Latest news with #AmitGarg
Business Standard
4 days ago
- Business
- Business Standard
Mayasheel Ventures Limited to Launch IPO on June 20, Listing on NSE Emerge by June 27
PNN New Delhi [India], June 17: Mayasheel Ventures Limited, a prominent infrastructure development company, has announced the opening of its Initial Public Offering (IPO) on June 20, 2025. Incorporated in 2008, the company has established a strong reputation as an 'A' class government contractor, primarily engaged in the construction of roads, highways, expressways, flyovers, and bridges. Mayasheel also undertakes complex electrical and civil projects on an EPC (Engineering, Procurement, and Construction) and BOQ (Bill of Quantities) basis, delivering critical infrastructure for government departments, including NHIDCL. The IPO comprises a fresh issue of 58,05,000 equity shares at a price band of ₹44 to ₹47 per share, aggregating to ₹27,28,35,000. The IPO will open for subscription on June 20, 2025, and close on June 24, 2025. The Anchor Bidding will take place on June 19, 2025. The shares are proposed to be listed on the NSE Emerge platform with a listing date set for 27th June, 2025. The minimum lot size for the application is 3,000 shares. Of the total issue, 16,50,000 equity shares (22.13%) have been reserved for anchor investor,s and 2,91,000 shares (3.90%) are allocated for market makers. The balance issue includes 11,04,000 shares (14.81%) for Qualified Institutional Buyers (QIBs), 8,28,000 shares (11.11%) for Non-Institutional Investors (NIIs), and 19,32,000 shares (25.92%) for Retail Individual Investors (RIIs), as per SEBI guidelines. With over 17 years of operational history, the company has completed 32 civil contracts and 26 electrical projects, employing a workforce of 237 on-roll and 180 off-roll employees. Mr. Amit Garg, Chairman and Managing Director of Mayasheel Ventures Limited, stated, "This IPO marks a pivotal moment in our journey. With increased capital, we aim to strengthen our technical capabilities, expand our equipment base, and take on more complex, high-value government projects. Our focus remains on delivering quality infrastructure that drives national development." The net proceeds from the IPO will be utilised to fund capital expenditure for the purchase of equipment and machinery, meet working capital requirements, and support general corporate purposes. These investments are expected to enhance Mayasheel's execution capacity and competitiveness across its civil and electrical verticals. The Book Running Lead Manager for the company is Narnolia Financial Services Limited, and Registrar to the Issue is Maashitla Securities Private Limited.
New Indian Express
07-06-2025
- Business
- New Indian Express
Indian Railways invites applications for K-Ride MD post to fast-track Bengaluru Suburban Rail project
BENGALURU: After a long gap to speed up completion of the Suburban Rail project, Indian Railways has put out an advertisement, calling for applications for the post of Managing Director of Rail Infrastructure Development Company (Karnataka) Limited (K-Ride). Experts and officials in K-Ride said this is a welcome and much-needed move to pace up the project. The Railways has listed details of the post which is for a duration of three years. According to K-Ride sources, the only time the department had a full time managing director was in 2021, when Amit Garg held the post. After that, many IAS officers have been posted, holding concurrent charge. 'With Railways inviting applications, it shows the push. But this is also late -- when the foundation for the project was laid in June 2022 by Prime Minister Narendra Modi, he had assured its completion in 40 months, and the term ends in October 2025. However, the MD's official posting will take at least another two months as the last date to submit applications for the post is July 5, 2025,' the source said. The government has listed out criteria details for the post: The applicant should not be above 55 years of age as on March 31, 2025. The applicant should have a minimum of 25 years experience of which at least five years should be in Senior Administrative Grade. The applicant should also have five years experience or more in the planning/ design/ execution of railway-related infrastructure projects. The criterion also stated: 'It is desirable to have the experience of projects report preparation, sanction, resource mobilization and coordination with other ministers and stake holders.' Experts also pointed out that the state and central governments have not taken serious note of the need to execute the project. The long delays have only made Bengaluru's traffic management worse.
