MUMBAI:  Kalpataru Limited (the “Company”), one of the prominent real estate developers in the Mumbai Metropolitan Region of Maharashtra (MMR) and present across all its micro-markets in MMR, will open its initial public offering on Tuesday, June 24, 2025.

The Anchor Investor Bidding Date is one Working Day before the Bid/Issue Opening Date, that is, Monday, June 23, 2025. The Bid/ Issue Closing Date will be on Thursday, June 26, 2025.

The Price Band of the Issue has been fixed from ₹ 387 per Equity Share to ₹ 414 per Equity Share. Bids can be made for a minimum of 36 Equity Shares and multiples of 36 Equity Shares thereafter.  

The Issue consists of a fresh issue of up to such number of Equity Shares aggregating up to ₹ 15,900 million (the “Fresh Issue”).

The Company proposes to utilize the net proceeds from the Issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the Company and the subsidiaries; and general corporate purposes.

The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that our Company in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price by the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not more than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors, out of which (a) one third of such portion shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1.00 million and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors and not more than 10% of the Net Issue shall be available for allocation to RIIs by the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. Further, up to [•] Equity Shares aggregating to ₹159.00 million will be available for allocation to Eligible Employees, subject to valid Bids being received at or above the Issue Price. All Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilising the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Investors, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).  

ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (BRLMs) to the Issue.

All capitalised terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the red herring prospectus of the Company dated June 18, 2025 (“RHP”).

Disclaimer: Kalpataru Limited is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares and has filed a red herring prospectus dated 18th June, 2025. (“RHP”) with the Registrar of Companies, Mumbai at Maharashtra, and the Securities and Exchange Board of India (“SEBI”). The RHP is available on the website of the Company at www.kalpataru.com, the website of SEBI at www.sebi.gov.in, and the website of the Book Running Lead Managers, ICICI Securities Limited at www.icicisecurities.com, JM Financial Limited at www.jmfl.com and Nomura Financial Advisory and Securities (India) Private Limited at www.nomuraholdings.com/company/group/asia/india/index.html and the websites of BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively. Any potential investor should note that investment in Equity Shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus, including the section titled “Risk Factors” on page 32 of the RHP. The Equity Shares proposed to be offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws of the United States and, unless so registered, may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares will be offered and sold outside the United States in “offshore transactions” as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.

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MUMBAI: Working Generation Z in West India, between the ages of 21 and 29, are charting a distinctive financial path marked by early financial planning, the highest equity participation nationwide, and growing insurance adoption, according to a comprehensive research study by Tata AIA Life Insurance and NielsenIQ. Titled ‘New Age Habits, Traditional Values: Gen Z’s Approach to Financial Planning’, the study surveyed working Gen Z individuals aged 21–29 years (born between 1997-2012). Traditionally perceived as risk-takers, this generation in the Western region is effectively translating investment intentions into concrete financial goals, demonstrating a sophisticated approach to building both wealth and long-term security.

Key Findings: West India Gen Zs Show Strong Affinity for Insurance and Long-Term Financial Protection

Term Insurance Gaining Momentum:

• 17% of Generation Z respondents in the Western region currently hold term insurance policies
• 25% express intent to purchase term insurance, indicating robust future demand

Savings and Health Plans Showing Significant Traction:

• 16% have invested in savings-oriented life insurance products
• 12% have secured health coverage, reflecting growing awareness of comprehensive protection
• 24% plan to invest in savings schemes shortly

Strategic Retirement and Emergency Planning:

• 55% identify sufficient retirement savings through life insurance as a key long-term financial objective
• 69% prioritize establishing emergency funds as their primary near-term goal

These metrics reveal a generation that is not just earning, but strategically saving and securing their financial future.

Insurance Selection: Key Decision Drivers

When selecting life insurance products, West India’s Gen Zs prioritize:

• Tax efficiency (68% value attractive tax-saving benefits)
• Value optimization (59% seek low-cost comprehensive coverage)
• Ease of use (44% prefer simple, straightforward claims processes)

This decision framework demonstrates financial sophistication, balancing economic benefits with service reliability.

