Mauritius Financial News

ASK Automotive on Monday said it has mobilised a little over Rs 250 crore from anchor investors ahead of its initial share sale which opens for public subscription on Tuesday. The company has allotted 88.71 lakh equity shares to 25 funds at Rs 282 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. At the price, the company has garnered Rs 250.17 crore from anchor investors.

The Financial Services Commission (FSC) of Mauritius started collecting feedback from industry stakeholders and the general public regarding the inclusion of metaverse within the financial services industry.

NEW DELHI : India-backed Global Biofuels Alliance (GBA) is looking for more countries to join it from South-east Asia and Africa after the Philippines and Tanzania became the latest entrants. The move is strategically significant as it is expected to give India an upper hand over China which has interests in both South East Asian and Africa and has been opposed to joining the alliance. The alliance launched on 9 September on the sidelines of the G20 Leadership Summit was initially conceptualized with a view to getting all G20 members on board.

precedes the upcoming Supreme Court hearing on the case. The regulator reached out to OCCRP after the investigative journalism group released a report on August 31, alleging that the Adani conglomerate routed funds to foreign individuals to invest in its own shares through Mauritius-based platforms. "Sebi did contact OCCRP seeking key documents from our investigation.

₹450-500 crore through the issue. The company had received the markets regulator's nod to float the issue but did not go ahead with the launch. According to the DRHP, the IPO comprises a fresh issue of equity shares aggregating to ₹40 crore, and an offer for sale of up to 2.6 crore equity shares by BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity.

NEW DELHI : India may sign a memorandum of understanding (MoU) with its key diplomatic partner Indonesia to sell up to 1 million tonnes (mt) of white rice annually, two government officials said. India’s 20 July ban on non-basmati white rice exports comes even as Indonesia plans to safeguard food security against disruptions caused by the El Nino weather pattern and difficulties with supplies from Vietnam, the current major supplier. Although Indonesia is self-sufficient in rice production, it procures rice through MoUs when there is uncertainty in meeting its domestic demand.

NEW DELHI : Mauritius-based offshore funds facing ambiguity over capital gains tax have received a shot in the arm at last following a verdict of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). In a case about the foreign direct investment of Indium IV Holdings (Mauritius), the tribunal has allowed the fund to carry forward long term capital loss (LTCL) while simultaneously allowing the fund to claim treaty benefit for short term capital gains (STCG).

Also read: Adani Group may bid in upcoming airport auctions "MIAL and NMIAL have received communications from the said Authority about the initiation of investigations of books of accounts and other books and papers in terms section 210(1) of the Companies Act, 2013," Adani Enterprises said on BSE filing. Billionaire Gautam Adani owns and operates seven airports across India.

SoftBank on Friday offloaded a 2.5% stake in Policybazaar's parent firm PB Fintech through open market transactions for Rs 871 crore. SoftBank through its affiliates — SVF India Holdings (Cayman) Ltd and SVF Python II (Cayman) Ltd — sold the shares of the company.

₹762.8 apiece. Financial services firm Societe Generale bought 0.58% or 2.6 million shares in the company at the same price. Before the sale, SoftBank held a 4.39% stake in PB Fintech through its entity SVF Python II (Cayman) Ltd.

UK Home Secretary Suella Braverman's hard line speech that tough action needs to be taken to stop migration. “It's likely that Braverman is aware of the role immigration plays in sustaining the UK economy and fulfilling skill gaps, making her remarks noteworthy for not only political observers; but also stakeholders concerned with immigration's role in the UK's future. This is considering the country is grappling with with a labour shortfall in various sectors, " said Yash Dubal, A Y & J Solicitors, London, United Kingdom.

Africa Partnership Conference (APC), organised by the Economic Development Board, Mauritius, in collaboration with the Ministry of Finance, Economic Planning and Development of Mauritius, concluded successfully on the 3rd of October. This event marked the third edition of the APC, focusing on the theme — Unity in Partnership: Enabling Sustainable & Inclusive Investment. The main goal of this conference was to foster connections between project promoters from various African nations and venture capitalists.

