YES BANK and Zaggle collaborate to launch co-branded corporate credit card to empower businesses to efficiently manage company expenses

MUMBAI, 25 AUGUST, 2023 (GS NEWS DESK):  Yes Bank has launched a co-branded corporate credit card in partnership with Zaggle, which specializes in spend management.

The card targets corporations that allocate a substantial portion of their company's budget to travel and entertainment expenditures. The co-branded card enables the company to control expenses directly by setting individual spending limits, imposing restrictions on merchant categories, and implementing various other controls. Cardholders can access various perks, from rewards and golf privileges to lounge access and travel insurance.

Mr. Rajan Pental, Executive Director of Yes Bank, said the partnership with Zaggle empowers businesses to enhance their operational efficiencies by consolidating banking transactions, managing company expenditures, and tracking business-related overheads through a single platform.

Mr. Avinash Godkhindi, MD & CEO of Zaggle, said there was a growing demand for real-time analytics to manage expenditures better. He said that the integration of Zaggle ZatiX, Zaggle's spend management and analytics platform, with the YES BANK Zaggle Corporate Credit Card aims to fulfil this need.

Zaggle collaborated with Yes Bank for prepaid cards in 2016, before the RBI-initiated restructuring in 2019. Established in 2011, Zaggle operates in the business-to-business-to-customer segment.

YES BANK's track record in the fin-tech space is characterized by strategic tie-ups and initiatives that have fuelled the growth of start-ups by empowering them to thrive on the back of best-in-class banking solutions. This partnership stands as a testament to YES BANK's digital prowess, and shall contribute to the success of businesses in the digital era.Ends 

ડિલિસ્ટિંગ ઑફર: ભાગ લેનાર જાહેર શેરધારકોને શું ફાયદા છે? - શ્રી ધ્રુવ ભાટિયા, એક્ઝિક્યુટિવ ડાયરેક્ટર ડિલિસ્ટિંગ શું છે?

મુંબઈ, 16 ઓગસ્ટ, 2023 (ગુજરાત સવેરા ન્યૂઝ ડેસ્ક): 

ડિલિસ્ટિંગ એ સ્ટોક એક્સચેન્જમાંથી સિક્યોરિટીનું લિસ્ટિંગ અને ટ્રેડિંગ દૂર કરવાની પ્રક્રિયા છે. ભારતીય લિસ્ટેડ કંપની માટે સિક્યોરિટીઝને ડિલિસ્ટ કરવાની પ્રક્રિયા સિક્યોરિટીઝ માર્કેટ રેગ્યુલેટર, સિક્યોરિટીઝ એન્ડ એક્સચેન્જ બોર્ડ ઓફ ઈન્ડિયા (સેબી) દ્વારા સંચાલિત થાય છે.

સેબી (ઇક્વિટી શેરનું ડિલિસ્ટિંગ) રેગ્યુલેશન્સ, 2021 (“ડિલિસ્ટિંગ રેગ્યુલેશન્સ”) મુજબ, એકવાર પોસ્ટલ બેલેટ અને/અથવા ઇ-વોટિંગ દ્વારા શેરધારકની મંજૂરી જરૂરી બહુમતી સાથે અને કંપની જ્યાં લિસ્ટેડ છે તે સ્ટોક એક્સચેન્જોમાંથી સૈદ્ધાંતિક મંજૂરી મેળવ્યા પછી, મેળવવામાં આવે પછી પ્રક્રિયામાં આગળનું મુખ્ય પગલું વિગતવાર પબ્લિક એનાઉન્સમેન્ટ અને ઓફર લેટર જારી કરવાનું છે. ઓફર દસ્તાવેજો જારી કર્યા પછી, બિડિંગ મિકેનિઝમ શરૂ થશે જેમાં જાહેર શેરધારકોને ડિલિસ્ટિંગ કિંમત નક્કી કરવા માટે રિવર્સ બુક બિલ્ડિંગ (“આરબીબી”) પ્રક્રિયામાં ભાગ લેવાની તક આપવામાં આવશે.