Investment-Focused and Risk-Sensitive

Beyond insurance, Gen Zs in the Western region are making informed choices across financial instruments:

• 54% have invested in equities—the highest proportion across all regions
• 43% own gold investments, indicating appreciation for value-preserving assets

“The Gen Z generation in West India shows very encouraging signs of financial maturity, especially how they look at insurance. They opt for term plans, saving products, and health coverage that reflects a greater awareness of how protection can create wealth. At Tata AIA, we see this as a massive opportunity to empower this generation with customized, digital-led life insurance that can provide both financial freedom and long-term dreams for them,” said Girish Kalra, Chief Marketing Officer of Tata AIA Life Insurance.

Conclusion

West India’s Generation Z population is redefining itself by integrating equities and insurance, short-term objectives with long-term perspective, and protection with purpose. As their interest in insurance increases, there is an equal opportunity for life insurers to assist them in creating secure and sustainable financial futures.

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In CY 2024, there were a total of 1145 IPOs raised globally compared to 1,271 in the year before (2023). India led the chart with NSE facilitating 268 companies going for IPOs raising total fundraising of approximately ₹ 1.67 lakh crores ($ 19.5 bn) (including the largest IPO in India and second largest IPO globally of $3.3bn of Hyundai Motor India Ltd.). This comprises both Main Board and SME listings, 90 companies (excluding REITs, InVITS, and FPOs) listed on the Main Board, raising over ~ ₹1.59 lakh crore ($18.57 bn), while 178 SMEs collectively raised around ~ ₹ 7,349 crores ($0.86 bn),. This increase in activity reflects a robust interest from investors and a trend among companies to seek public capital for growth.

Shri Sriram Krishnan, Chief Business Development Officer (CBDO), NSE stated, “The record number of IPOs during this calendar year highlights the resilience and potential of the Indian economy. Companies across various sectors are recognizing the value of public markets to support their growth strategies. The data suggests that NSE has alone done more IPOs than other top exchanges in Asia which includes the IPOs Japan’s (Japan Exchange Group), Hong Kong’s (Hong Kong Stock Exchange), and China’s (Shanghai Stock Exchange) have done cumulatively. Further NSE has facilitated the highest amount of Funds raised through IPOs in CY2024 of $17.3 Bn vis a vis other Global exchanges like NYSE of $ 15.9 bn, and Shanghai Stock Exchange $ 8.8 Bn”.

The below table highlights the impressive performance of the NSE visa vis other top exchanges in Asia which includes, Japan’s (Japan Exchange Group), Hong Kong’s (Hong Kong Stock Exchange), and China’s (Shanghai Stock Exchange). Additionally, the data illustrates Funds raised in IPOs ($bn) by the top 5 stock exchanges. This reflects that India’s NSE has achieved remarkable growth in terms of the number of listings & funds raised vis a vis other major global exchange.

*Based on RBI reference rate of 85.62 for USD-INR as of 31.12.2024

As we look toward 2025, NSE remains committed to strengthening its platform for higher capital raising and supporting businesses at various stages of their growth journey.

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• Aimed at enhancing shareholder value, this consolidation will help to streamline the organization structure and simplify compliance requirements for effective governance.
• For every 100 equity shares of SIL with a face value of Rs. 10/- each, Ambuja Cements will issue 12 equity shares with a face value of Rs. 2/- each, to eligible shareholders of SIL.
• Subject to requisite approvals, the transaction is expected to be completed within 9-12 months.

AHMEDABAD: Ambuja Cements, the cement and building material company of the diversified Adani Portfolio, today announced separate Schemes of Arrangement of its subsidiaries Sanghi Industries Limited (SIL) and Penna Cement Industries Limited (PCIL). The proposed Schemes inter alia provide for the Amalgamation of SIL and PCIL with Ambuja Cements.

