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Diversified FMCG company <keyword id="181951" type="General" weightage="20" keywordseo="ruchi-soya-industries" source="Orion">Ruchi Soya Industries</keyword> has raised ₹1,290 crore from anchor investors ahead of its follow-on public offering (<keyword id="46435" type="General" weightage="80" keywordseo="fpo" source="Orion">FPO</keyword>) that opens for public subscription on Thursday. A follow-on offering is the issuance of additional shares made by a company after an initial public offering (IPO). The upcoming FPO is going to be only a fresh issuance of equity shares to public investors without any offer for sale component, a statement said on Wednesday. The company informed the exchanges that the price band for its FPO has been set at ₹615 per equity share (at the lower end of the price-band) to ₹650 per equity share (at the higher end of the price-band). On Wednesday, it informed the bourses that 19,843,153 equity shares have been allocated to anchor investors at the upper-end of the price-band against the applications from various anchor investors. Societe Generale, BNP Paribas, The Sultanate of Oman - Ministry of Defence Pension Fund, Yas Takaful PJSC (an Abu Dhabi-based insurance company), MK Cohesion, UPS Group and Alchemy were among the foreign investors that received allocation under the anchor investor portion of the FPO, the statement said. Currently, <keyword id="3040166" type="General" weightage="20" keywordseo="patanjali-group" source="Orion">Patanjali Group</keyword> owns about 98.9 per cent stake in <keyword id="53343" type="General" weightage="100" keywordseo="ruchi-soya" source="Orion">Ruchi Soya</keyword>, while public shareholders own about 1.1 per cent stake. Post the FPO, Patanjali Group's holding in Ruchi Soya will come down to about 81 per cent, and the public shareholders would hold about 19 per cent. The entire proceeds from the follow-on issue will be used for furthering the company's business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes, the company had said recently while announcing the FPO. Ruchi Soya's <keyword id="705161" type="General" weightage="20" keywordseo="ruchi-gold" source="Orion">Ruchi Gold</keyword> brand is the market leader in branded palm oil and also the pioneer of soya foods in India under the brand name Nutrela. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-multi-device-support-starts-rolling-out-to-all-users/articleshow/90410868.cms">WhatsApp multi-device support starts rolling out to all users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/omicron-subvariant-infections-on-rise-in-us-accounts-for-over-34-of-the-new-covid-19-infections/articleshow/90410070.cms">Omicron subvariant infections on rise in US, accounts for over 34% of the new COVID-19 infections</a>

Ruchi Soya raises ₹1,290 crore from anchor investors ahead of FPO

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, March 14 (IANS) <keyword id="53343" type="General" weightage="20" keywordseo="ruchi-soya" source="Orion">Ruchi Soya</keyword> shares hit the 20 per cent upper circuit on Monday after the diversified FMCG company announced it will launch its follow-on public offer (<keyword id="46435" type="General" weightage="20" keywordseo="fpo" source="Orion">FPO</keyword>) worth Rs 4,300 crore on March 24. A follow-on offering is an issuance of additional shares made by a company after an initial public offering. The FPO issue will close on March 28. In order to comply with market regulator SEBI's requirement of a minimum public shareholding of 25 per cent in a listed business, the company is issuing the additional public offering. Entire proceeds from the issue will be used for furthering the company's business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes. Ruchi Soya's ‘Ruchi Gold' brand is the market leader in branded palm oil and the company is also the pioneer of soya foods in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> under the brand name ‘Nutrela'. At 1.25 p.m., the shares of the firm were locked in the upper circuit at Rs 963.75. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/you-may-have-to-shell-out-more-for-your-morning-coffee-and-noodles/articleshow/90200235.cms">You may have to shell out more for your morning coffee and noodles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-will-now-offer-gold-loans-for-merchant-partners/articleshow/90199544.cms">BharatPe will now offer gold loans for merchant partners</a>

Ruchi Soya shares hit 20% upper circuit prior to the launch of its ₹4,300 crore FPO

