BSE, NSE suspend trading in D S Kulkarni Developers

  

National Stock Exchange (NSE) will suspend trading in the shares of DS Kulkarni Developers Limited, effective from tomorrow, 20 March 2018, following a directive from the National Company Law Tribunal (NCLT) in a case with regard to alleged diversion of funds.

Bombay Stock Exchange (BSE) has already suspended trading in the shares of DS Kulkarni Developers Limited. The BSE in its circular stated on Monday, 19 March 2017, that it was suspending trading in the shares of DS Kulkarni Developers Limited, with immediate effect, for the same reason.

The National Company Law Tribunal, in an order dated March 13, had stated that by having cursory look into balance sheet & profit and loss account of the Company, the figures are shown soaring from year to year, but at the same time those figures are not in support with ground realities.

In a circular today, National Stock Exchange said it would suspend trading in the company's shares from March 21 pursuant to the National Company Law Tribunal order.

Free Stock Tips

Stock Tips, Stock to Watch out for the day, Stock News

HDFC: HDFC Asset Management Company, a subsidiary of HDFC has filed the draft red herring prospectus (DRHP) with the SEBI.  

Yes Bank, Fortis Healthcare; Yes Bank has sold 1.12 crore equity shares of Rs 10 each, constituting 2.17% of the paid up share capital of Fortis Healthcare, resulting into changes in holding of the bank by more than 2 percent of the total shareholding of Fortis Healthcare, from the last disclosure made by the bank on 13 March 2018.

Wipro: Wipro limited has announced that the company invested USD 2.02 million to acquire 20% stake in Avamo Inc., on a fully diluted basis.

Bharat Financial Inclusion: The non-banking finance company, Bharat Financial Inclusion Limited, completed its third securitization transaction in FY 2018 of Rs 450.82 crore. By this,   the company has completed securitization transactions worth Rs 1114.49 crore in FY 2018.

Top Stock Service

ICICI Securities IPO OF Rs. 4000 Cr, opens on March 22

ICICI Bank announced that it will sell up to 77,249,508 equity shares of its subsidiary, ICICI Securities, via an IPO (initial public offer). The public offer of ICICI Securities will open for subscription on 22 March 2018 and will close on 26 March 2018. The anchor investor offer period will be open for subscription on March 21, the company said.

At the upper end of the price band, the offer could fetch over Rs 4000 crore. The price band for the offer has been fixed at Rs 519-520 per share. The face value will be Rs. 5 each and the minimum bid lot is fixed at 28 equity shares.

The filing further said that the offer includes a reservation of up to 38.62 lakh equity shares of ICICI Securities for purchase by ICICI Bank Shareholders, that is, the HUFs and individuals who are the public equity shareholders of ICICI Bank.

The objectives of the Initial Public Offering are to accomplish the benefit of listing the equity shares on the stock exchanges and for the sale of equity shares by ICICI Bank. The company looks forward to enhanced visibility and brand image through the IPO.

ICICI Securities registered total revenue of Rs. 14,042.3 million in the financial year 2017 and a total revenue of Rs. 8,527.7 million for the six months ended September 30, 2017.

Stock to Watch