ફિઝિકલ અથવા ડિમેટ સ્વરૂપમાં ઇક્વિટી શેર ધરાવતા તમામ પાત્ર જાહેર શેરધારકો આરબીબી પ્રક્રિયામાં ભાગ લઈ શકે છે. બિડિંગ/ટેન્ડરિંગ પગલાં અને સંબંધિત સમયરેખા સાથેનો ઓફર લેટર યોગ્ય સમયે યોગ્ય શેરધારકોને મોકલવામાં આવશે.

જો ડિલિસ્ટિંગ ઓફર દ્વારા સ્વીકારવામાં આવેલા ઇક્વિટી શેર, હસ્તગત કરનાર (પ્રમોટર અને પ્રમોટર જૂથના અન્ય સભ્યો સાથે)ના શેરહોલ્ડિંગને ડિલિસ્ટિંગ રેગ્યુલેશન્સ અનુસાર કંપનીના પેઇડ-અપ ઇક્વિટી શેર મૂડીના ઓછામાં ઓછા 90% સુધી લઈ જાય તો ડિલિસ્ટિંગ ઓફર સફળ માનવામાં આવશે.

ટેક્સ ફ્રેમવર્ક શું છે? ભારતમાં વર્તમાન કર કાયદા હેઠળ, ભારતીય કંપનીમાં ઈક્વિટી શેરના વેચાણ પર કેપિટલ ગેઈન ટેક્સ લાગે છે. શેરધારક નિવાસી હોય કે બિન-નિવાસી હોય, માન્ય સ્ટોક એક્સચેન્જમાં લિસ્ટેડ ઈક્વિટી શેરના વેચાણથી કોઈપણ લાભ ભારતમાં કેપિટલ ગેઈન્સ ટેક્સને આધીન રહેશે. સ્થાનિક સ્ટોક એક્સચેન્જ દ્વારા હાથ ધરવામાં આવતી ડિલિસ્ટિંગ ઓફર્સમાં, સિક્યોરિટીઝ ટ્રાન્ઝેક્શન ટેક્સ (એસટીટી) સ્ટોક એક્સચેન્જ દ્વારા એકત્રિત કરવામાં આવે છે અને શેરધારકને ચૂકવવાપાત્ર વિચારણાની રકમમાંથી બાદ કરવામાં આવે છે.

શેરધારકો કે જેઓ ડિલિસ્ટિંગ ઓફરના 12 મહિના સુધીના સમયગાળા માટે શેર ધરાવે છે, તેમના લાભને ટૂંકા ગાળાના મૂડી લાભ તરીકે ગણવામાં આવશે અને આવકવેરા અધિનિયમ, 1961ની કલમ 111એ મુજબ 15%ના દરે કર લાગશે. બીજી તરફ, 12 મહિનાથી વધુ સમય માટે શેર ધરાવતા શેરધારકો આવકવેરા અધિનિયમ, 1961ની કલમ 112એ અને કલમ 55(2)(એસી) મુજબ રૂ. 1 લાખથી વધુના નફા પર 10%ના દરે લાંબા ગાળાના મૂડી લાભ કરને પાત્ર રહેશે. ઇક્વિટી શેરના વેચાણથી ભારતમાં બિન-નિવાસી માટે ઉદ્ભવતા મૂડી લાભની કરપાત્રતાનું મૂલ્યાંકન આવકવેરા અધિનિયમની જોગવાઈઓ અથવા ભારત અને જે દેશ વચ્ચે બિન-નિવાસી વેચાણકર્તા નિવાસી છે તે વચ્ચે દાખલ કરાયેલા ડબલ ટેક્સેશન અવોઇડન્સ એગ્રીમેન્ટના આધારે કરવામાં આવે છે જે નિર્ધારિત શરતોના સંતોષને આધીન છે. આ કર દરો સરચાર્જ, આરોગ્ય અને શિક્ષણ ઉપકરના લાગુ દરને આધીન છે. કર દર અને અન્ય જોગવાઈઓમાં ફેરફાર થઈ શકે છે.