<ul><li>Regulators in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> are mostly talking about cryptocurrencies and NFTs, but a lot more has to be done.</li><li>Countries like the US, UK, Canada have tweaked existing laws to accommodate <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> and web3.</li><li>Web3 founders in the country are already leaving India.</li></ul>Despite being in the works for over two years, India’s crypto regulations are barely scratching the surface for what the third generation of the Internet, or web3, will need. According to experts, India’s regulators should follow global examples set by countries like the US and the European Union (EU); to effectively regulate cryptocurrencies and web3 projects in the country. <keyword id="2715428" type="General" weightage="20" keywordseo="ajeet-khurana" source="Orion">Ajeet Khurana</keyword>, a noted crypto advisor, believes that three main ways have been explored globally. At a <a href="https://twitter.com/BiIndia/status/1506637849864462341?s=20&amp;t=Fq8EyE7kSnB6W8lgcw_Jrg">Twitter Spaces </a>conversation held by Business Insider India, Khurana said that coming up with an overarching crypto bill may not be the only route the country can take. He also noted that India has already followed examples set by countries like the US, Australia, UK, Canada, and Singapore, which has tweaked existing regulations to accommodate cryptocurrencies. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="11" retweetcount="6" status=".@AjeetK, @tamarincrypto and @Aritra_7 of @WazirXIndia take a closer look at the different ways web 3.0 is redefini… https://t.co/hQt4WZGQ2O" createdat="1648045430000" id="1506637849864462341"></div> At the Union Budget 2022 last month, finance minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> brought crypto trading under the ambit of existing taxation rules in India instead of announcing a full-fledged crypto bill, which has been in the works for the past year or so. <div type="ExtQuote" text="So, if we could tweak our SEBI Act, RBI Act, FEMA, and a few others…frankly, we are a fully regulated country, and I think that may be the best way to go because large economies around the world have done that." auname="Ajeet Khurana, Crypto Expert, told Business Insider."></div><cmsannotation type="cmsannotation" annotationid="The need to recognise the potential of web 3.0" comment="subhead" text="The need to recognise the potential of web 3.0">The need to recognise the potential of <keyword id="692030" type="General" weightage="20" keywordseo="web-3-0" source="Orion">web 3.0</keyword></cmsannotation> Aritra Sarkhel, Director of Public Policy at <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>, leading crypto exchange in the country, added that different government departments are still unclear on how they will deal with the industry. He noted that various government departments have different versions, and the conversation has moved from being about crypto only to non-fungible tokens (NFTs). However, lawmakers seem to have failed to recognize the complete scope that web3 has. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> According to Tamar Menteshashvili – who leads ecosystem growth at Solana Labs, which runs the Solana platform – many web3 company founders from India have been moving to Dubai recently, which is a “strong signal” that “something is not going as well as it should be”. <div type="ExtQuote" text="Taking the example of more crypto-friendly regulations and understanding the opportunity that web3 is bringing to the country is super important while thinking about the policy." auname="Tamar Menteshashvili, Ecosystem Growth at Solana Labs told Business Insider."></div> India is one of the fastest-growing internet consumer markets and has one of the most flourishing pools of start-ups and developers across the world. Web 3.0 is the next internet revolution and has been gaining ground steadily. In fact, a report from the US India Strategic Partnership Forum (USISPF) and Cross Tower stated that Web 3.0 and digital assets could add $1.1 trillion to India’s GDP over the next decade. Sarkhel said that the industry needs clarity around regulations so that 18-19-year-old founders don’t get confused and move out of the country to avoid future repercussions. “Basically, you don’t want another brain drain to happen. Let’s build together,” he told Business Insider during the Twitter Spaces session. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cypher-capital-launches-100-million-blockchain-fund-with-an-aim-to-invest-40-of-it-in-crypto-startups-in-india/articleshow/90400157.cms">Cypher Capital launches $100 million blockchain fund, with an aim to invest 40% of it in crypto startups in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/patanjalis-ruchi-soya-will-go-for-fpo-tomorrow-check-out-price-band-gmp-and-other-information-you-need-to-know/articleshow/90394179.cms">Ruchi Soya’s FPO opens tomorrow — price band, GMP and more</a>

