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News on Medial
State-run firms exempted from meeting public shareholding norms for 2 years
VCCircle
·
11m ago
Medial
The Indian government has exempted state-run companies from meeting public shareholding norms for a period of two years until August 2026. This exemption means that all listed Indian companies, including public sector firms, will not be required to maintain a minimum public shareholding of 25%, as mandated by the Securities and Exchange Board of India (SEBI). The decision was mentioned in a document seen by Reuters, and the SEBI will be responsible for implementing this change.
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Finance Ministry revises norms for dividend payments, share buybacks, stock splits for PSUs | Company Business News
Livemint
·
8m ago
Medial
The Indian Finance Ministry has introduced new norms for dividend payments, share buybacks, and stock splits at state-run companies. State-run non-banking financial companies (NBFCs) are now required to pay a minimum annual dividend of 30% of their profit. Public sector units (PSUs) must also pay a dividend of 30% of profit or 4% of net worth, whichever is higher. The guidelines also allow companies meeting certain criteria to consider share buybacks and mandate the issue of bonus shares if reserves are 20 times the share capital. Additionally, stock splits are encouraged for companies with share prices exceeding 150 times its face value.
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The five state banks that won a 2-year extension from Sebi might need more time
Livemint
·
11m ago
Medial
Five state-owned banks in India risk missing the extended deadline to meet the minimum public shareholding requirement set by the Securities and Exchange Board of India. The banks, including UCO Bank, Central Bank of India, Punjab and Sind Bank, Bank of Maharashtra, and Indian Overseas Bank, have been given an additional two years to increase their public shareholding to 75%. However, it is anticipated that they will require at least three more years to reach the mandated level. Qualified institutional placements are being considered to reduce the government's stake in these banks gradually.
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UltraTech Cement must divest 7% stake in India Cements to meet SEBI norms
Economic Times
·
1m ago
Medial
UltraTech Cement must divest approximately 7% of its stake in India Cements, valued at over ₹667 crore, to comply with SEBI's minimum public shareholding norms. This requirement follows an oversubscribed open offer that increased its stake beyond regulatory limits. According to SEBI regulations, publicly listed companies must maintain at least 25% public shareholding, and India Cements has until February 3, 2026, to meet this requirement through secondary sales or rights issues.
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Indian units of more MNCs under beneficial ownership glare
Livemint
·
1y ago
Medial
Indian authorities are reportedly expanding their ownership checks to the local arms of multiple multinational companies (MNCs). Registrars of Companies (RoCs) are scrutinising company disclosures and shareholding information of MNCs' Indian units to ascertain whether they have identified significant beneficial owners (SBOs). The move follows penalties imposed on LinkedIn and Samsung for violating SBO reporting norms. The increased focus on enforcement stems from a recent review by the Financial Action Task Force (FATF), an international body fighting money laundering and terrorism financing. The RoCs have reportedly been removing defunct firms and detecting shell companies in recent years.
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Capillary Tech to file IPO documents by October; Warburg, others to trim stake
Livemint
·
1m ago
Medial
Capillary Technologies plans to file for an IPO by October, aiming for a public listing this fiscal year. Key investors Warburg Pincus and Avataar Ventures will partially sell their stakes to comply with public shareholding norms. The IPO involves ₹2,250 crore, comprising a ₹500 crore fresh issue and a ₹1,750 crore offer for sale by current investors. This move marks Capillary's second attempt at going public, enhancing its loyalty management and customer engagement solutions.
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Govt departs from privatisation plans, may overhaul PSUs
VCCircle
·
1y ago
Medial
The Indian government is reportedly shifting away from its aggressive privatisation plans for state-run firms to instead focus on making them more profitable. The new plans aim to overhaul over 200 state-run firms by selling underutilised land owned by these companies and monetising other assets. The goal is to raise $24 billion in the current fiscal year and reinvest the funds in the companies, while setting five-year performance and production targets for each company. The plans include introducing succession planning and professional recruitment to company boards. The shift comes after Prime Minister Narendra Modi lost his parliamentary majority.
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Warburg, Kedaara-backed Avanse Financial gets SEBI approval for IPO
VCCircle
·
9m ago
Medial
Avanse Financial Services, an education loan provider backed by private equity firms Warburg Pincus and Kedaara Capital, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company aims to raise Rs 1,000 crore through a fresh issue of shares, along with an offer for sale of Rs 2,500 crore. The proposed IPO would value Avanse at at least $1.2 billion. NTPC Green Energy, a subsidiary of state-run power producer NTPC Ltd, also received SEBI approval for its planned Rs 10,000 crore IPO.
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Lead auditors to be held accountable for group lapses. So why are the small audit firms fretting? | Mint
Livemint
·
10m ago
Medial
India's audit watchdog, the National Financial Reporting Authority (NFRA), is looking to close a regulatory loophole that allowed business groups to divert funds through subsidiaries without being held accountable. The proposed rules would make the lead auditors of conglomerates responsible for any fund diversions, aligning with international standards. However, concerns have been raised that this could lead to smaller audit firms being edged out by larger firms. The proposed changes will include exceptions for unlisted companies, public sector entities, and state-run banks. Industry experts have differing opinions on the potential impact of the proposed rules.
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IRDAI Floats Draft Regulations For Insurance Electronic Marketplace Bima Sugam
Inc42
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft regulations for Bima Sugam, a digital public infrastructure that aims to promote transparency, collaboration, and technological innovation in the insurance sector. Bima Sugam will be a not-for-profit company and its shareholding will be widely held among insurers, with no single entity having a controlling stake. The deadline for comments on the proposed norms is March 4. The platform seeks to empower policyholders, increase insurance penetration, and enhance availability, accessibility, and affordability.
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GR Infra shares fall as promoters to sell stake to meet shareholding norms
Money Control
·
1y ago
Medial
Shares of GR Infraprojects dropped nearly 4% as some promoters look to sell up to 5% equity in the company to comply with minimum public shareholding norms. The promoters intending to divest their holding of around 48.34 lakh shares include Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, and Kiran Agarwal. The stake sale will take place through open market transactions and will not involve any acquisition of shares during the sale period.
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