જો ડિલિસ્ટિંગ સફળ થાય અને બાકીના શેરહોલ્ડરો કે જેમણે આરબીબી પ્રક્રિયામાં તેમના શેર્સ ટેન્ડર કર્યા ન હોય તો તેમના પર ટેક્સનો ઊંચો દર વસૂલવામાં આવી શકે છે કારણ કે તેઓ અનલિસ્ટેડ શેર ધરાવતા હશે.

આરબીબી પ્રક્રિયામાં ભાગ લેવાના અન્ય ફાયદા શું છે? સોદામાં રહેલી વ્યક્તિ સાથે એક્વાયરે જે કંપનીઓને સફળતાપૂર્વક ડીલિસ્ટ કરવામાં સફળ રહ્યા છે તેમણે કેટલાક કિસ્સાઓમાં સી. 10% થી 200%થી વધુ વચ્ચેનું આકર્ષક પ્રીમિયમ ચૂકવ્યું છે. આમાંથી કેટલીક ડિલિસ્ટિંગ ઓફર્સની વિગતો નીચે આપવામાં આવી છે: એ નોંધવું આવશ્યક છે કે ડિલિસ્ટિંગની જાહેરાત સમયે જે ફ્લોર પ્રાઇસ જાહેર કરવામાં આવે છે તે મેનેજમેન્ટ દ્વારા નક્કી કરવામાં આવતી નથી; તે માત્ર હસ્તગત કરનાર દ્વારા ઓફર કરાયેલ ન્યૂનતમ કિંમત તરીકે હોય છે અને ડિલિસ્ટિંગ રેગ્યુલેશન્સ અનુસાર ગણતરી કરવામાં આવે છે. વાસ્તવિક કિંમત આરબીબી પ્રક્રિયા દ્વારા નક્કી કરવામાં આવે છે, જ્યાં જાહેર શેરધારકોની વધુ ભાગીદારીનો અર્થ છે ડિલિસ્ટિંગ કિંમત સ્થાપિત કરવાની જાહેર શેરધારકો સાથે વધુ તક. જો કે, એકવાર ડિલિસ્ટિંગ ઓફર હસ્તગત કરનાર દ્વારા સ્વીકૃતિ દ્વારા સફળ થઈ જાય, પછી બાકીના જાહેર શેરધારકો કે જેમણે આરબીબી પ્રક્રિયામાં ભાગ લીધો નથી, તેઓને આરબીબી પર ડિલિસ્ટિંગ તારીખથી ઓછામાં ઓછા એક વર્ષ માટે તેમના ઇક્વિટી શેર્સ ટેન્ડર કરવાનો અધિકાર છે. જોકે તે શેર ટેક્સની ગણતરી માટે અનલિસ્ટેડ શેર તરીકે ગણવામાં આવશે.

Kotak Mahindra Asset Management Company Limited launches Kotak S&P BSE Housing Index Fund

MUMBAI, 7^th AUGUST, 2023 (GSN): Kotak Mahindra Asset Management Company Ltd (“KMAMC” / “Kotak Mutual Fund”) today announced the launch of Kotak S&P BSE Housing Index Fund, an open-ended scheme replicating/tracking S&P BSE Housing Index.

S&P BSE Housing Index invests in companies related to the housing theme. This index diligently measures the performance of common stocks within the S&P BSE 250 Large Midcap Index, categorized as part of the eligible common India Industry Classification. Constituents are weighted by float-adjusted market capitalization, subject to a single constituent weight cap of 5%. By closely replicating this index, the Kotak S&P BSE Housing Index Fund extends diverse investment opportunities to its investors linked to the housing sector. The fund presents a cost-effective and transparent approach to capitalize on the housing theme within the Indian stock market.