Ajay Kapur, CEO of Cement Business, Adani Group, said, “This merger aims to make our company more competitive and efficient, ultimately enhancing shareholder value. Enhanced working capital management and internal funds will support the growth of our business operations. Unified cash flow management will pool resources for faster expansion and cost savings in administration and governance, thereby simplifying compliance requirements. This advancement through a larger entity will increase market competitiveness and deliver greater value to our shareholders.”

SIL has a clinker capacity of 6.6 MTPA, a cement capacity of 6.1 MTPA, and limestone reserves of ~1 billion tonnes. SIL’s Sanghipuram plant is India’s largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.

Penna has four integrated plants in Andhra Pradesh and Telangana, along with a grinding unit in Maharashtra. It has an operational capacity of 10 MTPA. Additionally, two plants, with a capacity of 2 MTPA each, are under construction in Krishnapatnam and Jodhpur, expected to be completed within the next 8-12 months. It also has five bulk cement terminals at Kolkata, Gopalpur, Karaikal, Kochi, and Colombo (Sri Lanka).

Ambuja Cements will issue 12 equity shares of the face value of Rs. 2/- each for every 100 equity shares of SIL of the face value of Rs. 10/- each as recommended by the valuers and accepted by the Board and thereby, the eligible shareholders of SIL will become the shareholders of Ambuja Cements.

These transactions will be effected with requisite approvals from related stakeholders and authorities, anticipated to be completed within 9-12 months.

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MUMBAI: Invesco Mutual Fund today announced the launch of its new fund Invesco India Technology Fund, (an open-ended equity scheme investing in technology and technology-related sectors).

Invesco India Technology Fund seeks to generate capital appreciation by investing 80% – 100% in equity & equity related instruments of companies in technology and technology-related sectors, companies focused on driving transformative innovations across technology, automation, robotics, artificial intelligence, cloud computing, and other technology companies including those benefiting from increased digital adoption. This fund will adopt both top-down and bottom-up approaches and will invest across market capitalization balancing large-cap stability with midcap growth and small-cap potential. The fund will target investments in Indian Technology Companies alongside global technology leaders and innovators*. The fund will be benchmarked to Nifty IT TRI and will be managed by the fund managers, Hiten Jain and Aditya Khemani.

Speaking at the launch, Taher Badshah, Chief Investment Officer, of Invesco Mutual Fund said, “After a phase of subdued growth, the global IT services sector appears ready for recovery as the global economic environment stabilizes and as conditions build for a potential reversal of the hitherto rising global interest rate cycle. Not only has the Indian IT services sector gained share during this period in helping global companies manage costs, but it is also well positioned to accelerate growth going forward as adoption of new technologies revive global discretionary technology spends.”

Hiten Jain, Fund Manager, Invesco Mutual Fund further said, “Today’s world is driven by technology, and businesses are embracing newer technologies, creating new growth opportunities for IT companies. The sector is gaining strength, supported by digitalization, government initiatives, and other factors. Moreover, valuations are reasonable, and we anticipate a cyclical recovery in earnings driven by improving business sentiment.”

The minimum investment amount during the NFO is Rs. 1,000/- and in multiples of Re. 1/- thereafter. For SIP investments, the minimum application amount is Rs. 500/- and in multiples of Re. 1/- thereafter. The fund will charge an exit load of 0.50% for units redeemed/switched out on or before 3 months from the date of allotment. No exit load will be charged if units are redeemed/switched out after 3 months.

The New Fund Offer (NFO) is now open for subscription from today (3 September 2024) and will close on 17 September 2024.

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BENGALURU: AI-powered equity investment platform InvestorAi has announced that it has raised Rs 80 crores in a Series A round from well known investor Ashish Kacholia, Founder, Lucky Investment Managers and his associates. Funds raised will be used for scaling the business and adding new products. Positron, a Mumbai based Consulting and Capital Advisory firm, was the exclusive advisor to the transaction.

