Indian Intraday Stock MArket Shares of Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18. Under the Scheme of Arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments. The Appointed Date for the the merger shall be 1 February 2020. The broadcasting business will be housed in Network18 and the cable and ISP businesses in two separate wholly owned subsidiaries of Network18.
For every 100 shares, shareholders of TV18 Broadcast will receive 92 shares of Network 18, Hathway shareholders will get 78 shares of Network18 and Den shareholders 191 shares of Network18.
Tata Motors is desirous of offering Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures aggregating Rs 500 crores in two tranches and in this regard is holding a meeting of its duly constituted Committee of the Board on 24 February 2020.
Care Ratings (CARE), has downgraded its rating on Long Term Bank Facilities and Non-Convertible Debentures of Vodafone Idea on account of significant erosion in the overall risk profile of the company while taking into cognizance of the financial impact of no relief being granted on modification plea on 14 February 2020 of telecom companies (telcos) seeking new schedule of Adjusted Gross Revenues (AGR) dues by Supreme Court and significant losses to the tune of Rs 6453 crore in Q3FY20.
Meanwhile, the board has authorised the company to immediately pay to DoT a portion of the dues calculated based on AGR (Adjusted Gross Revenue), aggregating to a sum of Rs. 2,500 crores and a further Rs 1,000 crores before the end of the week. The Board will take further stock of the situation to see how further additional paymets can be made.
Future Lifestyle Fashions said that the meeting of the board of directors of the company is scheduled on 20 February 2020 , to consider and evaluate proposals for raising of funds as may be decided by the board.
Hindustan Aeronautics has placed the Commercial Papers (CPs) of Rs 1000 crore.
JSW Energy had entered into exclusive discussions with GMR Energy (GEL) for potential acquisition of its subsidiary, GMR Kamalanga Energy (GKEL), which owns and operates a 1,050 MW (3x350 MW) thermal power plant in Odisha. The company has signed Share Purchase Agreement with GEL,pursuant to which the company shall acquire 100% stake in GKEL for a total consideration of an amount up to Rs 5321 crore (subject to working capital and other adjustments).