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Business

LIC IPO Day 3: QIB sees halfway mark, NII subscribed 76%, overall issue 1.38 times

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 Life Insurance Corporation of India’s initial public offering saw full subscription of its retail segment in the early hours of the third day of bidding on Friday.

The issue opened for subscription on Wednesday, and continues to see a strong interest from all investor categories.

The portion reserved for eligible policy holders was subscribed 4.01 times, reservation for eligible employees was subscribed 3.06 times, retail category was subscribed 1.23 times, the non-institutional investor (NII) category witnessed subscription of 0.76 times, and qualified institutional buyers (QIB) category saw subscription of 0.56 times.

The overall issue was subscribed 1.38 times.A

The offer received bids for 22,36,98,915 shares against the offered 16,20,78,067 equity shares (excluding shares offered to anchor investors), as per the 7 p.m. data available on the bourses.

The long-awaited Initial Public Offering (IPO) for the LIC will remain open for subscription till May 9.

The government has brought down the issue size from 5 per cent to 3.5 per cent.

It will be a landmark public issue in the history of the Indian capital market and is poised to be India’s biggest IPO till date.

The IPO values LIC at Rs 6 lakh crore.

The issue offer of the LIC is in the price band of Rs 902 to Rs 949.

Also, the policyholders will be offered a Rs 60 discount, while for retail investors, the discount will be Rs 45.

National

Vishy Anand puts his weight behind Gukesh ahead of high-stake Norway Chess 2025

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Mumbai, April 10: The youngest-ever world champion Gukesh Dommaraju will take on Magnus Carlsen – the world’s No. 1 player in a high-stakes contest — in the most highly-anticipated contest in the world of chess at this year’s Norway Chess 2025. The tournament will take place in Stavanger from May 26 to June 6.

Addressing an event hosted by the Norway Chess and Sports Journalists Association of Mumbai (SJAM) in Mumbai, five-time world champion Viswanathan Anand put his weight behind the prodigy from Chennai.

“I expect a very exciting battle. Gukesh will not lack motivation or the determination to go after Magnus Carlsen. But Magnus is also highly motivated by the challenge of playing against our young players. I’ve seen him in multiple tournaments whether it’s Kolkata or the World Rapid Blitz, he eagerly looks forward to these match-ups and so we have the perfect storm. I think we have the right to expect some great battles,” Anand said appearing at the event virtually.

Gukesh, 18, has achieved remarkable success in 2024, winning the Tata Steel Masters, leading India to gold at the Chess Olympiad, dominating the Candidates Tournament, and finally claiming the ultimate prize in classical chess: the World Championship title in Singapore last December.

This year’s Norway Chess will see a star-studded line-up featuring world No.1 and defending champion Magnus Carlsen (Norway), Hikaru Nakamura (USA), Gukesh D. (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men.

The Norway Chess Women will feature reigning four-time Women’s World Champion Ju Wenjun (China), Lei Tingjie (China), Koneru Humpy (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).

Norway Chess and Norway Chess Women, feature the same format, same prize money, and take place in the same playing hall. Both tournaments follow a 6-player double round-robin format.

From his own experience of playing at the Norway Chess, Anand highlighted the reasons behind Norway Chess being different from any other world event under FIDE’s calendar. This year, with the top 5 in the world participating in Norway Chess, the contest promises to be nail-biting for any chess aficionado following the tournament.

“It is one of the premier events in the sport of chess, and since Norway Chess began in 2013, it has kept on evolving very well. They continue to make the tournament very attractive a demonstration of what chess is all about. They always have some extra tweaks to make it very interesting, whether it’s the confessional booth or now the Armageddon. It’s a very innovative tournament, and the levels of competition are simply outstanding,” Anand said.

He further added, “And for Indian chess, the fact that we have four players, says a lot. On the men’s side, Indian chess is as strong as it’s ever been. Even more so obviously due to the depth we have. But it’s great that Koneru Humpy is still competing so successfully and that she’ll be joined by Vaishali as well, which bodes well for us.”

Visiting India to explore partnerships, Kjell Madland, the Managing Director and visionary behind Norway Chess expressed a keenness to expand further.

“Norway Chess is absolutely honoured to be hosting the Gukesh and Magnus clash, especially on the back of Gukesh’s incredible run of form. Both the champions will have a couple of chances to go after each other which bodes very well for Norway Chess,” he said.

