ITV

Tag: Bombay Stock Exchange

  • BSE seeks clarification from Sun TV following media reports of RIL buy out

    BSE seeks clarification from Sun TV following media reports of RIL buy out

    MUMBAI: It was on 20 March 2015, that a media house published a speculative report stating possibilities of Reliance Industries Limited (RIL) taking over Kalanithi Maran’s Sun TV Network.

     

    Last year, RIL had shocked the media industry by taking over one of India’s largest media companies – Network18.

     

    The report further claims senior officials of RIL holding numerous meetings in Sun TV’s Chennai office to work the deal out.

     

    Mukesh Ambani led Reliance Industries, which already has made its foray into the media sector by Network18’s acquisition, if at all takes over Sun TV, will put a huge question mark on the credibility and freedom of media.

     

    Following the developments, the Bombay Stock Exchange (BSE) has sought for a clarification from both Sun TV and RIL.

     

    In a notice to both, BSE has said, “The Exchange has sought clarification from Sun TV Network Ltd with respect to news article appearing on ET Now on 20 March, 2015 titled “Tehelka reports – RIL considering acquiring Sun TV, RIL officials meeting at Chennai office to work out deal & deal in works for last 3 months.” 

     

    The reply from both the parties is awaited.

     

  • Ortel IPO closes; goes through by a whisker

    Ortel IPO closes; goes through by a whisker

    MUMBAI: It was meant to be a test of whether investors have confidence in the media – and more specifically in India’s relatively nascent cable TV sector. And the verdict is that while retail and HNI investors don’t, institutional investors definitely do.

     

    We are referring to the Ortel Communications IPO which closed today. The regional cable TV MSO which approached the market to raise funds for its growth plans, said in a statement, quoting a Kotak Mahindra Capital spokesperson: ““The Ortel IPO has been successfully closed today. Ortel has successfully raised its entire primary capital requirement as stated in the IPO Red Herring Prospectus, along with providing partial exit to New Silk Route (NSR). The QIB segment has been fully subscribed with participation from  Mutual Funds and Insurance companies.The net under subscription in the HNI and Retail segments will reduce the offer for sale component by NSR.”

     

    Simply translated the latter part of that statement means that NSR – its private equity investor – had decided to cut back on the amount of shares it was offering to the public.

     

    At the time the IPO commenced with the price band at Rs 181-200, 12 million shares were on offer for investors. Six million of these were coming from the NSR stable, while Ortel was issuing another six million freshly. With Kotak Mahindra Capital as the issue manager, Ortel managed to rope in  Axis Mutal Fund and ICICI Prudential came in as anchor investors. Both picked up 2.55 million shares (0.9 million to Axis and 16.55 million by ICCI) for Rs 46.2 crore at the lower range of the price band.

     

    That left about 9.45 million shares on offer to qualified instituitional bodies (QIBs) and retail/HNI investors. Bids were received for 7.12 million shares of these by day three of the issue. Thus the public offer was subscribed up to 0.75 time. Overall,  9.68 million shares, including the anchor component,  were lapped up totally or 81 per cent of the issue. The QIBs totally subscribed to what was available for them.

     

    NSR, which was making a secondary sale, decided to lop off the the  shares it was selling 3.67 million, meaning only 61 per cent of its offer was subscribed. It was aiming to raise Rs 108-120 crore through the offfer.

     

    Ortel, on its part, was was looking at raising  Rs 120 crore through the fresh issue.

     

    The Kotak Mahindra spokesperson told indiantelevision.com that the retail investors don’t really understand the potential of cable TV while institutional investors do. “Hence, the QIB portion has been totally subscribed. Ortel has managed to raise all the growth capital it needs for the next two to three years,” he said. “Hence, retail investors who missed this IPO will have to opt for secondary market purchases.”

     

    Estimares are that Ortel would end up raising around Rs 175 crore crore through the IPO. But the final tally totted up to Rs 175 crore-odd, according to Press Trust of India reports.

  • Ortel IPO opens amidst buoyant stock market conditions

    Ortel IPO opens amidst buoyant stock market conditions

    MUMBAI: The Ortel Communications issue opened on 3 March. At  the price band of Rs 181-200, the cable TV last mile operator (LMO) is offering 9.5 million shares to the public. National Stock Exchange data showed that the issue had been subscribed 0.15 times by end of day one of the offer. The company plans to use the money  raised through the issue to deepen the penetration of its cable TV and broadband offering in the geographical regions it is present i.e. Odisha, Chhattisgarh, Andhra Pradesh and West Bengal ; increasing digitisation of its cable TV subscriber base (currently 20 per cent of its analogue universe has been digitised), upgrading technology for its broadband service; buying out of local cable operators and networks, and leasing fibre infrastructure to corporates.

