Out of the total allocation of 14,33,80,733 Equity Shares to the Anchor Investors, 7,95,48,091 Equity Shares (i.e., 55.48% of the total allocation to Anchor Investors) were allocated to 14 domestic mutual funds through a total of 35 schemes.

 The anchor book saw participation from a wide variety of domestic investors, including ICICI Prudential MF, Kotak MF, Nippon MF, Aditya Birla Sun Life MF, DSP MF, 360 ONE, Motilal Oswal MF, Tata MF, Bharti AXA MF, Edelweiss MF, and Canara Robeco MF, to name a few.

 The anchor book saw participation from a wide variety of international investors, including Capital Research, Goldman Sachs Asset Management (GSAM), Fidelity, Franklin Templeton Global, Eastspring Investments, Pine Bridge, and White Oak Capital, to name a few.

As mentioned in the RHP, Global investment firm Think Investments invested a little over Rs 136 crore as part of a pre-IPO funding round. The shares were bought at Rs 127 per piece.

The price band of the issue is fixed at Rs. 103/- to Rs. 109/- per equity share. The offer includes a discount of Rs. 10/- per Equity Share being offered to Eligible Employees bidding in the Employee Reservation Portion. Bids can be made for a minimum of 137 Equity Shares and in multiples of 137 Equity Shares thereafter.

The IPO shall open its bid/offer in relation to its initial public offer on Tuesday, 11^th November 2025. The bid/ offer closing date is Thursday, 13^th November 2025.

The total offer size comprises equity shares of face value of ₹1 each aggregating up to ₹ 3480 Crores. The IPO includes a fresh issue of equity shares of face value ₹1 each aggregating up to ₹3100 Crores and an offer for sale of equity shares of face value ₹1 each aggregating up to ₹380 Crores.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited are the bankers to the issue.

Link: https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251110-57&attachedId=f778380b-e39b-4da6-8635-82ca22998503

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“In the current environment, arbitrage funds are uniquely positioned to capture the potential benefits of market volatility while shielding investors from direct equity risks. Elevated roll spreads and sustained volatility have enabled arbitrage funds to deliver reasonable returns, even as traditional income avenues have become less attractive. For investors seeking equity tax returns, arbitrage funds offer a suitable proposition,” said Sailesh Jain, Fund Manager, Tata Asset Management.  

According to data from the Association of Mutual Funds in India (AMFI), arbitrage funds attracted Rs 43,077 crore between April and June 2025, surpassing inflows into other hybrid and equity categories. This surge underscores investor preference for instruments that can deliver relatively reasonable returns while minimising equity risk during periods of heightened uncertainty. However, profit is not guaranteed. 

Reflecting the broader industry trend, the Tata Arbitrage Fund too saw inflows of Rs 5,217 crore between April and June 2025, with Rs 356 crore coming from Pune. The fund had assets under management of Rs 14,274 crore as of June 30, 2025.

The environment is especially conducive for arbitrage strategies, as elevated volatility and strong roll spreads have opened potential return opportunities. The Reserve Bank of India’s recent easing measures—cutting the repo rate by 50 basis points and the Cash Reserve Ratio by 100 basis points—have further boosted the appeal of arbitrage funds over traditional fixed income avenues. The upcoming corporate earnings and a positive monsoon outlook are also expected to lift market sentiment.  

As global and domestic uncertainties continue to cloud the market outlook, arbitrage funds are a choice for investors to help them navigate choppy waters. With interest rates on a downward trend and savings account returns declining, traditional fixed-income options have become relatively less attractive in terms of returns. At the same time, factors such as the anticipated Indo-US trade deal, tariff negotiations, and ongoing geopolitical tensions are keeping the market volatility elevated. Although the US dollar index remains subdued for now, any spike in global risk aversion may trigger fresh market swings. In this backdrop, arbitrage funds seek to offer investors a low-risk way to capitalise on volatility without direct equity exposure. 

Arbitrage funds also offer tax efficiency, as they are taxed like equity mutual funds, giving them an edge over short-term debt instruments, particularly for high-income investors looking to optimise post-tax returns. For those seeking a low-risk hedge against equity market exposure, along with the potential for competitive returns vis-a-vis traditional savings options, arbitrage funds present a potential investment opportunity in today’s volatile environment. 

