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Focus on Route Mobile listing
Shares of Route Mobile will be listed on the stock exchanges on Monday. After over 123 per cent listing gains of Happiest Minds Technologies, analysts and market participants expecting a similar booster from Route Mobile, as its initial public offering too saw an overwhelming response from all category of investors.
Overall, the IPO was subscribed 73.3 times. The issue comprised a fresh issue of ₹240 crore and an offer-for-sale of ₹360 crore by promoters Sandipkumar Gupta and Rajdipkumar Gupta.
The cloud communication services provider has fixed the issue price at ₹350 per share, at the upper end of the price band ₹345-350.
The company will utilise new issue proceeds for repayment of particular loans, acquisitions and other strategic initiatives, purchase of office premises in the Mumbai region and general corporate purposes.
However, if the overall market trend turns to weaken, this could dampen the return of IPO investors.
Production booster from Universal Cables
Universal Cables Ltd, which had been undergoing manufacturing capacity expansion of power & control cables, LT & HT Power capacitors and thermoplastic compounds/zero halogen flame retardant compounds (all types and specifications), has commenced production from September 18 (Friday).
The production capacity expansion has been undertaken with the prime objective of aligning the company's manufacturing facility at Satna (M.P.) to keep pace with the envisaged growth in demand and migrate to the evolving technologies, it said.
The expansion of production capacity of Power & Control Cables of all types including other insulated Cables from 11,000 km. per annum to 18,000 km per annum and the expansion of production capacity of LT & HT Power Capacitors increased from 1,500 MVAR per annum to 4,500 MVAR and establishment of production capacity of all types of Thermoplastic Compounds / Zero Halogen Flame Retardant Compounds by 3,600 tpa.
The total outlay of fixed capital investment was approx. ₹117 crore.
Will increasing stake in Delectable Tech lift ITC?
ITC last week acquired, in the second tranche, 1964 Compulsorily Convertible Preference Shares of Delectable Technologies Private Ltd. With this acquisition, the company's shareholding in Delectable aggregates 20.06 per cent of its share capital on a fully diluted basis.
Subject to completion of agreed conditions precedent and milestones, ITC has agreed to acquire, in four tranches, up to 33.42 per cent of the share capital.
Delectable is engaged in fabricating vending machines and app-based sale of FMCG products through such devices. The investment should strengthen the presence of ITC's FMCG products in the emerging distribution channel of vending machines, the company said.
MTNL may vibrate on asset monetisation plans
The stock of Mahanagar Telephone Nigam Ltd (MTNL) will remain in focus, as it has submitted to the Government a list of its assets in Mumbai that can be monetised, the parliament was informed on Saturday.
"MTNL has submitted a set of assets for monetisation through the DIPAM Framework. The assets include land, staff quarters and telephone exchange in Mumbai," Minister of State for Finance Anurag Singh Thakur said in a written reply to a question in the Lok Sabha. MTNL’s properties in Delhi are not part of this plan, at this moment, Thakur said.
Thakur, however, said the asset monetisation process is complex, involving multiple stakeholders and agencies, and hence a specific time frame for completion of these transactions cannot be defined at present.
Mysore Petro: Is write-off in Blue Lotus a right move?
The board of directors of Mysore Petro Chemicals which had invested GBP 770,000 (₹7.32 crore in current value) in Blue Lotus International Limited has approved to write-off the investment.
The company had picked up 15.27 per cent of the paid-up capital of the company. However, Blue Lotus has informed Mysore Petro that the prevailing economic condition and the Covid-19 have caused severe disruption to its business. The business has come to a standstill with no operational revenue. As a result of this, it has initiated the process of its voluntary liquidation.
Given this, the board of Mysore Petro approved to the write-off of the investments subject to such approvals as may be required.
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