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Jana Small Finance Bank IPO: Price band, issue size, GMP among things to know before subscribing to the issue

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offering (IPO) of Jana Small Finance Bank (SFB) will open for subscription on February 7. The three-day bidding process will close on February 9. The anchor book for the issue will open on February 6.

On the same day, the ₹523-crore IPO of another small lender Capital Small Finance Bank will open with a price band of ₹445-468 per share.

The private equity majors TPG and Morgan Stanley-backed Jana SFB has fixed a price band of ₹393-414 per share for its ₹570-crore maiden public offer. Interested bidders can bid for a minimum of one lot of 36 shares in one lot and multiples thereafter.

The issue comprises fresh equity worth ₹462 crore and an offer for sale (OFS) of 26.08 lakh shares. Jana SFB has reserved shares worth ₹13.50 crore for its eligible employees.

About 50% of the net offer has been reserved for qualified institutional investors (QIBs), while non-institutional investors (NIIs) quota is set aside at 15% of shares. Retail investors will have 35% of the net issue reserved for them.

Jana Holdings, the promoter holding 32% of the bank, will reduce its stake to around 25% post-issue.

Another 68% stake is owned by over 20 external investors like TPG Asia (9.14%), Morgan Stanley through its arm North Haven (4.4%), Amansa Holdings (6.83%), Hero Enterprises Partner Ventures (4.85%), Bharati Satya Trustees (3.09%), and Volrado Venture Partners (3.32%) among others.

All these external investors together will be selling 10 million shares through the OFS.

Another private equity player JUF owns 43.92% in the holding entity Jana Holding, TPG and Caladium Investments own 19.99% each, North Haven owns 8.71% and QRG Enterprises owns 6.36%.

So far this fiscal, the bank has raised ₹449 crore through a preferential issue, ₹216 crore through a similar route in FY23 and ₹60 crore through equity in FY22.

The bank will use the money from the fresh issue to augment its core capital to meet future capital requirements and to improve its capital adequacy ratio.

Axis Capital, ICICI Securities and SBI Capital Markets are the book running lead managers of the Jana Small Finance Bank IPO, while Kfin Technologies Limited is the registrar for the issue. Shares of the lender are likely to be listed on February 14 on both BSE and NSE.

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India to replace military personnel in 3 aviation platforms in Maldives by May 10

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Following a high-level meeting in Delhi between India and Maldives addressing the contentious matter, the Maldivian foreign ministry announced that India would withdraw its military personnel currently operating the three aviation platforms in the Maldives by May 10, with the initial phase set for completion by March 10.

This was the key takeaway from the second meeting of the high-level core group between Indian and Maldivian officials in New Delhi on Friday.

India announced the agreement on a “set of mutually workable solutions” with the Maldives to sustain the operations of Indian aviation platforms in the island nation. This development followed Maldivian President Mohamed Muizzu’s request for the withdrawal of Indian military personnel from his country by March 15.

”Both sides agreed that the government of India will replace the military personnel in one of the three aviation platforms by March 10, and will complete replacing military personnel in the other two platforms by May 10,” the Maldives Foreign Ministry statement said.

Both sides “agreed on a set of mutually workable solutions to enable continued operation of Indian aviation platforms” that provide humanitarian and medical evacuation services to the people of the Maldives, the statement said.

It said the two sides continued their discussions on wide-ranging issues related to the bilateral cooperation towards identifying steps to enhance the partnership, including expediting the implementation of the ongoing development cooperation projects.

An arrangement was made for the upcoming meeting of the high-level core group to convene in Male at a mutually agreeable time. Currently, approximately 80 Indian military personnel are stationed in the Maldives, mainly tasked with operating two helicopters and an aircraft which have conducted numerous medical evacuations and humanitarian missions.

For the past few years, the Indian platforms have been rendering humanitarian aid and conducting medical evacuations for the people of the Maldives. The decision to establish the core group was made after a meeting between Prime Minister Narendra Modi and Muizzu during the COP28 summit in Dubai last December.

There is speculation that civilians with expertise in operating the three platforms could replace the Indian military personnel. Relations between the two nations have encountered some tension since Muizzu assumed power in November last year.

Muizzu maintained after assuming charge as the president that he will keep his election promise of evicting Indian military personnel from Maldives. The 45-year-old leader defeated India-friendly incumbent Ibrahim Mohamed Solih in the presidential runoff in September last year.

