IPO

Sonaselection India opens a wholly fresh-issue IPO of about INR 142 crore

The Bhilwara fabric manufacturer opens on 17 September at INR 94 to 99 a share. The entire offer is fresh issue, with no selling shareholders at all.

Sonaselection India will open its initial public offering on 17 September at a price band of INR 94 to INR 99 per share of face value INR 10, closing on 21 September, with anchor bidding on 16 September. The offer is a fresh issue of up to 1,43,00,000 equity shares, which at the upper band is about INR 142 crore, and carries no offer for sale, so the whole amount reaches the company. The minimum bid is 150 shares. Proceeds will repay bank borrowings, fund plant and machinery at the company's existing facility at Hamirgarh near Bhilwara in Rajasthan, and go to general corporate purposes. Sonaselection is an integrated fabric manufacturer and processor. Choice Capital Advisors is the book running lead manager and KFin Technologies the registrar, with listing proposed on both exchanges. The release carries no revenue, profit or valuation figures.

L-R: Mr Harshil Nuwal, MD & Deepank Bhandari, Promoter - Sonaselection India Limited | **Photo Credit: Sanjay Borade**

ToneTag puts UPI fuel payments into Tata connected cars

Connected Tata vehicles will pay for fuel at IndianOil outlets from the dashboard using NPCI's UPI Circle framework for IoT devices. A formal rollout is expected in the coming months.

Four IPOs, one deadline: 71 percent of September's issue money is going to the companies

Four issues are seeking about INR 1,680 crore before restated March accounts go stale on 30 September. Just over seven-tenths of it is fresh issue.

India's BRICS trade has doubled in five years

India's trade with BRICS rose from USD 203 billion to USD 417 billion in five years. Exports account for USD 96 billion of that, leaving a deficit of about USD 225 billion.

Read next