In our today’s blog, we bring you the latest from the upcoming June week to help ensure that you stay up to date with the latest share market news.
Here are the key highlights:
- IND Renewable Energy sees a 5% stock surge as investors show interest in its upcoming rights issue plan.
- Latest Buyback news- Wipro sets June 16 as the record date for its Rs 12,000 crore buyback program, allowing shareholders to tender their shares through a proportionate tender offer.
- IKIO Lighting is expected to debut on exchanges with a premium following strong institutional buyer participation in its IPO.
- Go Digit-Life Insurance aims to invest ₹500-600 crore as it strives to become the 26th life insurer, backed by HDFC Bank and Axis Bank.
- NaBFID introduces takeout loans to facilitate infrastructure project financing and provide timely exits for commercial lenders.
- SBI plans to raise ₹50,000 crore through debt instruments in FY24, including long-term bonds and Basel III compliant bonds.
- Western Carriers filed draft papers for IPO, aiming to raise funds through a fresh issue aiming at ₹500 crores, along with an offer for sale by existing promoter Rajendra Sethia.
- IND Renewable Energy Trades 5% in Green on Rights Issue Plans: IND Renewable Energy witnessed a surge of 5% in its stock price as investors showed enthusiasm for the company’s upcoming rights issue plan. The Board of Directors is scheduled to meet on June 12, Wednesday to discuss the fundraising through a rights issue.
A rights issue, also referred to as a rights offering, is a strategy employed by companies to secure additional capital by extending an exclusive opportunity to existing shareholders to acquire additional shares based on their current holdings. This method ensures that shareholders maintain their proportional ownership in the company while providing them with the chance to invest further.
- Wipro’s Record Date for Rs 12,000 Crore Buyback: IT major Wipro has fixed June 16 as the record date for its Rs 12,000 Crore shares buyback program. The buyback, which will be conducted on a proportionate basis through a tender offer, offers a buyback price of Rs 445 per share. Retail investors holding shares worth below Rs 2 lakh will have reserved shares in the buyback.
This means that shareholders will have the opportunity to tender, or offer, a portion of their shares back to the company at a specified price. The buyback process allows the company to acquire shares directly from its shareholders, reducing the total number of shares outstanding in the market.
- IKIO Lighting’s Listing Expected with Premium: On June 16, IKIO Lighting is expected to make its debut on the exchanges. Considering the positive response in the unlisted market, the company’s stock is anticipated to list at a healthy premium. During its IPO, IKIO Lighting received overwhelming participation from institutional buyers, with the QIB category oversubscribed by 163.58 times.
- Go Digit-Life Insurance Plans to Invest in Becoming 26th Life Insurer: Go Digit Insurance, with stakes held by HDFC Bank and Axis Bank, aims to invest between ₹500-600 crore within the first 18 months of operation. The company, promoted by Prem Watsa’s Fairfax and industry veteran Kamesh Goyal, intends to launch its first product within 30 days.
- NaBFID to Offer Takeout Loans for Infrastructure Projects: The National Bank for Financing Infrastructure and Development (NaBFID) plans to introduce takeout financing products to aid in project financing and facilitate timely exits for commercial lenders. Takeout financing enables loan repayment extensions as new lenders take over or refinance project loans. NaBFID aims to sanction loans worth ₹4 trillion by March 2026.
- SBI to Raise ₹50,000 Crore in FY24: State Bank of India (SBI), the country’s largest lender, announced its decision to raise up to ₹50,000 crore through debt instruments in the current fiscal year. SBI’s central board approved the fundraising plan, which includes issuing long-term bonds, Basel III compliant bonds, and more through private placement to Indian and/or overseas investors.
- Western Carriers Files Draft Papers for IPO: Western Carriers (India) Ltd, India’s largest private, multi-modal asset-light logistics company, has filed a draft red herring prospectus with SEBI- Securities Exchange Board of India. It plans to raise funds through an IPO- an initial public offering that shall consist of a fresh issue of Rs 500 crore and OFS- an offer for sale of up to 9.33 million shares by its existing promoter Rajendra Sethia.
In conclusion, the upcoming June week brings exciting developments in the share market. IND Renewable Energy experiences a surge in stock price due to investor interest in its rights issue plan. Wipro sets a record date for its Rs 12,000 crore buyback program, allowing shareholders to tender their shares. IKIO Lighting is set to debut on exchanges with a premium following a successful IPO, and Go Digit-Life Insurance aims to become the 26th life insurer with significant investments. NaBFID introduces takeout loans for infrastructure projects, SBI plans substantial fundraising through debt instruments, and Western Carriers files draft papers for an IPO.
Stay tuned for more updates by Shoonya, India’s most trusted zero-commission trading platform.
Sources:
______________________________________________________________________________________
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.