The Maldives is one of India’s key maritime neighbours in the Indian Ocean region and the overall bilateral ties, including in the areas of defence and security, witnessed an upward trajectory under the previous government in Male. Muizzu was sworn in as the new Maldivian president on November 17, 2023.

A day after taking charge of the top office, he called for a withdrawal of Indian military personnel from the Maldives. After the first meeting of the core group on January 14, the MEA said the two sides were looking at finding a mutually workable solution to enable a continued operation of Indian aviation platforms that provide humanitarian and medical evacuation services to the people of the Maldives.

India cuts aid to Maldives

India has proposed cutting aid to the Maldives by 22% for the 2024-25 financial year, according to the Interim Budget document released by the government on February 1.

Maldives has been allocated ₹600 crore for developmental assistance, the third highest in aid to foreign countries by the government. In 2023-24, Maldives was given ₹770.90 crore as aid, an increase of over 300% from the ₹ 183.16 crore granted in 2022-23.

Recently, India and Maldives have been involved in a diplomatic row following derogatory comments by some Maldivian ministers against Prime Minister Narendra Modi.

The row started after PM Modi visited Lakshadweep and shared images of its pristine landscape. This was seen in the Maldives as a promotion of Lakshadweep as an alternate tourist destination to the island nation, whose economy is heavily dependent on tourism.

The row led to a flurry of cancellations of several hotel bookings and flight tickets to the Maldives. The fact that its President, Mohamed Muizzu, is perceived to be anti-India and pro-China, compounded matters.

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Delhi-NCR air pollution: Centre bans plying of BS-III petrol and BS-IV diesel four-wheelers, non-essential construction work

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Centre on Sunday, January 14, ordered a restriction on non-essential construction work and plying of BS-III petrol and BS-IV diesel four-wheelers in Delhi and the National Capital Region (NCR) amid worsening air quality.

The decision came after a significant rise in Delhi’s Air Quality Index (AQI) (458 and 457 at 10 am and 11 am) due to unfavourable climatic conditions and local pollution sources, making the Commission for Air Quality Management, a statutory body responsible for forming air pollution reduction strategies for the region and its implementation of the ban.

Anticipating a prolonged period of severe air quality, the committee decided to implement GRAP Stage-III curbs (‘severe’ air quality index (AQI) range) immediately to prevent further deterioration.

The Graded Response Action Plan (GRAP) is the Centre’s air pollution control plan implemented in the region during winter. It categorises actions into four stages: Stage I – ‘Poor’ (AQI 201-300); Stage II – ‘Very Poor’ (AQI 301–400); Stage III – ‘Severe’ (AQI 401–450); and Stage IV – ‘Severe Plus’ (AQI >450).

The curbs include a ban on non-essential construction work and the plying of BS III petrol and BS IV diesel four-wheelers in the region.

Construction work related to national security or defence, projects of national importance, healthcare, railways, metro rail, airports, inter-state bus terminals, highways, roads, flyovers, overbridges, power transmission, pipelines, sanitation, and water supply are exempt from the ban.

The Centre had last invoked the GRAP-III measures on December 22 and revoked it after New Year as air pollution conditions in Delhi and surrounding areas improved.

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Whole world waiting for Jan 22 historic moment, says PM Modi in Ayodhya

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi on Saturday said the whole world is waiting for the historic Ram temple consecration ceremony in Ayodhya on January 22, but appealed to people not to come to the city for the event. In his speech, the PM added that only a few people had been invited and they would join the concertation ceremony.

The  Prime Minister was addressing a public meeting after inaugurating a renovated railway station and an airport in the city. He said the strength of ”vikas” (development) and ”virasat” (heritage) will take the country forward.

PM Modi urged all citizens to light diyas in their houses on January 22 so that the whole country basks in glory. The PM urged people to launch cleanliness drive at pilgrimage sites and temples across the country from January 14 and January 22.

The PM said Ram Lalla has got a new permanent home in the form of Ram temple in Ayodhya after “spending years in a tent”. He said houses have been constructed for both Ram Lalla and four crore poor people of the country.

He also said the Ujjwala Yojana has transformed the lives of crores of mothers and sisters. He said only 14 crore gas connections were given in five decades, but his government gave 18 crore, including 10 crore free of cost under the Ujjawala Scheme, in a decade.

