Muthoot Finance’s microfinance arm, Belstar Microfinance Ltd, on Sunday filed preliminary papers with capital markets regulator Sebi to raise Rs 1,300 crore through an initial public offering (IPO). The Chennai-based entity’s IPO is a combination of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of Rs 300 crore by investor shareholders, according to the DRHP.
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It is no secret that, on an aggregate basis, broader space is trading at an extremely expensive multiple (over 33 times on a trailing basis for BSE Small-cap index). In an expensive market, hidden opportunities exist despite high valuations. AMCs offer potential post sector rerating. Discounted prospects like UTI and ABSL present favorable entry points for investors eyeing long-term growth.
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Drug makers Cipla and Glenmark are recalling products from the American market due to manufacturing issues, according to the US health regulator. As per the latest Enforcement Report issued by the US Food and Drug Administration (USFDA), a New Jersey-based subsidiary of Cipla is recalling 59,244 packs of Ipratropium Bromide and Albuterol Sulfate Inhalation Solution.
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