The scheme opens for public subscription on August 07th, 2023 and closes on August 21st, 2023.

 

Mr. Nilesh Shah, Managing Director of KMAMC said, “At Kotak Mutual Fund, our relentless pursuit is to offer our investors a wide array of investment solutions. The introduction of the Kotak S&P BSE Housing Index Fund exemplifies our dedication to providing products that cater to diverse risk appetites and investment horizons. This fund presents a unique opportunity for investors looking to capitalize on the potential growth in the housing sector and businesses that can benefit from the real estate boom. By launching this thematic index fund, we bolster our range of passive fund offerings, enhancing our overall portfolio of investment options.”

Mr. Devender Singhal, EVP & Fund Manager, Kotak Mahindra Asset Management Company Ltd. said, “The launch of the Kotak S&P BSE Housing Index Fund is in harmony with our steadfast dedication to providing a range of products tailored to suit various risk appetites and investment timeframes. This fund aims to present a compelling prospect for investors seeking to capitalize on the housing sector and enterprises that stand to potentially benefit from the expansion in the real estate domain. By introducing this thematic index fund, we intend to fortify our comprehensive array of passive fund offerings, thus bestowing upon investors a multitude of empowering opportunities.”

Past performance may or may not be sustained in future. The sectors mentioned do not constitute any kind of recommendation and are for information purpose only. Kotak Mahindra Mutual Fund may or may not hold position in the mentioned sector(s).For more details on the Kotak S&P BSE Housing Index Fund please visit: https://www.kotakmf.com/.

 

Investors may consult their financial expert before making any investment decision.

About Kotak Mahindra Asset Management Co. Ltd.

Kotak Mahindra Asset Management Company Limited (KMAMC) - a wholly owned subsidiary of Kotak Mahindra Bank Limited (Kotak), is the Asset Manager for Kotak Mahindra Mutual Fund (KMF). KMAMC started operations in December 1998 and as of 30^th June 2023, has approximately 50 lakh investor folios in various schemes. KMF offers schemes catering to investors with varying risk - return profiles and was the first fund house in the country to launch a dedicated gilt scheme investing only in government securities. The company is present in 90 cities and has 97 branches as of 30^th June, 2023.

For more information, please visit the company’s website at https://www.kotakmf.com 

Delhivery Q1FY24: Steady momentum in business continues

The revenue of the company also grew by 11% to Rs 1,929.7 crore

Delhivery also announced the appointment of Professor Anindya Ghose to its board as an independent director

NATIONAL, 4 AUGUST, 2023 (GSN): Delhivery Ltd on Friday reported a 78 per cent narrow reduction in net losses at Rs 89.4 crore for the quarter ending June 30, 2023 as compared to Rs 399.3 crore in the same quarter last year.

The revenue of the company also showed growth, rising by 10 per cent to Rs 1,929.7 crore as compared to Rs 1,745.7 crore in the previous year. 

The company improved its adjusted EBITDA loss, which decreased by 89 per cent to reach Rs 25 crore during Q1. Notably, the first quarter of the fiscal year 2024 witnessed a notable 19 per cent surge in the volume of Express Parcel shipments, reaching a total of 182 million shipments compared to the 152 million shipments recorded in Q1 of FY23.

This growth even surpassed the performance of the preceding quarter, Q4FY23, by adding over 2 million shipments. Remarkably, despite Q1 being historically recognised as a seasonally subdued period, this achievement showcased the company's resilience and strategic advancements, the new-age logistics company said.

Correspondingly, revenue stemming from Express Parcel services displayed a solid year-on-year growth of 14 percent, ascending to Rs 1,202 crores in Q1FY24 from Rs 1,051 crore in Q1FY23.