India’s crypto regulations don’t recognize the full scope of web3, say experts

<ul><li>BollyCoin on Tuesday announced its plans to launch a Salman Khan-inspired <keyword id="12846693" type="General" weightage="20" keywordseo="chulbul-pandey-nft" source="Orion">Chulbul Pandey NFT</keyword> collection.</li><li><keyword id="419913" type="General" weightage="20" keywordseo="chulbul-pandey" source="Orion">Chulbul Pandey</keyword> will be Bollywood actor <keyword id="6354583" type="General" weightage="20" keywordseo="salman-khan" source="Orion">Salman Khan</keyword>’s legendary character in the Dabangg franchise.</li><li>Chulbul Pandey NFT holders will also get exclusive access to special Bollywood virtual events in the Metaverse.</li></ul>Community-driven platform BollyCoin on Tuesday announced its plans to launch a Salman Khan-inspired Chulbul Pandey non-fungible tokens (NFT) collection, which includes wearables like accessories, outfits or skins that could be used in the metaverse platforms such as Decentraland and Sandbox. Chulbul Pandey will be Bollywood actor Salman Khan’s legendary character in the Dabangg franchise. The company says that this NFT is the first step towards its ambition of taking Bollywood to the metaverse. The company has partnered with the famed Cope Studio — which was recently acquired by Polygon — to create these cutting-edge NFTs. Chulbul Pandey NFT holders will also get exclusive access to special Bollywood virtual events in the Metaverse. “Metaverse is the next frontier across industries. Given its immense scope, it is inevitable that it comprises all the elements that can enhance the Bollywood experience for our movie-buff nation. Through the launch of this pioneering NFT that will prompt the foray into Metaverse, BollyCoin aims to be the vehicle that accelerates the adoption of Bollywood NFTs,” Kyle Lopes, cofounder and spokesperson of BollyCoin, said. Founded in October 2021, BollyCoin is that community-driven platform where Bollywood bonds with cryptocurrency. It also has its own cryptocurrency listed on the decentralized exchanges namely UniSwap and QuickSwap. The company has announced partnerships with production houses including Salman Khan Films, Arbaaz Khan Production, Sohail Khan Productionz, Reel Life Production Private Limited and others. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/news/elon-musk-is-now-asking-if-people-want-an-edit-button-in-twitter/articleshow/90656209.cms">Elon Musk is now asking if people want an edit button after acquiring a 9.2% stake in Twitter</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-tcs-indusind-bank-among-top-stocks-to-watch-out-for-on-april-5/slidelist/90654292.cms">Zomato, TCS, IndusInd Bank among top stocks to watch out for on April 5</a> <a href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-ruchi-soya-fpo-allotment/articleshow/90650772.cms">Ruchi Soya FPO: Here’s how you can check the allotment status</a>

Bollywood fans can now look like Salman Khan in the metaverse with Chulbul Pandey NFT

<ul><li>A total of 75 component makers have been approved by the government for incentives under the auto component PLI scheme.</li><li>Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi are among companies that have been approved for the scheme.</li><li>Auto company shares were among the outliers performing well in the weak market on Tuesday.</li></ul>About 75 auto component makers have been approved by the government for incentive under the production linked incentive (PLI) scheme. Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi, Bosch, Mitsubishi Electric and Tata Autocomp are among the list of companies that have been approved for the scheme. PLI is a form of incentive from one entity to another, such as from the government to industries. It provides incentives to domestic industries to boost local production. The auto PLI scheme is aimed at giving a push to advanced automotive technologies and manufacturing of electric vehicles in India. The government said that the PLI scheme for the auto sector envisages to overcome the cost disabilities of the industry for manufacture of advanced automotive technology products in India. The incentive structure will encourage industry to make fresh investments for indigenous global supply chains of advanced automotive technology products. Reportedly over 100 companies had applied for the PLI scheme. A report by CNBC-TV18 said that incentives in the range of 8-13% would be given to companies that are making components for safety, flex fuels, compressed natural gas (CNG), liquefied natural gas (LNG), emission control, passenger convenience, fuel efficiency, and sensors, while a higher range of incentives — 13 to 18% would be given to companies making components for hydrogen and electric vehicles. While the market remained under pressure due to high inflation and geopolitical tensions, shares of automobile companies were trading higher on March 15. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Auto companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change as of 2:15 p.m. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Leyland </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Balkrishna Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Forge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.31% </td></tr></tbody></table> What is Government PLI Scheme PLI is a form of incentive from one entity to another, such as from the government to industries. It provides incentives to domestic industries to boost local production. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zerodha-founders-and-boats-aman-gupta-others-invest-150-million-in-licious/articleshow/90220096.cms">Zerodha founders, BoAt’s Aman Gupta and others invest $150 million in Licious</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/how-to-apply-for-latest-ruchi-soya-fpo/articleshow/90218887.cms">Ruchi Soya FPO – All you need to know about FPOs and how to apply</a>

