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Indigo Paints IPO opens next week as Sequoia Capital, promoter look to trim stake; check details

Indigo Paints initial public offering (IPO) will open for subscription next week, paving the way for its much-awaited debut on Dalal Street. Sequoia Capital-backed Indigo Paints IPO, which received a go-ahead from Securities and Exchange Board of India (SEBI) earlier this month, will open for subscription on January 20 and close on January 22. The paints manufacturer is looking to raise Rs 1,000 crore from the capital markets with a combination of fresh issuance and an offer for sale (OFS) by existing shareholders of the company. This will be among the first few IPOs of 2021. In the previous year 2020, as many as 15 companies made stock market debuts.

Indigo Paints public issue will consist of a Rs 300 crore fresh issue of equity shares and an OFS of 58.4 lakh equity shares. The existing shareholders looking to sell part of their stakes in Indigo Paints include venture capital firm Sequoia Capital, SCI Investments, and promoter Hemant Jalan. While Sequoia is looking to sell 20 lakh equity shares of the 85.34 lakh shares it currently owns, SCI Investments will offload 21.65 lakh stocks from the 92.08 lakh currently held. Hemant Jalan owns 1.02 crore equity shares in the firm and will reduce his stake by 16.7 lakh shares. Indigo Paints has not disclosed the issue price of its IPO so far. However, it is likely to be in the range of Rs 1480-1500 per share, two traders dealing in unlisted shares told Financial Express Online.

Face value of the equity shares has been set at Rs 10 apiece by Indigo Paints. The firm will not receive any funds from the OFS proceeds. However, from the fresh issue proceeds, Indigo Paints plans to fund capital expenditure for expansion of the existing manufacturing facility at Pudukkottai, Tamil Nadu. Along with this, it plans to purchase tinting machines and gyroshakers and repay/prepay all or certain borrowings of the firm.

Indigo Paints is the fifth-largest company in the Indian decorative paint industry in terms of the revenue from operations for fiscal year 2020. “The company has achieved this position in a highly competitive Indian decorative paint industry on the back of their multi-pronged approach,” said Axis Securities in a note. Indigo Paints has an extensive distribution network across 27 states and seven union territories.

Financially, the company reported a net profit of Rs 27.21 crore at the end of September last year. Revenue from operation during the same period stood at Rs 259.42 crore. During the financial year 2020, Indigo Paints reported a revenue of Rs 624.79 crore and a net profit of Rs 47.82 crore.

Eqwires Research Analyst

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Sebi imposes Rs 85 lakh fine on Orient Resorts, 2 individuals, for non-compliance with its directive

Markets regulator Sebi has imposed a penalty totalling Rs 85 lakh on Orient Resorts (India) and two individuals for not complying with the watchdog’s earlier directive to wind up its operations and refund investors’ money.
The fine has been imposed on Orient Resorts (India) Pvt Ltd (ORIPL), Dilpesh V Shah and Darshanbhai Arvindbhai Shah (noticees).

In November 2013, Sebi had passed an order directing Orient Resorts to wind up its operations and refund the money of the investors which it had collected through its illegal collective investment scheme.

According to the order, Orient Resorts had launched ‘Vanashree Teak Bumper Profits Scheme’ in 1993. It called for an investment of Rs 910 per unit for a period of 18 years from the investors and claimed that the investors would receive Rs 91,000 for every Rs 910 invested for one unit.

The money collected was pooled towards setting up a teak plantation. However, the regulator observed that the 18-year period stipulated in the scheme has expired and ORIPL has not yet made repayment of profit, income to investors as promised by it.

Also, there is no documentary proof on record to substantiate the claim of the noticees for having repaid the income or returns to the investors, the watchdog said. Besides, ORIPL and Dilpesh V Shah failed to submit any report to Sebi about compliance with the directions issued by Sebi earlier, it added.

“I find that ORIPL has illegally continued the scheme in contravention of the…..provisions of…Collective Investment Schemes (CIS) Regulations,” Sebi’s Adjudicating Officer Prasanta Mahapatra said in its order passed on Monday.
While imposing penalties the watchdog said, the hard earned money of the investors cannot be allowed to be duped by the illegal activities of the company.

