Adani-NSDL confusion nears resolution

The confusion over the alleged freezing of the demat accounts of three big Mauritius-based investors in Adani group companies edged closer to being resolved, with National Securities Depository Ltd clarifying that the three accounts were frozen five years ago by a SEBI order. Adani Group divulged a clarification it received from NSDL, the agency which […]

YES Bank acquires stake in Electrical Engineering firm CG Power and Industrial Solutions

YES Bank, India‚Äôs fourth largest private sector bank, said it has acquired 12.79% stakes in Electrical Engineering firm CG Power and Industrial Solutions as part of the invocation of a pledge. It acquired over 8 crore of equity shares of CG Power submitted as collateral for a loan. The shares are valued at Rs 288 […]

Airtel, Idea stocks bleed after Reliance Jio unveils Republic Day Offer

The stocks of Bharti Airtel and Idea Cellular were down around 4% in early trade on Wednesday after Reliance Jio indicated that it would cut tariffs by about 25% as part of a new Republic Day offer. Airtel shares were trading down 21 rupees at Rs 471, while those of Idea were down 4.35 rupees […]

Tata Teleservices shareholders to get 1 Bharti Airtel share for 2014 held

Shareholders of Tata Teleservices Maharashtra Ltd — the listed unit of Tata Tele — will get one share of Bharti Airtel for every 2,014 shares held by them, the company said. The ratio of share issue indicates that the consumer mobile business of Tata Telservices Maharashtra Ltd accounts for only 3.77% of the equity value […]

Mirc Electronics raises Rs 144 cr from pvt investors for expansion

Mirc Electronics, which makes Onida brand of consumer durables, said nine private investors will put in Rs 144.12 cr in the form of equity investments into the company. The company will issue 1.92 crore equity shares and 1.92 crore convertible warrants at Rs 37.53 to these investors. Shares of Mirc Electronics were trading at Rs […]

Reliance Capital’s general insurance unit IPO draws nearer

Reliance Capital, the financial services arm of the Anil Ambani Group, said the Securities and Exchange Board of India (SEBI) issued its final observation letter to the draft red herring prospectus filed by its general insurance unit. The group had recently seen the successful IPO of its life insurance company, Reliance Nippon Life Insurance, which […]

SEBI allows Bank of India conduct QIP to meet minimum shareholding requirement

The Securities & Exchange Board of India, the regulator for traded securities such as stocks, has given an exemption to Bank of India to conduct a qualified institutional placement or QIP of Rs 3,000 cr. The bank is technically ineligible for conducting a QIP — which is not considered a ‘public offering’ — as it […]

RCom to issue shares to MTS, to pay earn-out fees in case of 4G conversion

Reliance Communications said it the company’s board has approved the issue of fresh shares in the company to the shareholders of Sistema Shyam Teleservices Ltd, which operates the MTS brand of telecom services in India. RCom’s merger with MTS received the government’s approval a few days ago. Since companies in India can get an extension […]

Prakash Industries to double production capacity in two years

Prakash Industries, one of India’s biggest PVC pipe manufacturers, said it has decided to double its production capacity over the next two years. The investment will be entirely funded from the company’s internal funds. “Over the (last 37) years, the company has enhanced its product portfolio and has grown to a capacity of 55,000 Tonnes […]

Adani Enterprises to demerge and list solar business

Adani Enterprises Limited said it will demerge Adani Green Energy Ltd by cancelling the shares it holds in the subsidiary and issuing new shares directly to the shareholders of the parent company. Shareholders will get 761 shares of the new company for every 1,000 shares they hold in the parent company. They do not have […]

Is Reliance Jio about to acquire Den Networks?

Reliance Industries refused to deny or confirm media reports about its telecom unit Jio being in talks to acquire cable operator Den Networks. Shares of Den Networks, one of India’s largest cable networks, are up 6.2%, having opened higher on the news. “We are unable to comment on media speculation and rumors and it would […]

InterGlobe Aviation to raise Rs 2,530 cr by selling shares to institutions

InterGlobe Aviation, the company that operates the country’s largest airline Indigo said the company would raise Rs 2,530 cr by issuing fresh shares. At the same time, existing shareholders of the company would raise Rs 1,265 cr by selling some of their shares as well, the company said. The total size of the offering would […]

Infosys included in Dow Jones Sustainability Index

Infosys said it has been inducted into the Dow Jones Sustainability Indices (DJSI) and is now part of two of the indices — DJSI World and DJSI Emerging Markets. The indices measure the economic, environmental and social performance of companies and are based on the companies’ corporate governance, risk management, branding, climate change mitigation strategies, […]