Founded in 2018, InvestorAi has a singular, outcome focused mission – to use AI technology to produce winning investment outcomes for GenZ, Millennials and other digital investors. Its products use cutting edge AI models and robotics to create stock recommendations for the Indian market. These recommendations are then packaged into easy to use investment solutions that combine recommendation and delivery into a one-click user experience. Company’s proprietary AI techniques and models use sophisticated methods such as computer vision to convert complex financial data into images (exponentially increasing prediction accuracy) and genetic algorithms as well as other techniques to create investment-ready equity baskets (model portfolios).

InvestorAi has over 15 equity baskets with different strategies and some of them are now in their 3rd year, with compelling returns. All baskets have significantly beaten the index in last 12 months as well as since inception.

Commenting on the fundraise, Akshaya Bhargava, Chairman and Co-Founder, InvestorAi said “Sophisticated AI has long been the exclusive preserve of big hedge funds like Renaissance and Citadel. We set up InvestorAi with the vision of bringing this advanced AI technology to retail investors and we pride ourselves in our 3 year track record of delivering strong investment returns that have consistently beaten the index by a big margin. India is an incredible market with its unique digital infrastructure, leading exchange capabilities, digital friendly investor base and a scorching rate of growth in retail investor accounts.”

We are convinced that India can lead the way and be a showcase for the world on how to use AI technology to create DIY wealth solutions that are simultaneously convenient, engaging, accessible to all and create good investment outcomes. We are delighted to have such an incredibly experienced market expert like Ashish Kacholia as an investor and are grateful for his confidence in our vision, our model and our team, he adds.

Adding to this, Bruce Keith, Co-founder and CEO, InvestorAi, said, “India’s retail investor base is currently around 150 million and growing at 3 million a month. The Indian stock market is expected to reach $10 trillion by 2030 from the current $4.8 trillion market cap. However, only 7% of households’ income is invested in direct equities. This presents a large untapped market opportunity which can be leveraged by use of AI-led equity financing guidance. Our platform, InvestorAi, is the only platform in the Indian market that is multi-product, multi-broker and multi-manager and which also generates its own market-beating content. The AI models that power our platform have been trained using 14 years of stock market data and have delivered market beating returns consistently since 2022. Moreover, our AI models are integrated with a next generation delivery engine called InvestorAi YouTrade, which provides a one-click experience integrated within the broker’s own mobile or on-line platform.”

Ashish Kacholia, Founder, Lucky Investment Managers, says, “We have been long term investors in the Indian capital markets and have seen the wealth creation opportunities that it has to offer. InvestorAi’s platforms and the InvestorAi suite of products innovatively leverage technology and are directly aimed at helping the new generation of investors in starting their wealth creation journey in one of the fastest and best performing markets in the world. We believe that InvestorAi’s domain expertise in investments, products, innovative technology and a very experienced team really makes InvestorAi one of the true outliers in the wealthtech segment.”

InvestorAi products are currently available through some of the most reputed names in the broking industry that include HDFC Securities, Geojit, PL, JM Financial Services, Yes Securities, IIFL Securities, 5Paisa and Axis Securities.

InvestorAi partners and products:

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• The bid/ Offer will open on Wednesday, May 8, 2024, and close on Friday, May 10, 2024. The Anchor Investor Bidding Date shall be Tuesday, May 7, 2024;

• Bids can be made for a minimum of 47 Equity Shares and in multiples of 47 Equity Shares thereafter

• RHP Link: https://www.icicisecurities.com/Upload/ArticleAttachments/Aadhar%20Housing%20Finance%20Limited%20-%20RHP.pdf

INDIA: Aadhar Housing Finance Limited (the “Company”), proposes to open the initial public offering of its Equity Shares on Wednesday, May 8, 2024. (“Offer”)

The initial public offering comprises a fresh issue of Equity Shares aggregating to ₹ 10,000 million (“Fresh Issue”)and an offer of sale of up to such number of Equity Shares aggregating up to ₹ 20,000 million by BCP Topco VII Pte. Ltd. (the “Promoter Selling Shareholder”) (“Offer for Sale” and together with the Fresh Issue, the “Offer”).

