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The issue is entirely an offer for sale (OFS) of up to 29,373,984 equity shares with a face value of Re 1 each by existing shareholders and promoter group entities.

The company has reserved 50% of shares for qualified institutional buyers, whereas non-institutional investors will get 15% of shares. The remaining 35% of shares have been allocated to the retail bidders.

Revenue for the company nearly tripled to Rs 38,175 crore, against Rs 13,218 crore in the year-ago period. The increase was on account of strong performance by integrated resource management and airport business, the company said.

“Raymond continues to deliver high operating performance along with profitable growth for the 4th consecutive quarter leveraging optimism in the market and improved consumer demand. The focused approach has driven growth over pre-Covid levels and cost consciousness has led to deliver yet another record profitable quarter,” the company said in a release.

The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale (OFS) of up to 5.08 crore equity shares from its promoters and existing shareholders. The net proceeds from the fresh issue will be utilised towards repayment or prepayment of borrowings, in full or part, of the subsidiaries, GHPPL and MHPL and general corporate purposes.

Also, the brokerage further said that 98 of the stocks within its coverage reported a decline in Q2FY23 earnings growth by 7% YoY. This aggregate fall in earnings has been attributed to a sharp drag in global commodities.

Mahindra & Mahindra Financial Services Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 26922.20 Crore) operating in NBFC sector.

“When rates go up, the impact, the benefit of the higher rates flows through the profit and loss account over three months. So there is roughly an average of one-and-a-half month transmission lag. If you exclude that transmission lag effect, then the growth in the net interest income would have been 16% for this period which is in line with the total AUM growth.”

After strong 40% earnings growth in FY22, Kotak Securities expects net profits of Nifty50 Index to grow by 10% in FY23E, by 16.4% in FY24E and by 15.8% in FY25E with significant contribution from automobiles, BFSI and telecom.

The company announced the incorporation of a wholly-owned subsidiary that will set up a multi-gigawatt hour lithium-ion cell manufacturing facility, as it intends to establish a domestic manufacturing eco-system for the same.