In a stock exchange filing, the company also announced the appointment of Professor Anindya Ghose to its board as an independent director. Currently holding the esteemed position of Heinz Riehl Chair Professor of Technology and Marketing at New York University's Leonard N. Stern School of Business, Ghose is recognised for his profound expertise in guiding companies through their transformative journeys, involving artificial intelligence, said Delhivery.

Beyond his advisory roles with industry giants, Ghose has extended his insights to nurture emerging businesses, serving as an advisor to start-ups situated in the United States, India, and Singapore. 

On Friday, Delhivery's scrip on BSE closed trading 5.5% higher at Rs 420.05 - Ends.

About Delhivery

Delhivery is India's largest fully-integrated logistics services provider. With its nationwide network covering over 18,500 pin codes, the company provides a wide range of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services. Delhivery has successfully fulfilled over 2 billion shipments since inception and today works with over 26,500 customers, including large & small e-commerce participants, SMEs, and other enterprises & brands. For more information about Delhivery, please visit www.delhivery.com.

Mr. Harshad Patwardhan has been appointed as the Chief Investment Officer (CIO) of Union Asset Management Company Private Limited (“Union AMC”)

Mr. Harshad Patwardhan, CIO, UNION AMC

MUMBAI, 4 AUGUST, 2023 (GSN): Union AMC announces the appointment of Mr. Harshad Patwardhan as the Chief Investment Officer (CIO).

Mr. Patwardhan, a B.Tech graduate from IIT Bombay, a PGDM from IIM Lucknow, and a CFA charter holder from the CFA Institute, brings with him over 28 years of extensive experience covering the entire gamut of research and portfolio management in Indian equities. His illustrious career, spanning almost three decades, is punctuated with numerous awards and recognitions, demonstrating his unique prowess and dedication to the field.

Throughout his career, Mr. Patwardhan has held significant positions in multiple organizations. From 2006 to 2016, he served as the CIO of Equities India at JPMorgan (JPM) Asset Management, where he also was a member of JPM's offshore India equity team. Subsequently, he spent five years as the CIO of Edelweiss AMC before transitioning to Girik Wealth Advisors as the CIO.

Known for his analytical acumen and visionary leadership, Mr. Patwardhan has shown consistent ability to optimize financial performance and foster stakeholders’ trust. His appointment marks a strategic step towards consolidating Union AMC's position in the industry and further strengthening its robust investment processes.

"We are delighted to welcome Mr. Harshad Patwardhan to our leadership team," said G. Pradeepkumar, Chief Executive Officer at Union AMC. "His deep-rooted understanding of Capital Markets and the investment process aligns perfectly with our mission to deliver consistent, long-term value to our clients. We are confident that his leadership will play a key role in enhancing the fund's performance and maintaining our commitment to creating value for our investors."

On his appointment, Mr. Patwardhan said, “I am excited to join Union AMC and look forward to working closely with the leadership team. I am confident that we can build further on the excellent work done by the investment team. I see a great opportunity to further enhance our offerings' quality, scale, and scope and work closely with our distribution partners to help our investors achieve their financial goals.” 

About Union Asset Management Co. Pvt. Ltd.:

Union Mutual Fund is co-sponsored by Union Bank of India and Dai-ichi Life Holdings, Inc. The Average Assets under Management (AUM) of Union Mutual Fund for the quarter ended June 30, 2023 was Rs. 10,765 crores^. This fund house currently offers 22 funds and is dedicated to helping investors grow their wealth through a comprehensive range of investment solutions. Backed by a legacy of trust and transparency, the fund is committed to delivering financial services and creating long-term value for its investors.

For more information, please visit our website at www.unionmf.com. 

Paytm monthly users up by 19% to 9.3 crore — shares rise nearly 4%

MUMBAI, 4^th AUGUST, 2023 (GS News Desk): One 97 Communications hich owns the Paytm brand, on Thursday said that its loan disbursements grew 148 per cent in July 2023 at Rs 5,194 crore (Rs 2,090 crore).