While laying the foundation stone of various development projects in Ayodhya, PM Modi said that after the construction of the Ram Temple, there would be a massive increase in the inflow of tourists to the temple town of Ayodhya.

“After the construction of a grand temple of Lord Ram here, there will be a huge increase in the number of people coming here. Keeping this in mind, our government is carrying out development work worth thousands of crores of rupees in Ayodhya and is making Ayodhya smart. Today I have the privilege of inaugurating Ayodhya Dham Airport and Railway Station,” PM Modi said.

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‘Parasite’ actor Lee Sun-kyun dies, police suspect suicide

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Actor Lee Sun-kyun of the Oscar-winning movie ‘Parasite’ has died, South Korea’s emergency office was quoted as saying in AP report. Lee was found dead at a car in a central Seoul park on Wednesday, it said.

Police earlier said an unconscious Lee was discovered at an unidentified Seoul location.

South Korean media outlets including Yonhap news agency reported that police had been searching for Lee after his family reported he left home after writing a message similar to a suicide note earlier on Wednesday.

Since October, Lee has been embroiled in a drug use trial, marking a significant controversy in South Korea. Throughout his trial, Lee has claimed that he was tricked into taking drugs and claimed his innocence.

The allegations stemmed from an incident at a Seoul club earlier in the year, where Lee was accused of drug consumption, an act he claims was accidental and unknowing.

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MP Congress chief Kamal Nath may resign from post, a look at his four decade long political career

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Madhya Pradesh Congress chief Kamal Nath is likely to meet party president Mallikarjun Kharge on Tuesday and may tender his resignation from the post following the party’s debacle in the assembly elections, sources said. It was a landslide victory for the BJP as it won 163 seats in the 230-member Madhya Pradesh assembly, while the Congress bagged 66 seats.

The polls were held on November 17 and votes counted on Sunday, December 3. Nath is likely to meet Kharge on Tuesday and could be asked to resign as party state unit chief, news agency PTI reported. The Congress leadership is also upset over Nath’s remarks against many leaders of the INDIA bloc, including Samajwadi Party chief Akhilesh Yadav and JD(U) supremo Nitish Kumar, over seat sharing, the report said.

While the Samajwadi Party was asking for only four to six seats, the JD(U) only one seat in Madhya Pradesh, to which Nath did not agree and peeved the leaders of the opposition INDIA bloc, formed to take on the BJP in the 2024 Lok Sabha polls.

Let’s take a look at Kamal Nath four-decade-long political career

Madhya Pradesh Congress chief Kamal Nath has donned many hats in his over 40-year-long political career. He plunged into politics as Sanjay Gandhi’s loyalist and there has been looking back since then.

A former union Minister, he has won nine Lok Sabha elections from Chhindwara before returning to the state politics. In 2018 Assembly polls, Congress gained majority but the government fell in 20 months after Jyotiraditya Scindia along with loyalists rebelled against Nath government and joined the BJP.

Nath has been a union minister in different Congress-led governments. He first entered in Lok Sabha in 1980. He was Minister of Environment and Forests and Textiles Minister in the PV Narasimha Rao government. During two UPA governments, he was Commerce and Industry Minister in 2004-09. And in UPA-II, he held the portfolios of Road Transport and Highways, Urban Development and Parliamentary Affairs.

He had held organisational posts including being in-charge of Gujarat and Haryana.

With inputs from PTI

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

LIC intends to set up office in GIFT City during FY24

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned insurance giant Life Insurance Corp (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current financial year to further its overseas business.

The insurer’s presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable it to expand its global business.

“We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations,” LIC Chairman Siddhartha Mohanty told news agency PTI in an interview.

Mohanty said that LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures.

On Saturday, the insurance giant also announced the modification of its framework to permit the appointment of shareholders’ directors to its board. LIC was listed on the exchanges following the largest initial public offering (IPO) in the Indian capital market last year. The government raised ₹20,557 crore by diluting its 3.5% stake in the insurer.

The Life Insurance Corporation of India (Shareholders’ Director) Regulations, 2023, were officially announced in the Gazette of India on December 1, 2023, as per LIC’s regulatory filing. According to the regulation, upon receiving notice from a minimum of one thousand shareholders or one-tenth of the total shareholder count, whichever is lower, the corporation will elect a shareholders’ director through a general meeting of these shareholders.

