Bengaluru-based apparel manufacturer Gokaldas Exports Ltd. has kicked off its qualified institutional placement (QIP) with the aim of raising Rs 600 crore. The issue price has been set at Rs 775 per share, representing a 4.05% discount to the last closing price. The company plans to utilize the funds for loan repayment and to explore inorganic growth opportunities. The QIP is expected to result in a dilution of up to 12.2% of the pre-issue outstanding equity share capital. Additionally, Gokaldas Exports reported an 8% decline in revenue and a 46% drop in net profit for the nine-month period ending December 31, 2023.
In other market news, Bajaj Auto saw its shares fall by 3.6% following the release of its Q4 revenue report. Despite posting strong numbers, investors were concerned about the company’s rich valuation. B Q4 net profit stood at Rs 1,936 crore, up 35% year-on-year. For the full fiscal year 2024, Bajaj Auto recorded a revenue of around Rs 44,685 crore, marking a 23% increase from the previous year.
Meanwhile, troubled edtech major Byju’s has been granted a one-week extension by the National Company Law Tribunal to negotiate a settlement with Teleperformance Business Services. Byju’s defaulted on dues amounting to Rs 5 crore, leading to insolvency proceedings initiated by the French vendor. Byju’s has proposed a structured payment plan to clear the outstanding amount.
On the technology front, WhatsApp is reportedly testing a new feature that will allow users to see when their contacts were recently online without having to open individual chats. This update aims to provide users with a faster and more convenient way to stay updated on their contacts’ online status.