“And hopefully, next year, Norway Chess can host this exact fixture in India as well, where there are so many champions. The quality of chess in India over the last ten years has been, and for sure, the sport would be poorer without the Indian champions,” he added.

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Crime

Four including shooter arrested in BJP leader Anil Tiger’s murder case in Ranchi

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Ranchi, April 10: The Ranchi Police have successfully solved the murder case of BJP leader Anil Mahato, also known as Anil Tiger, and have arrested four persons in connection with the case including the absconding shooter Aman, an official said. The investigation revealed that the murder was linked to a land dispute.

Ranchi DIG cum SSP Chandan Sinha held a press conference here on Thursday evening, revealing that a conspiracy to assassinate him was orchestrated by land dealer Devvrat Nath Shahdev, a resident of Kishore Ganj, Ranchi.

“Shahdev had a dispute with BJP leader Anil Tiger over the ownership of 10 acres of land in Gagi Khatanga village, under the Kanke police station area,” he said.

According to police, the investigation uncovered the involvement of seven individuals in the conspiracy — Devvrat Nath Shahdev, Abhishek Sinha, Rohit Verma, Aman Singh, Zeeshan Akhtar, Manish Chaurasia, and Ajay Kumar Rajak.

Among them, four persons — Aman Singh, Manish Chaurasia, Zeeshan Akhtar, and Ajay Kumar — have been arrested.

Anil Tiger was shot dead in broad daylight on March 26 around 4 p.m. while sitting inside a hotel at Kanke Chowk in Ranchi.

The killing sent shockwaves across the city, triggering widespread outrage. In protest, several political and social organisations called for a shutdown of Ranchi on March 27, which saw significant public response.

Following the murder, one of the two assailants, Rohit Verma, was arrested after a police encounter. However, his accomplice, Aman, had managed to flee and remained on the run for two weeks.

The Special Investigation Team (SIT), formed to probe the high-profile case, apprehended Aman with the help of the police technical cell.

Apart from Aman, two other individuals have been arrested for conducting a recce of the BJP leader and aiding the conspiracy. Raids were carried out at multiple locations to nab the suspects.

The police are also interrogating Sunny Singh, a known criminal from Kishore Ganj, Ranchi, who is currently in custody on remand.

Initially, Rohit Verma claimed during questioning that the murder was an act of revenge for the killing of criminal Santosh Jaiswal in Lohardaga district, allegedly carried out at Anil Tiger’s behest.

However, police have since found this to be a deliberate attempt to mislead the investigation.

According to the police, fresh evidence now points to a property dispute as the actual motive, with a land dealer believed to be the mastermind behind the assassination.

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Business

US major BlackRock largest investor in Adani Group’s $750 million bond issue

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New Delhi, April 10: US-based leading asset manager BlackRock is the largest investor in $750 million private bond issuance by the Indian behemoth Adani Group, informed sources said on Thursday.

According to people close to the matter, BlackRock’s move marks its first private placement in India’s infrastructure sector. BlackRock’s involvement also signals that it does not anticipate any significant operational disruptions for the conglomerate stemming from the legal proceedings in the US.

BlackRock, which oversees $12 trillion in assets globally, has apparently taken on one-third of the $750 million issuance, which carries a tenure of 3-5 years.

Apart from BlackRock, five other institutional investors also participated in the Adani Group’s latest capital raise.

As per sources, the $750 million bond issue of Renew Exim DMCC, a wholly-owned offshore entity of the Adani Group promoter family, is to be used to finance the acquisition of ITD Cementation and other growth avenues.

Aiming to bolster its engineering capabilities in the infrastructure sector, the Adani Group last year announced the purchase of a 46.64 per cent stake in ITD Cementation for Rs 5,888.57 crore from its promoters.

Renew Exim has since acquired an additional 20.81 per cent through an open offer at Rs 400 per share.

ITD Cementation, known for its work on key projects such as Jawaharlal Nehru Port Trust and ports in Tuticorin, Mundra, and Vizhinjam, is seen as a strategic asset for Adani’s long-term infrastructure ambitions.

According to BlackRock Chairman Larry Fink, “Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy”.

The Adani Group views the entry of the world’s largest investor as a strong vote of confidence, particularly at a time when its fundraising capabilities have been questioned due to the ongoing Department of Justice (DOJ) investigation in the US.

This marks the Adani Group’s second private dollar bond issuance. In February, the Group raised about $200 million for its Australian port operations.

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