The individual chosen as a shareholders’ director will be designated by the board for a four-year term, with the option for re-election and re-appointment for an additional four-year term, according to the statement. Currently, LIC comprises five executive directors, including Chairman Siddhartha Mohanty, nine independent directors, and one government nominee Director, MP Tangirala.

On Friday, shares of LIC settled 1.47% lower at ₹669.50 apiece on the NSE. The scrip has tumbled nearly 6% so far this year, while it has risen 3% in the last one year.

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PM Modi speaks to Andhra CM, takes stock of preparations to handle Cyclone Michaung

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi on Sunday spoke to Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy to take stock of the preparations to handle Cyclone Michaung and assured him of all help. PM Modi has directed top officials to ensure that all possible help is extended to the state.

The deep depression over the Bay of Bengal has intensified into a cyclonic storm ’Michaung’ and is likely to cross the South Andhra Pradesh coast between Nellore and Machilipatnam during the forenoon of December 5 with a maximum sustained wind speed of 80-90 kmph gusting to 100 kmph, the IMD said in a bulletin.

The system could result in heavy rains in most parts of southern Odisha and coastal region of the state, it said. The name Michaung (pronounced as migjaum) was suggested by Myanmar and it means strength or resilience.

The system which moved northwestwards with a speed of 5 kmph during the past six hours and intensified into a cyclonic storm lay centered at 5.30 am at about 300 km east-southeast of Puducherry, 310 km southeast of Chennai, 440 km southeast of Nellore, 550 km south-southeast of Bapatla and 550 km southsoutheast of Machilipatnam, the weather agency said. It is likely to continue to move northwestwards, intensify further and reach the westcentral Bay Of Bengal off south Andhra Pradesh and adjoining north Tamil Nadu coasts by December 4 forenoon.

”Thereafter, it would move nearly northwards almost parallel and close to the south Andhra Pradesh coast and cross the South Andhra Pradesh coast between Nellore and Machilipatnam during the forenoon of December 5 as a cyclonic storm with a maximum sustained wind speed of 80-90 kmph gusting to 100 kmph,” the bulletin said.

Under its impact, Odisha will experience light to moderate rainfall at most places with isolated heavy rainfall is likely over south coastal and adjoining south interior Odisha during December 4-6 with isolated very heavy rainfall over the same region on December 5.

”Under the influence of the system, rain may resume in Odisha on December 3 with its intensity increasing in the next three days,” an official at the Regional Metrological Centre, Bhubaneswar said, adding that light to moderate rain and thundershower may occur at a few places in Malkangiri, Koraput, Rayagada, Gajapti, Ganjam at one or two places in districts of coastal Odisha, Nabarangpur, Kalahandi and Kandhamal on Sunday.

The IMD issued Yellow Warning (be updated) as heavy rainfall (7 to 11 cm) is likely at one or two places in Malkangiri, Koraput, Rayagada, Gajapati, and Ganjam on December 4.

Similarly, it said that light to moderate rain and thundershowers may also occur at many places in Malkangiri, Koraput, Rayagada, Gajapti, Ganjam, Puri, at a few places in Kandhamal, Nabarangpur, Kalahandi, Nayagarh, Khurda, Jagatsinghpur, Cuttack and at one or two places in remaining parts of the state.

For December 5, the IMD issued Orange warning (be prepared) and forecast heavy to very heavy rainfall (7 to 20 cm) may occur at one or two places in the five districts of Malkangiri, Koraput, Rayagada, Gajapati, and Ganjam. It also issued Yellow Warning (be updated) and forecast heavy rainfall (7 to 11 cm) is also likely at one or two places in Nabarangpur, Kalahandi, Kandhamal, and Puri.

This apart, it forecast light to moderate rain and thundershower is expected at most places in south coastal Odisha, Malkangiri, Koraput, Rayagada, Kandhamal, Nabarangpur and at many places in south interior Odisha, north coastal Odisha and at a few places in north interior Odisha. Meanwhile, the state government has put all the coastal and southern district collectors on alert and cancelled the leave of field workers under the Agriculture department. The East Coast Railways (ECoR) has cancelled the running of 54 trains in its jurisdiction in view of the rain and wind.

