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The company has proposed to buy back 10 lakh shares of face value of Rs 2 each at Rs 850 per share for an aggregate amount of Rs 85 crore through a tender offer process.

The government launched an offer for sale to offload 5% stake in the ticketing services major on December 15 and 16

The funds from the issue, if approved, will enable the company to strengthen its brand and distribution channels, fulfill its additional working capital requirements for expansion of its businesses and enable investments in product design upgradation and system technology upgradation among others.

Shapoorji Pallonji proposes to sell 47,33,515 shares or 2.5% stake, and Daruvala will offer 20,28,649 shares or 1.1% in the company

Nifty gained 151 points and settled at 18,420, while Sensex ended with gains of 468 points following heavy buying in banking, oil and FMCG shares after two sessions of losses.

Under the gold standard, the intrinsic value of a currency is used to fluctuate in tandem with its face value, causing most economies to operate with almost negligible inflation.

Market expectations about the peak Fed fund rate has not moved higher despite hawkish comments from Fed policymakers. Investors reckon that growth concerns will prompt the U.S. central bank to pivot to rate cuts in the later half of 2023.

The 30-share Sensex ended 468 points higher at 61,806, while its broader peer, Nifty 50, ended above the 18,400 mark.

Incorporated in 1969, Elin Electronics is a leading electronics manufacturing services provider. It manufactures and assembles a wide array of products and provides end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India. It is also one of the largest fractional horsepower motors manufacturers in the country.

Further, in case of crypto exchange Zanmai Labs Pvt Ltd, known as WazirX, assets worth Rs 289.68 crore have been seized from the exchange and its Directors for violation of the provisions of the foreign exchange management act (FEMA), Chaudhary said.