Reliance Retail Acquires Controlling Stake in Just Dial
Reliance Industries shares rose after Reliance Retail finally acquired the controlling stake of Just Dial.
Earlier on July 1, 2021, Reliance Retail acquired 1.31 crore equity shares of Rs 10 each from Just Dial at Rs 1,020 per equity share through the block window facility. Now, on September 1, 2021, Reliance Retail acquired the complete controlling stake of Just Dial through a preferential issue with the allotment of 2.12 crore equity shares at Rs 1,022.25 per equity share.
Post this allotment, Reliance Retail will be classified as a promoter of Just Dial. However, V.S.S. Mani will continue to be the company’s managing director and chief executive officer.
Govt Seeks Bids to Appoint Legal Advisors For LIC IPO
The government has yet again sought bids for legal advisors for LIC’s public listing.
During the first attempt, there was insufficient interest seen. Hence, the government has set September 16 as the last date for receiving the bids. The merchant bankers have already been decided. About 10 merchant bankers have been shortlisted for India’s largest IPO. The government is still looking for bids for legal advisers, advertising agencies, registrars and share transfer agents.
Post September 16, the legal work for LIC IPO may finally start. Since it’s the largest IPO in India, it will take a substantial amount of time to get launched.
About 8 IPOs Lined Up in September
In September, 8 companies are planning to launch their IPOs and raise about Rs 17,000 crore from the market.
The month of August saw a series of weak listings. In September, the street expects a bigger cheer from the investor community. About 8 companies have lined up to launch their IPOs, including Aditya Birla Mutual Fund, Arohan Financials, Penna Cement, Sansera Engineering, Shri Bajrang Power and Ispat, Utkarsh Small Finance Bank, Paras Defence and Ruchi Soya. The biggest IPOs to look at from the bunch are Aditya Birla Mutual Fund, Paras Defence and Ruchi Soya.
The big companies like Mobikwik, Paytm, PolicyBazaar etc., could also release the details of their IPO launch soon. There are still four months left for this year to end, and the street is waiting anxiously for the big fishes.
