Day: January 27, 2025

With less than a month left for the tenure of Madhabi Puri Buch to end as the chairperson of Securities and Exchange Board of India (Sebi), the Ministry of Finance has invited fresh applications for the post. 

The last day for submission of applications is February 17. 

The current chairperson’s tenure ends on February 28. Buch took charge of the board on March 1, 2022 and was the first person from the private sector and the youngest to hold the position. She is also the first woman to chair the market regulator. She had earlier served as the whole-time member of Sebi from April 2017 to October 2021.

An extension in the term can’t be ruled out if a proper candidate isn’t found before Buch’s term ends. Market watchers say several bureaucrats could be in the fray. 

The advertisement for the post was published in several newspapers on Monday. According to the advertisement, the new appointment will be for five years instead of the usual three-year tenure.

The detailed application format will be made available on the Department of Economic Affairs’ website. 

Buch’s last year in the office has remained turbulent with allegations from US-based short seller Hindenburg on the market regulator’s probe in the Adani matter. The short seller, which has now decided to wind up its operations, had questioned the objectivity of Buch in the probe and alleged conflict of interest. Congress on the other hand had made accusations of corruption and benefiting from other corporates.

However, Buch and her husband have refuted the allegations at different stages. 

Further, Buch also faced criticism from Sebi employees, who went on protest on several matters, including allegations of “toxic work culture”. The protests had forced Sebi to withdraw a press release on the HR-related issues. 

Despite being at the centre of the storm, Buch’s tenure also saw fast-paced changes in the regulatory ecosystem with faster settlements, more disclosures from foreign portfolio investments (FPIs), more ease of business steps for mutual funds, AIFs, and steps to curb float with the stock brokers.

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Shares of IT major Wipro, Tips Music, and four other companies will remain in the spotlight during today’s trading session as they are set to turn ex-date tomorrow, January 28, 2025, following their respective corporate announcements. These include Wipro, Zensar Technologies, Wendt (India), Tips Music, Mangalam Industrial Finance, and Mazda, with corporate actions ranging from interim dividends to a stock split, as per the data available on the BSE. 

Wipro has declared an interim dividend of Rs 6 per share. The record date for determining eligible shareholders is Tuesday, January 28, 2025. Similarly, Wendt (India), and Tips Music have announced interim dividends of Rs 30 per share and Rs 3 per share, respectively. The ex-date and record date for these two companies are also set for January 28, 2025.

Zensar Technologies, and Mangalam Industrial Finance will trade ex-date tomorrow for their interim dividends of Rs 2 per share and Rs 0.01 per share, respectively. Both companies have fixed January 28, 2025, as the record date to finalise the list of eligible shareholders. 

Mazda will also turn ex-date tomorrow for its announced stock split. The company plans to subdivide one equity share with a face value of Rs 10 into five equity shares with a face value of Rs 2 each. The record date for this stock split is January 28, 2025. 

Additionally, Tanla Platforms and KEI Industries are trading ex-date today, January 27, following the announcement of interim dividends of Rs 6 and Rs 4 per share, respectively. Meanwhile, Shraddha Prime Projects shares are trading ex-date today after the company announced a bonus issue in a 1:1 ratio for its shareholders.

The ex-date marks the point when a stock begins trading without the entitlement to dividends, bonus shares, or stock splits. To qualify for these benefits, investors must own the stock before the ex-date. Beneficiaries of these corporate actions are finalised based on the list of shareholders recorded at the end of the record date.

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Customised lithium-ion batteries and motors maker CLN Energy’s initial public offering (IPO), which opened for subscription on Thursday, January 23, 2025, is set to close today, Monday, January 27, 2025. CLN Energy IPO has garnered a decent response from investors, getting oversubscribed by 2.81 times by the end of the second day of subscription on January 24. 

CLN Energy seeks to raise Rs 72.30 crore from the public offering by divesting a fresh issue of 28,92,000 equity shares. The company has announced that it has already raised Rs 20.52 crore from anchor investors in the bidding concluded on January 22, 2025.

The public offering is available at a price band of Rs 235-250 apiece and a lot size of 600 shares. Accordingly, investors can bid for a minimum of 600 shares and in multiples thereof. The minimum amount of investment required by retail investors to bid for the CLN Energy IPO is Rs 1,50,000, whereas for a High Net-Worth Individual (HNI) it is Rs 3,00,000 for 2 lots or 1,200 shares. 

Meanwhile, the unlisted shares of CLN Energy continue to trade flat at Rs 250 apiece in the grey markets, as per sources tracking unofficial market activities. Thus, the grey market premium (GMP) for CLN Energy IPO stands at nil as of Monday, January 27, 2025.

Bigshare Services serves as the registrar for the issue. Aryaman Financial Services is the sole book-running lead manager of the CLN Energy IPO.

CLN Energy proposes to utilise the net proceeds from the issue towards funding the purchase of machinery and equipment and funding working capital requirements. The company will further use the proceeds for general corporate purposes. 

As the public offering closes today, the basis of allotment for CLN Energy IPO shares is likely to be finalised on Tuesday, January 28, 2025. Successful allottees will receive shares in their demat accounts by Wednesday, January 29, 2025.

CLN Energy shares are scheduled to be listed on the BSE SME on Monday, January 20, 2025. 

CLN Energy is engaged in the manufacturing of customised lithium-ion batteries, motors, and deals in powertrain components of electric vehicles such as controllers, throttles, DC-DC converters, displays, differentials, etc. The company offers B2B solutions for both mobility applications such as electric two, three, and four-wheelers, including traction applications, as well as stationary applications such as solar, ESS, and telecommunications. 

Presently, the company operates two manufacturing facilities: one located in Noida, Uttar Pradesh, and the other in Pune, Maharashtra. CLN Energy has in-house R&D capabilities to design and integrate various powertrain and power systems to offer complete solutions for mobility and energy storage applications like UPS, Telecom, etc.

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