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Covestro adjusts its forecast for fiscal year 2025 as follows:

• EBITDA is expected to be between EUR 700 million and EUR 1,100 million. The previous forecast projected EBITDA between EUR 1,000 million and EUR 1,400 million. The consensus expected this figure to be EUR 931 million.

• Free operating cash flow (FOCF) is expected to be between EUR -400 million and EUR +100 million. The previous forecast projected FOCF between EUR 0 million and EUR 300 million. The consensus expected this figure to be EUR 106 million.

• Return on capital employed over weighted average cost of capital (ROCE over WACC) is expected to be between -9 and -5 percentage points. The previous forecast projected ROCE over WACC between -6 and -3 percentage points.

Unchanged, greenhouse gas emissions, measured via CO₂ equivalents, are expected to be between 4.2 million tons and 4.8 million tons.

In the second quarter of 2025, Covestro’s preliminary EBITDA amounted to EUR 270 million, which is within the previous forecast range between EUR 200 million and EUR 300 million. This was supported by the release of bonus provisions of EUR 43 million in line with the reduction of the full year forecast. The consensus expected this figure to be EUR 220 million.

The financial report for the second quarter of 2025 will be published on July 31, 2025.

Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, recently published by Vara Research on July 7, 2025.

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PARIS, FRANCE: As the continent’s largest trading partner, China has played an active role in harnessing Africa’s energy resources and developing critical infrastructure to date. As the country seeks to secure future energy supplies – as well as foster regional diplomacy in the Global South – China has expanded its stakes in strategic, integrated oil and gas developments across the continent. Uniting global investors, suppliers, and service providers from the East and West, the Invest in African Energy (IAE) forum in Paris will showcase Africa’s energy and infrastructure projects, to unlock further Chinese finance and engagement.

Together, China’s state-owned oil firms – China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Petroleum & Chemical Corporation (Sinopec) – represent the fourth-largest energy investors in Africa, following European IOCs bp, Shell and Eni. These companies are leading and financing some of Africa’s most transformative energy initiatives, from deepwater exploration to enhanced oil recovery to regional pipelines that connect new resources to underserved markets.

Organized by Energy Capital & Power, IAE 2024 (https://apo-opa.co/3UMOOtQ) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors, and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

In Tanzania, CNOOC is partnering with the Tanzania Petroleum Development Corporation to explore deep-sea Blocks 4/1B and 4/1C – located near existing gas discoveries – for offshore oil and gas. The company launched wildcat drilling in Gabon’s Blocks BC-9 and BCD-10 at the start of 2023, with its Tigre prospect holding up to 1.4 billion barrels of potential recoverable resources. Last May, CNOOC renewed its production sharing contract with the Nigerian National Petroleum Corporation and TotalEnergies for OML 130 – home to the producing Akpo and Egina fields and Preowei discovery – which could enable a future FID to be made on the discovery. In terms of production, South Sudan has been in talks with CNPC to boost output from Blocks 3 and 7 in the Paloch fields in Upper Nile, which the Chinese firm operates in partnership with Malaysia’s Petronas and Sinopec.  

In addition to upstream investments, Chinese players are leading the construction of critical midstream infrastructure across the continent. In Mozambique, CNPC holds a 20% stake in the Coral Sul LNG project, which has transformed Mozambique into a global LNG exporter after delivering its first cargo in November 2022. In East Africa, CNOOC holds an 8% stake in the planned East African Crude Oil Pipeline (EACOP), while CNPC subsidiary China Petroleum Pipeline Engineering is responsible for the construction and supply of the project’s line pipes. Transporting Uganda’s crude oil to the Port of Tanga in Tanzania, EACOP will facilitate crude exports to global markets, as well as stimulate economic activity, new infrastructure, and improved logistics in the central trade corridor between the two countries. In Niger, CNPC is leading the development of the Niger-Benin Export Pipeline, set to increase the country’s oil output from 20,000 barrels per day (bpd) to 130,000 bpd upon completion. Operated by CNPC, the 1,900-km pipeline will connect Niger’s Agadem oil fields to the Port of Sèmè in Benin and represents the largest cross-border pipeline invested by CNPC in Africa.

China’s recent investments in African oil and gas speak to the trade and investment opportunities yet to be unlocked across the continent. New projects – focused on integrated developments that not only extract but connect Africa’s hydrocarbon resources to market – will be showcased at the IAE forum, which invites Chinese companies to attend and participate in upcoming developments.

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