Reliance Money will offer money transfer services to customers across Tamil Nadu, Kerala, Karnataka and Goa through Muthoottu Mini Financier branches
Reliance Money Express, an Anil Ambani Group company, said it has entered a tie-up with Muthoottu Mini Financier for offering money transfer services to customers in South India.
Reliance Money Express has been offering international inward cross-border remittances and money transfer services in association with Western Union to retail customers across the country.
As part of the agreement, the company will offer money transfer services to customers across Tamil Nadu, Kerala, Karnataka and Goa through Muthoottu Mini Financier branches, Reliance Money Express said in a statement.
Muthoottu Mini Financier, a part of Mini Muthoottu Group, is amongst the leading NBFC in South India.
“South India enjoys a 50% share of the total money transfer business across India. We believe our partnership would help both companies capture the huge growth potential in the money transfer business in this region,” Reliance Money Express director Vikrant Gugnani said.
As part of the agreement, Mini Muthoottu would be using the Reliance Money Express created platform for receiving money from over 200 countries. This money would be then dispensed to authorised customers from over 400 Muthoottu Mini branches spread across the region.
“This partnership is also in line with our strategy to offer enhanced and diversified range of services to more customers across our branches and banking network,” Mini Muthoottu Group Chairman Roy M Mathew said.
Galaxy Surfactants IPO had received bids for 14.8 lakh shares till yesterday, against 50.4 lakh equities on offer
Hit by a poor response to its aggressively priced initial public offer, speciality chemicals manufacturer Galaxy Surfactants has withdrawn the IPO from the market, a day before it was supposed to close today.
The issue, which opened for subscription on 13th May, witnessed a tepid response, with the overall offer being subscribed just 0.30 times. The offer had received bids for 14.8 lakh shares till yesterday, against 50.4 lakh equities on offer, as per data available on the NSE till 1700 hours.
The qualified institutional buyers (QIB) portion was subscribed 0.59 times, while the non-institutional investors portion was subscribed a mere 0.04 times and the retail investors segment 0.11 times, the data revealed.
“Whenever an IPO is withdrawn, the first reason that comes to our mind is the poor response toward the offer. Lukewarm response has plagued the company’s book-building process. Also, the overall market condition has been sluggish, which also dampened its prospects,” SMC Capitals Strategist and Head of Research Jagannadham Thunuguntla said.
He further said this is the first public offer to be withdrawn this fiscal. Analysts said the issue was also hit because of the aggressive pricing. The company had entered the capital market with its IPO of 59.3 lakh equity shares with a price band of Rs325-Rs340 a share.
It intended to utilise the issue proceeds partly towards funding the capital expenditure of its step-down subsidiary, Galaxy Chemicals (Egypt) SAE, through investment in its subsidiary, Galaxy Holdings Mauritius Limited (GHML).
Motilal Oswal Investment Advisors Private and Centrum Capital were the book running lead managers to the issue.
SEBI has withheld the listing of Vaswani Industries IPO after it received complaints regarding irregularities in subscription
Capital markets regulator SEBI has withheld the listing of sponge iron producer Vaswani Industries initial public offer (IPO) after it received complaints regarding irregularities in subscription.
Following closure of the public issue of Vaswani Industries on 3rd May, SEBI received complaints from investors regarding irregularities in the subscriptions, the regulator said in a press release issued late on Wednesday.
“Based on the data received from the exchanges or registrars regarding the subscriptions or withdrawals and preliminary inquiries into the matter, SEBI has advised the stock exchanges to withhold the listing of securities until further instructions,” it said.
The regulator said inquiries into the matter are in progress. Based on the findings, appropriate action would be taken, it added.
The IPO of Vaswani Industries, which opened on 29 April 2011, was subscribed by four times on the final day of the issue. The company sold one crore shares at a price band of Rs45-Rs49 each. It was proposed that the proceeds of the IPO would be utilised for pre-payment of term loans, coupled with working capital requirements, among others.
Vaswani Industries is engaged in the integrated business of manufacturing sponge iron, steel billets and ingots and power generation.