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Uttar Pradesh, Tamil Nadu, and Maharashtra led in cash transactions through currency chests in May. These states reflect high credit and deposit demand. Five states accounted for 40% of cash deposits and withdrawals. Digital payments are rising, yet cash demand persists. Income is a key driver of currency demand in India.
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The company allotted 45 million shares at upper price band of 740 apiece to these institutional investors. Anchors include LIC, ICICI Prudential Mutual Fund, SBI Mutual Fund, etc.
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Sambhv Steel Tubes is launching an IPO to raise 400 crore for debt repayment and 100 crore through an OFS, diluting promoter stake to 56%. With expanding capacity and strong industry growth projections, the company aims to capitalize on rising steel pipe demand.
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