Indian Express
04-06-2025
- Business
- Indian Express
K-RIDE to get full-time technocrat MD to steer Bengaluru Suburban Railway Project
The Karnataka Rail Infrastructure Development Company (K-RIDE), which is implementing the Bengaluru Suburban Railway Project, invited applications for the post of managing director on deputation on Monday. With this, K-RIDE, a joint venture of the state and Central governments, is set to appoint a full-time technocrat to the agency, which has, until now, had managing directors from the IAS cadre holding multiple charges in the government. According to the vacancy notice issued by K-RIDE, the candidate must be 55 years old or younger as of March 31, 2025. The job description states that the candidate should have a minimum of 25 years of Group A service, of which at least five years must be in a senior administrative grade. The candidate should also have at least fiveyears of experience in planning, design, and execution of railway-related infrastructure projects. The candidate is also expected to have experience in project report preparation, sanction, resource mobilisation and coordination with other ministers/stakeholders. The tenure is for three years with possible extension as per rules. Candidates are given one month to submit their applications. K-RIDE has not had a full-time managing director since Amit Garg's transfer in August 2022. Since then, only in-charge MDs have been appointed, including Gaurav Gupta (August 2022) and Dr N Manjula (November 2023). Manjula, who is now the incumbent MD, also holds an additional charge of secretary to the Infrastructure Development, Ports and Inland Water Transport Departments. In June 2024, Minister of State for Railways V Somanna announced that a technically qualified full-time MDwould be appointed within 15 days; however, no action was taken. Last week, the Karnataka government appointed Dr Vasanthi Amar as special deputy commissioner for K-RIDE. BJP parliamentarians, including Bangalore South MP Tejasvi Surya and Bangalore Central MP P C Mohan, trained their guns on the Congress government for 'failing' to comply with the advertising requirements of the Railway Board to appoint a full-time MD and for allegedly hampering the progress of this key infrastructure project aimed at decongesting Bengaluru. According to government officials, the need for a technocrat as a full-time managing director arises due to the project's construction in close proximity to active railway lines. 'Constructing suburban railway lines alongside active railway lines with trains running at high speed is a complex task. Therefore, K-RIDE needs to be headed by an individual who can take on such technically challenging roles to fast-track the project,' said a government official. The applications will be received by the internal HR division of K-RIDE, which will screen the candidates and shortlist them in line with the job specifications. Shortlisted candidates will be called for an interview by a board comprising representatives from the state and Central governments before the final candidate is selected. The BSRP spans 149.348 km across four corridors: Sampige (KSR Bengaluru to Devanahalli, 41.4 km), Mallige (Benniganahalli to Chikkabanavara, 25.01 km), Parijaata (Kengeri to Whitefield, 35.52 km), and Kanaka (Heelalige to Rajanukunte, 46.24 km). Of all corridors, only Corridor 2 has seen some progress, albeit at a slow pace, with less than 30 per cent of the work completed. Civil work tender was awarded to Larsen & Toubro on August 26, 2022, for Rs 859.97 crore. However, L&T has reportedly hinted at withdrawing from the project due to land acquisition hurdles. L&T has cited the non-availability of land as a primary reason for halting work. Approximately 28.56 acres of private land and 91 acres of railway land are required for Corridor 2, but delays in land handover by South Western Railway and K-RIDE have stalled progress. Private landowners have obtained court stay orders, and some are demanding higher compensation, further complicating the acquisition process. The 7.4-km section between Chikkabanavara and Yeshwantpur as part of Corridor 2 was targeted for completion by end of 2025, with the full corridor expected to be operational by December 2026. However, given the current pace of work, K-RIDE is uncertain about meeting its deadlines. As for the rolling stock, the initial public-private partnership (PPP) model for procuring 306 rail coaches failed due to a lack of bids. A new equity model with 50:50 funding (Rs 2,135 crore from Karnataka, awaiting Railway Ministry approval) has been approved by the Karnataka Cabinet in November 2024. Tenders are ready but await the Central government order and Railway Board approval.
Business Insider
01-06-2025
- Business
- Business Insider
CLSA Sticks to Its Hold Rating for Nidec (NNDNF)
In a report released yesterday, Amit Garg from CLSA maintained a Hold rating on Nidec (NNDNF – Research Report), with a price target of Yen2,700.00. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Garg is a 2-star analyst with an average return of 0.9% and a 65.63% success rate. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nidec with a $21.61 average price target. NNDNF market cap is currently $23.36B and has a P/E ratio of 20.15.
Time of India
14-05-2025
- Time of India
In Haryana's Hisar, man sentenced to 15 years in jail for bigamy, rape and unnatural acts
1 2 Hisar: A man from Hisar has been sentenced to 15 years in prison by a Fatehabad court for marrying a second woman without divorcing his first wife, and committing rape and unnatural sexual acts with the second wife. The court of additional district and sessions judge Amit Garg also imposed a fine of Rs 2.5 lakh on the district attorney Devender Mittal said the case was registered on May 18, 2022, against the accused, Narender, under multiple sections of the Indian Penal Code, following a complaint by the to the complaint, the victim met Narender at a wedding, after which the two developed a romantic relationship. Narender allegedly claimed he was divorced, and based on this assurance, the woman and her family consented to the marriage. The couple married on No 20, 2020, in a simple within a few months, Narender's behaviour reportedly turned violent. The victim alleged that he regularly subjected her to physical abuse and forced her into unnatural sexual acts. On one occasion, he allegedly forced her to consume alcohol and then sexually assaulted her. She claimed that while she was employed, Narender used to get her entire salary transferred into his bank the trial and examination of evidence, the court found Narender guilty and handed him a 15-year prison sentence along with a monetary penalty.