The Company proposes to utilize the Net Proceeds from the Fresh Issue, (i) to meet future capital requirements towards onward lending; and (ii) for general corporate purposes.

The Equity Shares are being offered through the Red Herring Prospectus dated April 30, 2024 (“RHP”) filed with the Registrar of Companies, Karnataka at Bangalore (“RoC”). The Equity Shares issued through the RHP are proposed to be listed on the Stock Exchanges BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” together with BSE, the“Stock Exchanges”). For the Offer, the designated stock exchange shall be NSE.

Amit Dixit, Head of Private Equity Asia, Blackstone, said, “The listing is a significant milestone for Aadhar Housing Finance Limited, and its transformation is a great example of what we do best: Building businesses that build India. We brought our scale, network, and best global practices to grow the business, and empowered the company in digitizing its processes, end to end from origination to collection. It has been a wonderful partnership, and we couldn’t be more proud of where the business stands today.”

Mukesh Mehta, Senior Managing Director at Blackstone Private Equity, said, “It is rewarding to be a part of Aadhar Housing Finance Limited’s mission to enable underserved Indians to own homes and play a role in the company’s transformation and growth. Our priority has been to build through close alignment with the Company’s leadership and using Blackstone’s access to capital, resources, and our technology expertise.”

Rishi Anand, Managing Director & Chief Executive Officer, of Aadhar Housing Finance Limited, said, “This is a significant milestone in our journey towards empowering individuals and families with the keys to their own homes. With the true meaning of ‘Ghar Banega, Toh Desh Banega’, we embrace the responsibility of nation-building and laying a foundation for stronger communities.”

ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.

All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.

This Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations, as amended. The Offer is being made by Regulation 6(1) of the SEBI ICDR Regulations and through a Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”). Our Company may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis by the SEBI ICDR Regulations (“Anchor Investor Portion”), out of which at least one-third shall be available for allocation to domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion, i.e., the “Net QIB Portion)”.

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders other than Anchor Investors, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders such that: (a) one-third of the portion available to Non-Institutional Bidders, shall be reserved for applicants with an application size of more than ₹0.2 million and up to ₹1 million and (b) two-thirds of the portion available to Non-Institutional Bidders, shall be reserved for applicants with application size of more than ₹1 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) by SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

All Bidders, other than Anchor Investors, are required to mandatorily utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders) which will be blocked by the SCSBs or the Sponsor Banks as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.

Disclaimer:

Aadhar Housing Finance Limited is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares (“Equity Shares”) and has filed the red herring prospectus dated April 30, 2024 (the “RHP”) with the RoC. The RHP is available on the website of SEBI at www.sebi.gov.in, the website of stock exchanges i.e., NSE at www.nseindia.com, BSE at www.bseindia.com, on the website of the Company at https://aadharhousing.com/ and on the websites of the BRLMs, i.e. ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited at www.icicisecurities.com, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, https://investmentbank.kotak.com, www.nomuraholdings.com/company/group/asia/india/index.html, and www.sbicaps.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP, including the section titled “Risk Factors” beginning on page 24 of the RHP. Potential investors should not rely on the DRHP for making any investment decisions. Specific attention of the investors is invited to “Risk Factors” on page 24 of the RHP. This announcement is not an offer of securities for sale in the United States or elsewhere. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The Equity Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Accordingly, the Equity Shares are only being offered and sold (a) within the United States solely to persons who are reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act, and (b) outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur.

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HYDERABAD: The Leela Palaces, Hotels, and Resorts announced the launch of the ‘Shefs at The Leela’ Programme as a structured culinary development program 18mme for aspiring lady chefs. The program is not just a stepping stone to a job in the hospitality industry but a firm foundation for a career with The Leela Palaces, Hotels and Resorts in the field of culinary arts.

