include lift irrigation, drip irrigation, grading of fields, construction of canals, tunnels, installation and commissioning of irrigation pipeline in South India. The irrigation team undertakes primarily construction works for tunnels and canals for retail household purposes. Annai Infra’s standalone and consolidated revenues from operation from this segment formed 3.06 % and 5.83 % for Fiscal 2018 and September 2018.

The Company has a track record of executing projects which require technical knowledge, skill-set and expertise in the water management and irrigation sector. It has received certificate of appreciation for before-time completion of the project from Government of Tamil Nadu, Krishna Water Supply Project Division, Lower Pennaiyar Basin Division in year 2016, 2015 and 2014 respectively, for various projects. Annai Infra has been rated as A3+ by “CRISIL Ratings” on September 20, 2018 which is valid till September 10, 2019

Total order book stood at INR 1,116.46 Crores as on January 31, 2019 primarily consisting of Water Management and Irrigation projects.

While Anna Infra executes majority of projects independently, it also forms project specific joint ventures with other companies. It also undertakes construction projects on sub-contract basis from other infrastructure companies. Out of the 79 infrastructure projects executed by the Company in last 5 financial years, 51 infrastructure projects were won and executed independently by it while the remaining 28 projects were sub-contracted by third parties.

Annai Infra intends to tap the growing infrastructure and construction opportunities arising out of increased government expenditure in developing these sectors. The overall government spend in water supply and sewage sector is expected to be at around Rs. 2,600 billion within next 5 years out of which Rs. 105 billion is to be spent in the state of Tamil Nadu according to CRISIL Research Report. Further, government budget on smart cities project is expected at around Rs. 2,000 billion, of which approx. 10.6% is to be spent on water supply and sewage infrastructure (Source: CRISIL Research Report). Overall government spend in irrigation sector is expected to be at around Rs. 5,900 billion within next 5 years out of which Rs. 2,596 billion is to be spent in Southern India, per CRISIL Research Report. 

(CRISIL Report/ CRISIL Research Report – Industry report titled ‘Assessment of the Infrastructure sector in India’ dated August 2018 as prepared by CRISIL, including any addendums thereto.)

Business Strategies of the Company includes: a) Actively evaluate and participate in bidding for new projects b) penetrate into newer geographies c) improve operational efficiency d) Continue to select new projects meeting its financial criteria e) Capitalise opportunities from growing water management development activities and smart city initiatives f) Bids contracts in roads and construction segment.

The Company generated 82.3% of its Revenue from Water Management and Irrigation projects for period ended September 30, 2018.

The summarized standalone financial performance of the Company is as under:

(Amount in Rs. Million)

Particulars	As at September 30, 2018	FY 17-18	FY 16-17	FY 15-16
Total Revenue	2,513.72	4,710.28	3,134.45	2,521.97
EBITDA	308.07	621.26	349.09	211.44
EBITDA Margin (in %)	12.26%	13.19%	11.14%	8.38%
PAT	162.44	300.65	164.85	98.89
PAT Margin (in %)	6.46%	6.38%	5.26%	3.92%
Networth	1,043.53	881.50	450.99	286.32

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