Further it said, the activities of unauthorized pooling of funds from the investors by the company are illegal because it has launched CIS without obtaining registration from Sebi. For the violations, Sebi levied Rs 35 lakh fine on Orient Resorts (India) Pvt Ltd.

Besides, a fine of Rs 35 lakh and Rs 15 lakh has been imposed on Dilpesh V Shah and Darshanbhai Arvindbhai Shah, respectively.

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Petrol, diesel prices hit a record high as crude oil prices rebound; inflation concerns grow

Petrol prices in Delhi touched an all-time high of Rs 84.2 per litre after rising by 23 paise today. Earlier, the petrol price touched an all-time high of Rs 84 on October 4, 2018, in Delhi. Diesel prices, today, were also raised by 26 paise a litre, taking the price to Rs 74.38 a litre. While the petrol pieces are at a lifetime high in Delhi, diesel prices are at a record high in Mumbai at Rs 81.07. In Mumbai, petrol is being sold at Rs 90.83 a litre. The rise in fuel prices is another threat to the already high inflation in the country.

Even as the retail fuel prices were not reduced when there was a sharp fall in the crude oil prices in the month of March 2020, the prices of petrol and diesel are on a rise as Brent crude prices are surging. Brent crude is trading above $54 a barrel on Thursday, which is its highest level since last February after OPEC+ members agreed to maintain production levels around their current amounts for both February and March. Another reason for a rise in crude prices is that Saudi Arabia voluntarily cut output below its quota, while Russia and Kazakhstan were allowed to raise production.

It is to be noted that the Brent crude prices had fallen below $20 per barrel in May 2020, which was less than half of the current level; however, the same was not reflected in the retail fuel prices. This is because the government had raised excise duty by Rs 13 per litre on petrol and by Rs 15 a litre on diesel in two instalments in March 2020 and May 2020. The government’s move was aimed at garnering an additional revenue of Rs 1.6 lakh crore when the other sources of revenue generation were not performing well amid the lockdown.

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RIL share price gains 1.5% today after Reliance-BP start gas production from Asia’s deepest project

Reliance Industries Ltd (RIL) share price gained 1.5 per cent to Rs 2,022 apiece in the morning deals on BSE today, taking the total market capitalisation to Rs 12.74 lakh crore. On Friday, after market hours, Mukesh Ambani-led Reliance Industries and BP announced the commencement of gas production from an ultra-deep-water gas field in block KG D6 R-Field of Krishna Godavari basin. In another development, the oil-to-telecom conglomerate will set up the ‘Greens Zoological Rescue and Rehabilitation Kingdom’ in Jamnagar district. MK Das, Additional Chief Secretary to the chief minister said at the virtual conference to mark ASSOCHAM foundation week on Friday, that this will be one of the world’s biggest zoos in terms of number and species of animals and spread over 250 acres in Jamnagar, according to PTI.

Around 9.55 AM, RIL shares were trading 1.3 per cent up at Rs 2,018 apiece on BSE, as compared to a 0.05 per cent rise in S&P BSE Sensex. In the previous week, RIL along with Hindustan Unilever Ltd witnessed erosion from the market valuation. While RIL remained at the top in the ranking of most valued firms last week. RIL share price hit a 52-week low of Rs 867.82 apiece on March 23 on the back of COVID-19 induced lockdown. The stock rose to Rs 2,368.80 apiece, an all-time high, in September this year. With today’s gain, RIL shares are up 133 per cent from March lows.

Earlier this month, during the India Mobile Congress event, Reliance Industries Ltd (RIL) chairman Mukesh Ambani pitched for policy interventions to shift 30 crore 2G users to 5G in India. Ambani also said that the Indian economy will soon bounce back and prove cynics wrong by becoming a $5 trillion economy. Ambani also announced that Reliance Jio will launch 5G services in the second half of 2021 in India, which will be powered by the indigenous network, hardware and technology components.

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