On the proud occasion of International Women’s Day 2024, the ‘Shefs at The Leela’ program was unveiled at the 5th edition of the ‘Shefs at The Leela’ event that took place on the 8th and 9th March 2024 at The Leela Palace Jaipur. This 2-day event featured a grand gala dinner at Mohan Mahal, where a six-course menu was expertly curated by globally renowned women chefs – Chef Rasika Mythily Venkatesa, Chef Tashyaa Mehrotra, and Chef Tejasvi Chandela.

Since its inception in 2022, ‘Shefs at The Leela,’ an innovative platform celebrating women chefs in partnership with Dean With Us, has successfully hosted editions at The Leela Palaces in Bengaluru and Chennai, The Leela Ambience Gurugram, and The Leela Bhartiya City. This initiative was introduced to promote equity in the kitchens. The program provides opportunities for ladies who have studied hotel management or reputed culinary programs for a minimum period of one year. And aspire to work as chefs and women keen to see their entrepreneurial dreams come to life. Serving as a platform for women achievers in the culinary realm, “Shefs at The Leela”, aims to nurture ambitions, offering growth opportunities that help women fulfill their culinary aspirations.

Anuraag Bhatnagar, Chief Executive Officer of The Leela Palaces, Hotels, and Resorts said, “We at The Leela are committed to building an equitable work environment, that celebrates diversity and nurtures equity. ‘Shefs at The Leela’ was conceptualized as a platform that appreciates the achievements of women in hospitality and builds a community that will inspire, encourage, and nurture diversity in our kitchens. With this pioneering initiative and the overwhelming response it has received, we are now evolving this into a concrete and structured culinary development program that will not only solve a need for diverse and skilled talent within the kitchens but also create a springboard for aspiring women chefs to follow their passions and fulfill their aspirations to carve a niche for themselves within the industry.”

The Shefs at The Leela Programme certified by The Leela, is designed to provide an opportunity for aspirants to grow personally and professionally. The aspirants are groomed through a combination of academic study and comprehensive on-the-job training. The objective of the program is to develop the next generation of culinary experts in bakery and confectionary, continental, Indian, and oriental cuisines, who will continue to practice and nurture the organization’s people-focused approach to achieve service excellence.

In addition to the core curriculum, The Leela will organize quarterly ‘Shefs at The Leela’ events to cultivate a vibrant culinary community. These gatherings will encompass various activities, such as masterclasses led by industry experts, panel discussions with renowned chefs, and curated dinners prepared by celebrated women chefs. The events will also include the recognition of outstanding achievements through awards.

The 2-year ‘Shefs at The Leela’ Programme is structured into two phases, beginning in Quarter 3 of 2024. Freshers are eligible to join in Phase One, and depending on caliber, professionals can apply for Phase Two. The initial 12-month phase focuses on developing a foundation of culinary skills and knowledge. The subsequent 12-month phase is dedicated to building and advancing culinary skills and acumen, including shadowing executive chefs.

The applicants are selected through a trade test and a well-rounded evaluation process. The ‘Shefs at The Leela’ Programme offers several benefits, including certification by The Leela upon program completion. Graduates of the program receive priority consideration for internal transfers and career advancement. ‘Shefs at The Leela’ associates will serve as brand ambassadors of the program, attending ‘Shefs at The Leela’ events and initiatives as required.

Further, upon completing the ‘Shefs at The Leela’ Programme with a minimum tenure of employment, graduates will be awarded an incentive.

The mandate for The Leela Palaces, Hotels, and Resorts has been expanded to lead training and development interventions across all levels of the organization with a focus on improving gender diversity across all levels. The Leela Leadership Development Programme (LLDP), a 15-month program has been designed to equip associates in functions of Sales, Butlers, F&B, and Operations to strengthen their competencies and skills to take on higher positions of responsibility within the organization. Furthermore, female LLDP aspirants who were not selected in the final round are eligible to apply for Phase Two of the ‘Shefs at The Leela’ program.

