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Interested bidders have been asked to submit their expressions of interest (EoIs) by July 28, and the Swiss auction will take place on August 17. The bidder of the base bid will have the option to match the highest counter bid or propose a higher challenger bid.

The plan caters to 18 to 65-year-old subscribers. Under this policy, policyholders have the freedom to choose the policy term, ranging from 10 to 40 years, based on their specific financial goals and requirements.

It would also enhance secondary market liquidity by creating a permanent institutional framework for activation in times of market stress.

The IPO comprises a fresh issue of up to ₹750 crore and an offer for sale aggregating up to 70.3 million shares by promoters and other shareholders. Fedbank Financial focuses on catering to the MSMEs and the emerging self-employed individual sector.

The average price target of the 28 analysts, whose ratings and price targets that have been compiled by Bloomberg, is ₹1,161. The stock closed at ₹1,171.55, up 9.6% over the previous close.

The issue has a base size of ₹500 crore and a greenshoe option of ₹1,000 crore, sources aware of the development said. The fund-raising is likely to be carried through bonds of three sets of maturities - 22 months, 37 months and 60 months.

On a consolidated basis, earnings per share increased to ₹37.26 in June 2023 quarter from ₹34.13 in the corresponding quarter of the previous year.

The National Stock Exchange of India’s consolidated net profit for Q1 grew YoY by 9% to Rs 1,844 crore. During the same period, consolidated revenue from operations rose 13% to Rs 2,987 crore, thanks to revenue lines such as index services, colocation services, listing, and data services, in addition to trading revenue.

Total sales for the said quarter stood at Rs 4,619.5 crore and were up 15% YoY. Domestic sales grew by 14.6% between April and June.​​

Auto component maker Sona BLW Precision Forgings posted a consolidated net profit of INR 112 crore in the June quarter, a 47% rise from the April-June period last year. Its revenue from operations rose to INR 731 crore in Q1 of this fiscal year from INR 584 crore in the corresponding period last year.