Sanjeev Sanyal, a Member of the Economic Advisory Council to the Prime Minister, while speaking at the Africa Partnership Conference in Mauritius, emphasised on the importance of having clear Environmental, Social & Governance (ESG) norms. The two-day Africa Partnership Conference envisaged to spur cross-boundary collaboration, which kicked off in Mauritius on October 2, will be an ideal platform for Indian stakeholders to pursue wider bilateral trade and strategic goals. Sanyal in his address, stressed that ESG norms would soon have a significant impact on various aspects of our global landscape. While the term ESG is widely recognized, precise norms have yet to be established. Currently, ESG norms are being defined by various ad hoc groups and NGOs.

Maldives President-elect Mohammed Muizzu may give India a headache in its southern neighbourhood in the backdrop of his pro-China leanings and «India out» campaign. However, the new Maldivian President may not be able to push out India's footprints from the archipelago given the historical development partnership and New Delhi's role as the first responder in a crisis. Muizzu was the proxy candidate for jailed former president Abdullah Yameen and may revive China's footprints in Maldives, according to Maldives watchers.

Protean eGov Technologies (formerly NSDL e-Governance Infrastructure) is planning to make an initial public offering of around Rs 1,200-1,300 crore by the end of October, people privy to the development said. “The company will submit its updated draft red herring prospectus before markets regulator Securities and Exchange Board of India this week … It aims to launch the IPO to the public by the third or fourth week of October,” one of the people said.

NEW DELHI : India may allow exports of another 50,000 tonnes of non-basmati white rice to Singapore under humanitarian operations, making an exception for one of its key diplomatic partners, two government officials said. India recently permitted limited exports of the rice variety, which is currently under the prohibited category, to the UAE and last month to Bhutan, Mauritius and Singapore. These countries appealed to New Delhi to resume rice exports following India’s decision to suspend non-basmati shipments on 20 July to keep prices in check.

Fincare Small Finance Bank has received market regulator Securities and Exchange Board of India's approval for its proposed initial public offer. The bank plans to raise up to Rs 625 crore by issue of equity shares of face value Rs 10. Fincare SFB applied for the IPO afresh in May. It initially filed draft papers last year but needed to refile the proposal with a fresh set of numbers as Sebi sought more information. The IPO also includes offer for sale (OFS) by promoters and other investors.

Finance Bank Ltd and logistics company Western Carriers (India) Ltd have received capital markets regulator Sebi's approval to raise funds through Initial Public Offerings (IPOs).

Also Read: Kundan Edifice share price debuts at 17.58% discount at ₹75 on NSE SME The book running lead managers for the Fincare Small Finance Bank IPO issue are ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, SBI Capital Markets Limited, and Ambit Private Limited. Fincare Small Finance Bank said it plans to raise its Tier-I capital base with the net proceeds of the new Issue in order to satisfy its bank's future capital needs.

non-basmati rice to Bhutan (79,000 tonnes), Mauritius (14,000 tonnes), and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL). "The Government of India has the commitment that in case of food insecure, vulnerable countries and neighboring countries request, it will provide with the required quantity of rice or wheat," he said.

Chief Justice of India DY Chandrachud on Saturday said it was «utopian» to think that there could ever be a day when the «delivery of justice» will not be challenged. Addressing the inauguration of the International Lawyers' Conference 2023 in the national capital on Saturday, the CJI also underlined the «pivotal role» played by India in raising Supreme Court buildings in Mauritius and Bhutan. The CJI, however, said it is realistic to aspire to a world where nations, institutions and, most importantly, individuals are open to engaging with each other. «Each one of us has volumes to learn from different jurisdictions, perspectives, and most importantly each other..,» CJI Justice Chandrachud said at the inauguration of the International Lawyer's Conference on Saturday. Inaugurated by Prime Minister Narendra Modi at Vigyan Bhawan on Saturday, the inauguration was also attended by Union Law Minister Arjun Ram Meghwal. He said the programme will witness the participation of distinguished judges, legal professionals, and leaders of the global legal fraternity over the next two days. «It is utopian to think that there will be a day when we will find perfect solutions and no challenge to justice delivery.