The number of loans disbursed for the month stood at 43 lakhs, up 46 per cent on a year-on-year basis, Paytm said in its operating performance update  for July 2023 filed with the stock exchanges.

“Our loan distribution business (in partnership with large lenders) continues to witness healthy growth with total disbursements through our platform for the month of July 2023 growing 148% y-o-y to Rs 5,194 crore ($ 632 million)”, Paytm said in its latest update.

“We continue to work with our partners to ensure superior credit quality for loans distributed through us. To ensure that portfolio performance of our lending partners improves despite economic uncertainties, our credit disbursement growth will be deliberately calibrated over the next quarter or two”.

Paytm currently has eight lending partners, and the fintech aims to onboard 3-4 partners in FY 2024.

It maybe recalled that Paytm had in the first quarter of this fiscal disbursed loans worth Rs 14,845 crore, up 167 per cent on a year-on-year basis. In April-June 2023, the number of loans disbursed grew 51 per cent to 1.28 crore from 0.85 crore in the same quarter last fiscal.

The total merchant Gross Merchandise Value (GMV) processed through the Paytm platform for July 2023 stood at Rs 1.47 lakh crore, up 39 per cent on y-o-y basis.

“We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payment margin or from direct upsell potential”, Paytm said.

Paytm shares rose about four percent on August 4 after the fintech company posted its monthly business update for the month of July in which Paytm posted continued expansion of consumer engagement on the Paytm Super App with average monthly transacting users (MTU) for the month growing 19 per cent year-on-year to 9.3 crore (7.8 crore).

The number of merchants paying subscriptions for payment devices has reached 8.2 million, an increase of 3.8 lakh in July 2023.

Paytm added that for India’s small shops, it has also launched two new innovative devices – Paytm Pocket Soundbox, a debit-card sized device for merchants on the go, and Paytm Music Soundbox, which allows merchants to connect their phone to it to play music or listen to match commentary.Ends

Vinsys IT Services IPO gets fully subscribed

Vikrant Patil, CEO & MD, Vinsys IT Services India Ltd - Gujarat Savera News File Pic.

NATIONAL, 1st AUGUST, 2023 (GSN Correspondent): The IPO of Vinsys IT Services India Limited (Vinsys IT), is set to open today. The Anchor Book of the global IT and software services company headquartered in Pune, was fully subscribed with the allocation of 11.08 lakh equity shares (FV of Rs. 10 each) at the higher price band of Rs. 128 per share – collecting Rs. 14.18 crore.

Zinnia Global Fund PCC – Cell Dewcap Fund was allocated 400,000 equity shares (36.10%) and Minerva Venture Funds subscribed 252,000 shares (22.74%). LRSD Securities subscribed to 195,000 shares (17.60%), while Rajasthan Global Securities bagged 101,000 shares (9.12%). VPK Global Ventures and Negen Undiscovered Value Fund were each allocated 80,000 equity shares (7.22% per Fund).The company will offer 3.89 million equity shares of Rs 10/- each at a price band of Rs 121/- to Rs 128/-, through the book-building process. 

Of the total issue size of 38.94 lakh shares, the company has allocated 18.48 lakh shares for Qualified Institutional Buyers (including Rs. 11.08 lakh for Anchor Investors) and 5.56 lakh shares for Non-Institutional Investors. For Retail Investors, the company has set aside 12.95 lakh shares for allocation. The minimum application lot size is 1000 equity shares.Beeline Capital Advisors are the merchant banker to the issue, while Link Intime India is the registrar to the issue. 

The company will raise Rs 49.84 crore through the public offering. The issue will close on August 04, 2023.The company’s shares will be listed on the NSE’s Emerge platform. The IPO proceeds from the fresh issue will be utilised for meeting working capital requirements, repayment of loan to subsidiary and general corporate purpose.

Marquee investors led by overseas funds, including NAV Capital Emerging Star Fund and xMultiplied, and domestic players, such as Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments, have invested in the company's pre-IPO funding.Ends