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In 2021, Medway Hospitals set up a state-of-the-art Heart Institute in Chennai, which is the only standalone heart institute to receive both JCI and NABH accreditation in South India. The Medway Heart Institute has successfully performed over 1,000 heart surgeries and 3,000 Cath Lab Procedures within a short span of two years. Medway commenced its organ transplant program in 2021 and has successfully performed over 150 renal transplants to date.

On the fundraising announcement, Dr. T Palaniappan, Chairman of Medway Group of Hospitals, stated, “Our focus has always been providing quality healthcare in Tier 2 cities and having centers of excellence in key cities. This investment will help us accelerate our expansion plans and reach 1,000 beds by 2026. Our hospitals have proficiency in managing and treating a wide spectrum of complex medical conditions.“

Additionally, Dr. Palaniappan stated, “Less than a month ago, we launched our Institute for Pulmonology & Pulmonary Rehabilitation to cater to the increased respiratory illnesses in children and the elderly.”

Hari Prasad, Partner at Kyra Ventures, stated, “We are excited to partner with Medway Hospitals on their mission to elevate healthcare standards in India. The promoters are committed to closing the healthcare gap in underserved areas by creating access to affordable, patient-centric clinical excellence.“

Nova Capital Advisors acted as advisors to the transaction.

Medway Hospitals is a leading multispecialty hospital chain offering treatment and care for patients from all walks of life. Started with two specialties, it has now expanded to eight units across Tamil Nadu and Seemandhra, providing care across all disciplines. The hospital chain has received various awards and accolades, such as India’s Most Trust Brand by IBC InfoMedia, India’s Most Trusted Cardiac Hospital Brand 2023 by IBLA 2023 Awards, Bengaluru, and Best Cardiology Hospital in Chennai by TOI Group. Medway Heart Institute has NABH and JCI accreditations. For more information, visit https://medwayhospitals.com/.

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MUMBAI: Azad Engineering Limited has announced its initial public offering (IPO) of equity shares, set to open on December 20, 2023. The price band for the IPO has been fixed at Rs. 499-524 per equity share of the face value of Rs. 2 each. The Anchor Investor Bid/Offer Period will be on December 19, 2023, while the Bid/Offer Opening Date is on December 20, 2023, and the Bid/Offer Closing Date is on December 22, 2023. Bids can be made for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter.

The price Band fixed at ₹ 499 per equity share to ₹ 524 per equity share of the face value of ₹ 2 each (“Equity Shares”) of Azad Engineering Limited

• Anchor Investor Bid/Offer Period – Tuesday, December 19, 2023
• Bid /Offer Opening Date – Wednesday, December 20, 2023, and Bid/ Offer Closing Date – Friday, December 22, 2023
• Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter

The IPO consists of a fresh issue of up to Rs. 2,400.00 million and an offer for sale of up to Rs. 5,000.00 million, comprising equity shares offered by the selling shareholders. The company plans to utilize the net proceeds from the offer towards funding capital expenditure, repayment/pre-payment of certain borrowings, and general corporate purposes.

The offer is being made per Regulation 6(1) of the SEBI ICDR Regulations and through the Book Building Process. Not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs), and such portion, “QIB Portion.” The company may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis per the SEBI ICDR Regulations, out of which at least one-third shall be available for allocation to domestic Mutual Funds only.

Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited are the Book Running Lead Managers to the issue. The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited.

Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus, including the section titled “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

Disclaimer

Azad Engineering Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the red herring prospectus (“RHP”) with the Registrar of Companies, Telangana at Hyderabad on December 14, 2023. The RHP is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the book running lead managers i.e., Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited at www.axiscapital.co.in, www.icicisecurities.com, www.sbicaps.com and www.anandrathiib.com, respectively, and is available on the website of the Stock Exchanges i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and the website of the Company at www.azad.in. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP, including the section titled “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

This press release has been made for publication in India and may not be released in the United States. The Equity Shares offered in the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended (“Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable U. S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of each jurisdiction where such offers and sales are made.

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