Auto stocks turn outliers in a weak market as government approves 75 auto firms for PLI scheme

<ul><li>The total supply of <keyword id="6709758" type="General" weightage="20" keywordseo="ether" source="Orion">Ether</keyword> on centralized exchange platforms is lower than it used to be in 2018.</li><li>Over 180,000 ETH left trading platforms on March 15 alone.</li><li>Centralized platforms have larger supply of a particular asset when there are more available sellers.</li></ul><keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> remains the second most valuable cryptocurrency in the world, but a change in the platform’s token value suggests that investors may be expecting a rally soon. According to a <a href="https://cointelegraph.com/news/ethereum-balance-on-crypto-exchanges-falls-to-lowest-levels-since-2018">report</a> by Cointelegraph, citing data from blockchain tracking firm Glassnode, the amount of ETH available on crypto exchanges has fallen to its lowest levels since September 2018, which is a sign that traders are holding on to their tokens. According to the report, the data shows that about $1.61 billion worth of ETH tokens have left centralized trading platforms in the year-to-date, and 30% of the withdrawals made in 2022 came in the past week alone. Over 180,000 ETH tokens made their way out of centralised trading platforms on March 15, and the overall balance of Ether on these platforms has dropped to 21.72 million. Centralized exchanges hold a custodial wallet for their users, which is where all the crypto is held. They usually have enough supply of an asset that has more sellers than buyers. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Why is Ether expected to rally?" comment="subhead" text="Why is Ether expected to rally?">Why is Ether expected to rally?</cmsannotation> The change in Ether’s behaviour is likely in anticipation of the Ethereum 2.0 update that is expected later this year, which brings the proof-of-stake (POS) system to the platform. The POS system is a change in how cryptocurrencies are mined, and is said to reduce the energy consumption from crypto mining as well. According to the <a href="https://blog.ethereum.org/2021/05/18/country-power-no-more/">Ethereum Foundation</a>, which manages the platform, the move to POS will cut Ethereum’s energy consumption by 99.5%. To be clear, POS mining rewards miners based on the stake they provide in the system, instead of allowing anyone to put their computing resources behind a transaction. In comparison, the proof-of-work (POW) system allows miners to take on the task of validating a transaction, which increases the total computing power for each transaction. With Ethereum being the backend for some of the world’s largest crypto projects, using <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> platforms like <keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword>, and NFT projects like Bored Apes etc, it’s important for its carbon footprint to be low. In addition, the Ethereum platform has been gaining stiff competition from newer blockchain platforms as well. This includes the likes of Cardano, Solana and the Binance Smart Chain (renamed to BNB Chain last month). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/ruchi-soya-stock-tanks-after-the-baba-ramdev-backed-company-announces-4300-crore-fpo-at-a-35-discount/articleshow/90351347.cms">Ruchi Soya stock tanks after the Baba Ramdev-backed company announces ₹4,300 crore FPO at a 35% discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-slightly-down-at-57793-while-nifty-is-trading-almost-flat-at-17000/articleshow/90350690.cms">Sensex slightly down at 57,793, while Nifty is trading almost flat at 17,000</a>

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Ruchi Soya raises ₹1,290 crore from anchor investors ahead of FPO

IANS

Ruchi Soya shares hit 20% upper circuit prior to the launch of its ₹4,300 crore FPO

IANS

India’s crypto regulations don’t recognize the full scope of web3, say experts

BI India Bureau

Bollywood fans can now look like Salman Khan in the metaverse with Chulbul Pandey NFT

Kritti Bhalla

Auto stocks turn outliers in a weak market as government approves 75 auto firms for PLI scheme

Bhakti Makwana

Are Ethereum traders expecting a price rally soon?

BI India Bureau

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