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The Evolution of the SME Exchange

In the previous post on SME Exchanges, we had given you an overview of SME listing and how it differs from the Main Board. In this article, we will discuss how the SME Exchange has evolved into a major platform for SMEs to access finance in just a little over 5 years. We have looked at increased issue size, increase in the number of IPOs, the positive experience of SMEs who have listed and how investor interest has grown. We have also briefly touched upon some of the challenges and the way forward for SME Exchanges in India.

The SME Exchange: A Primer

Introduction Small and Medium Enterprises (SMEs) are the backbone of the Indian economy and contribute to 45% of the industrial output, 40% of India’s exports and employ 69 million people. They operate in both traditional sectors like manufacturing and modern sectors like IT. Recognizing the special role of SMEs in the India growth story, the Prime Minister’s Task Force recommended setting up a dedicated stock exchange for SMEs in 2010. Subsequently, SEBI issued a circular which laid down the framework for this stock exchange and the SME Exchange was finally launched in March 2012. In this article, we will give...
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Valuation: Popular Methods (Part 2)

In this 2-part series, we will walk you through the importance and process of valuations. In the first part, you learned what valuation is and why it is important. In part 2, we will give you a brief overview of two of the most popular methods used to value a company. Methods of Valuation Merchant bankers employ a host of different methods to value companies. Two of the most popular valuation methods are Discounted Cash Flow (DCF) and the Market Approach. Discounted Cash Flow: Discounted Cash Flow or DCF is a method used to evaluate how attractive an investment opportunity....
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Valuation: Why and When You Should Have Your Business Valued. (Part 1)

In this 2-part series, we will walk you through the importance and process of valuations. In the first part, you will learn what valuation is and why it is important. You will also gain insight into the situations where you should consider approaching a merchant banker for a valuation report of your business. In part 2, we will give you a brief overview of two of the most popular methods used to value a company. Let’s begin with the basics in Part 1. What is valuation Valuation is the process of determining the worth of an asset or company. Essentially,...
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Deal Announcement: Debt Restructuring of Websol Energy System Limited

We are delighted to share that Keynote has successfully completed the  Debt Restructuring for Websol Energy System Limited (Websol). Keynote acted as the Sole Financial Advisor for the Debt Restructuring which included restructuring of Foreign Currency Convertible Bonds (FCCB) and One-Time Settlement (OTS) with Banks. Highlights of the Transaction: FCCB Restructuring: Successfully negotiated with the Bondholders to restructure the Bonds for markdown of Principal Value, extension of Tenor and reset of Conversion Price Successfully led the negotiation with Bondholders achieving 30% markdown in Principal Value and 58% in accrued value of Bonds Facilitated compliance with Reserve Bank of India to...
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