The fishermen are advised not to venture into the sea till further notice as the sea condition will remain rough to very rough. The IMD said that squally wind speed reaching 35-45 kmph gusting to 55 kmph is likely from December 4 evening along and off Odisha coast (Gajapati, Ganjam, Puri, and Jagatsinghpur), and gradually increase becoming 40-50 kmph gusting to 60 kmph from December 5 evening for subsequent 12 hours.

It would gradually decrease thereafter. Also, strong surface wind speed reaching 30-40 kmph gusting to 50 kmph is likely over Malkangiri, Koraput and Rayagada districts on December 5. All ports in Odisha have been asked to hoist distant cautionary signal I, the IMD said.

The National Disaster Response Force (NDRF) and State Disaster Response Force (SDRF) have deployed 8 teams each, strategically stationed in Villupuram, Mayiladuthurai, Nagapattinam, Thiruvallur, Cuddalore, and Chengalpattu.

(With PTI inputs)

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Personal Loan | Decoding FOIR and how it is calculated to determine your debt eligibility

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Understanding the financial obligation-to-income ratio (FOIR) is essential for a safe and secure personal loan. Lenders prioritise FOIR as the key criterion for assessing loan eligibility. Simply put, FOIR is a critical metric used by lenders to evaluate an individual’s ability to manage their debt responsibly and ensure timely repayment.

It represents the percentage of borrowers’ monthly income dedicated to handling existing financial commitments.

Why does FOIR matter?

Knowing the FOIR is crucial in getting approval for the loan process.

“It provides a window to the lender to oversee the financial capacity, and whether or not you can take additional debt,” said spokesperson of Rufilo, an online personal loan app.

How to calculate FOIR for any personal loan (as mentioned by spokesperson of Rufilo)?

For calculating the FOIR, you need to check for your existing financial commitments and your monthly income.

• Check the monthly income: Start by calculating your monthly income.
  This includes your salary, rental income, business profits and generating income from any other reliable sources.
• Sum up your existing financial obligations.
• Collate your present financial commitment. This incorporates monthly payments which are considered towards your existing loans like credit card bills, rent or mortgage payments and other various regular financial obligations.

FOIR can be calculated through this formula:

FOIR = (total monthly obligations/monthly income)*100

For example, if your total monthly obligations (include present loans, credit card payments, etc.) amount to ₹30,000 and your monthly income is ₹1,00,000, then your FOIR would be:

FOIR = (30,000/1,00,000)*100= 30

Interpreting your FOIR

Low FOIR (Less than 30%): Specifies a healthy financial situation.

“That will let you have enough disposable income to take on additional debt,” said the spokesperson.

Moderate FOIR (30-50%): Commends a feasible balance between income and obligations.

High FOIR (Above 50%): This might lead to some concerns for the lenders, as it shows that most of your income is committed to existing obligations. This will be seen as affecting your ability to repay a new loan.

Strategies to improve your FOIR

According to spokesperson of Rufilo, if your FOIR is on the large scale, then here are few of the strategies that can improve it:

Reduce existing debt: Clear your present debts or consolidate them to reduce your FOIR.

Increase income: Look for additional sources of income or enhance your primary income flow so that it can boost your FOIR.

Minimise unnecessary expenses: Cut down on unnecessary expenses to clear up more income for debt repayment.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Liladhar Pasoo Group enters into strategic partnership to increase global reach

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Liladhar Pasoo Group has initiated partnerships with over 170 global network partners and operates in India through its 22 network offices. With an objective to empower clients and exporters, and improve reach and speed to market, the group has partnered with solution providers across the USA, Europe, Middle East, Africa, and the UK markets, to ensure they have access and control over the end to end movement of cargo across these markets.

They have developed distribution centers in USA and Europe, making them a truly global brand, the company said.

Domestically, the company has expanded its footprint by opening new offices in key cities such as Pune, Bengaluru, Visakhapatnam, Kattupalli, and Krishnapattnam. In the next five years, the group aims to add four more strategically located cities, namely Ludhiana, Kolkata, Lucknow, and Nagpur, it said.

Speaking about the vision for the brand, Devendra Shah, Managing Director, Liladhar Pasoo Group, said, “We are committed to expanding our service portfolios, and double our revenues in the next five years, so as to make a positive impact on our bottom line.”

Their current service portfolio includes Freight Forwarding, Contract Logistics, Custom Brokers, Consolidation, Project Management, Full truck Load and Less Truck Load, 3PL and 4PL services as well as Transportation.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow