Astron Paper makes stellar debut on NSE; Stock rise

Astron Paper & Board Mill Limited made a strong debut and was locked in upper circuit at Rs.120.75, up 141 percent against its issue price of Rs 50 per share on the NSE, while on the BSE, it froze at Rs. 120.  The company listed at Rs. 115 on the NSE and at Rs. 114 on the BSE. A combined 6.11 million shares changed hands and there were pending buy-orders for 3,15,927 shares on the NSE and BSE.

Last week, the company’s IPO to raise up to Rs 70.00 cr, got subscribed by over 243 times as at the end of last day of bidding, backed by stellar demand across categories. The issue received bids figuring to 340.6 cr, shares as against the size of 1.4 cr, shares implying subscription of 243.29 times.

The retail investors bid for a total of 36.27 cr, shares. Non Institutional category witnessed the highest demand, as investors bid for a total of 290.3 cr, shares as against 73.15 lakh shares reserved for them implying a subscription of nearly 400 times.

Markets regulator SEBI on Thursday allowed all exchanges to provide trading in stocks and commodities from October 2018. NSE and BSE Stock exchanges can now launch commodity products on their platforms.  It has also decided to put a 10% cross-shareholding cap in MFs.

The new step may have an impact on the shareholding pattern of UTI Asset Management Co (AMC), requiring its promoters to lower their stake to 10% or below in next one year.

State Bank of India, Punjab National Bank, Bank of Baroda and LIC of India are having their own mutual funds together holding 18.24% stake each in UTI Asset Management Company.

The regulator has decided that any shareholder owning at least 10% stake in an AMC will not be allowed to have 10% or more stake in another mutual fund house operating in the country.  The move enables in strengthening the governance structure for mutual funds and helps avoid any conflict of interest.

Besides, Sebi has also decided to emerge with a fresh consultation paper on Investment Advisor so as to segregate advisory and the role of a distributor.

Indiabulls Housing Finance raises Rs 895 crore through NCDs

India’s second largest private housing finance company,  Indiabulls Housing Finance Limited has allotted its II-tranche of Secured, Redeemable, NCDS (Non-Convertible Debentures ) of face value Rs 10,00 lakh each aggregating to Rs. 895.00 crore on Dec 27, 2017. The NCDs will be listed on both the NSE and BSE. 

Shares of Indiabulls Housing Finance ended at Rs. 1207.80, up by 15.15 points or 1.27% on the NSE, on Thursday’s closing.

India-bulls Housing Finance Limited is the II-nd largest private housing finance company in India, regulated by the National Housing Bank (NHB).