Swiggy Submits Updated DRHP to SEBI for ₹3,750 Crore Issue

• Indian stock market benchmarks, the Sensex and Nifty 50, surged nearly one percent each to reach new all-time highs on Thursday, September 26. The gains were primarily driven by leading automakers like Mahindra & Mahindra, Maruti Suzuki, and Tata Motors.

• Positive global cues and strength in select auto, FMCG, and other key stocks boosted the indices on the monthly derivatives expiry day.

• Investor sentiment has been bolstered by China’s recent economic stimulus, sparking strong positive momentum in global markets, particularly across Asian indices.

Vedanta +4.77%

• Shares surged 5 percent after the mining giant announced that its board will convene on October 8 to consider a potential fourth interim dividend for FY25. If approved, the record date is set for October 16.

Five-Star Business Finance (1.47%)

• Shares declined after a 11.20 percent stake in Five Star Business Finance was offloaded through block deals amounting to Rs 2,034.60 crore, likely by Peak XV and other PE investors.

• Approximately 3.30 crore shares exchanged hands at a floor price of Rs 809 each, reflecting a slight discount to the previous closing price.

• CARE Ratings reports that the net non-performing loan ratio is at an all-time low. (ET)

• TRAI will prioritize the Satcom spectrum framework over discussions on OTT regulations. (OB)

• AICPDF warns FMCG makers that predatory pricing and deep discounting by Q-Commerce could impact brand value. (ET)

• The government has raised minimum wages amid rising living costs. (MC)

• Swiggy files an updated DRHP with SEBI for a fresh issue of Rs 3,750 crore ($448Mn). (MC)

• IT solutions provider Mouri Tech submits draft papers for a Rs 1,500 crore ($179Mn) IPO. (MC)

• IndiGrid unitholders approve raising Rs 695 crore ($83.1Mn) through a preferential issue. (BS)

• KRN Heat Exchanger IPO sees strong demand with 58.17x subscription on day 2. (MC)

• Diffusion Engineers IPO was subscribed 7.16 times on day 1. (MC)

This week’s mainboard IPO schedule

• Manba Finance

  • Offering Period: 23 September- 25 September, 2024

  • Listing Date: 30 September, 2024

  • Issue Price: 114-120

  • Lot Size: 125

• KRN Heat Exchanger

  • Offering Period: 25 September- 27 September, 2024

  • Listing Date: 03 October, 2024

  • Issue Price: 209-220

  • Lot Size: 65

• Diffusion Engineers

  • Offering Period: 26 September- 30 September, 2024

  • Listing Date: 04 October, 2024

  • Issue Price: 159-168

  • Lot Size: 88

M&A / Investments

• Sequent Scientific and Viyash Life Sciences are exploring a merger valued at Rs 7,000-8,000 crore ($837-956Mn). (ET)

• Zaggle invests Rs 48 crore ($5.73Mn) for a 98% stake in TaxSpanner and 26% in Mobileware. (YS)

• Krsnaa Diagnostics acquires a stake in PPP hospital operator Apulki Healthcare. (ET)

Debt

• HDFC sells nearly Rs 5,996 crore ($717Mn) in home loans to reduce its credit book. (BS)

• Fintech startup Care.fi raises Rs 8 crore ($956k) in debt. (EN)

VC/Funds

• Kissflow’s founder Suresh Sambandam launches a VC firm to invest Rs 125 crore in idea-stage startups. (MC)