    At the time of writing, the IPO had received a mixed response from the investing community and research analysts. While one group says the price band is too high, another bunch has expressed that the Ortel stock has long legs and could go far. 

    Says a bullish observer: “The Ortel IPO offer is at 10 times EBIDTA for FY 2015. That’s pretty fair compared to 17 times EBIDTA for Hathway Cable & Datacom and seven times EBIDTA for DEN Networks,” says a research analyst. “We see the share appreciating after listing.”

    However, a bear stated that Hathway was quoting in the Rs 60-65 range, while DEN was in the Rs 120 band. “The Ortel price is too high when you compare it to what these stocks have notched up,” she said. “We expect to pick up Ortel after listing when we believe the overpricing will get corrected.”

    An ICICI Direct IPO review pointed out that Ortel’s low subscriber base of 0.5 million cable TV homes puts it at a competitive disadvantage against national MSOs such as DEN and Hathway which have 12 million subscribers each. 

    But another industry expert  points out that Ortel owns most of its subscriber base, aka as the last mile, which means it will reap the digital dividend and the moolah will straightaway accrue to its top line, and bottom line as it digitally connects more of them.

    He also points out to the low floating stock of Ortel that is on offer, which is likely to keep the price buoyant.

    At the time of writing, a positive sentiment had been ruling on the stock market with the National Stock Exchange Nifty  crossing an important threshold that of the 9,000 barrier which it did during intraday trading only to fall back to 8996 by close.

    The anchor investors for the IPO are Axis Mutual Fund (900,000 shares) and ICICI Prudential Life Insurance (1.657 million shares), while Kotak Mahindra Capital is managing the issue.

    The next two days (the issue is slated to close on 5 March) will throw clarity on which sentiment will hold its sway on investors during Ortel’s offering. 

  • IAA Young Turks Forum announces Mentorship program on Teachers Day

    IAA Young Turks Forum announces Mentorship program on Teachers Day

    MUMBAI: The International Advertising Association (IAA) India Chapter has invited Sangita Jindal, Chairperson of JSW Foundation to launch its Mentorship program for 700 young professionals with about 35 leaders on Friday, September 19 at Bombay Stock Exchange’s International Convention Hall. The Mentorship program will be launched right after interactive session on “Engaging with the Audience – Lessons from the Entertainment Industry” between R. Balki, Chairman, Lowe Lintas and Stefan Haves renowned Director from Hollywood from 4 pm onwards. Anish Trivedi, renowned Theatre personality and Author will moderate this session.  The HBO South Asia is the Presenting Partner and Mahindra Special Services Group and NASSCOM are the knowledge partners of the IAA Young Turks Forum.

     

    “IAA is for the first time doing a double event – an high energy interactive session followed by a mentorship programme where 20 young executives will have their questions answered on their personal career issues by one of the 35 seasoned professionals/entrepreneurs assembled at the event. The interactive session too will be a very engaging one since Balki and Stefan are well known professionals. Balki in addition to award winning advertising work has also directed two successful Bollywood films “Cheeni Kum” and “Paa”. Paa won 5 awards out of 14 nominations at the 16th Star Screen Awards. Stefan Haves on the other hand is also an acclaimed director, creator and producer of circus, theater and film whose creations have appeared across the globe,” said Srinivasan K Swamy, President IAA India Chapter & Vice President, Development, Asia Pacific.

     

    “HBO has always had a strong connect with youth audiences and we are delighted to be associated with this thought exchange platform for young leaders,” said Ms. Monica Tata, Managing Director HBO South Asia, Presenting Partner of the IAA Young Turks Forum.

     

    Manish Advani, Head – Marketing and Public Relations, Mahindra Special Services Group, who is Chair of the IAA Young Turks Forum said, “I can say from my own experience one moment’s association with a leader could change one’s life. The only difference between the leader and the beginner is, that the leader has failed more times than the beginner has even tried. Through this initiative we are offering our future leaders an opportunity to learn about the failures of our current leaders to create a better world for our future generations. This event is the third one and promises to be better than the one when 800 young people participated.”

  • Vikram Mehra to quit Tata Sky and join Saregama as MD

    Vikram Mehra to quit Tata Sky and join Saregama as MD

    MUMBAI: He has spent 10 long years at one of the leading DTH companies in India. Now, Tata Sky chief commercial officer (CCO) Vikram Mehra has decided to move on to Saregama.

     

    He will join the company in October as its managing director. The announcement was made by Saregama at the Bombay Stock Exchange.

     

    Mehra had started his career with Tata Consultancy Services and then moved on to Tata Administrative Services, Tata Motors and Star TV. At Tata Sky, he was responsible for subscription revenue management, churn management, brand marketing, new product development, consumer analytics, interactive service operations, consumer research and PR.

     

    According to media reports, his mandate will be to handle the digital platform for Saregama and grow the company in that direction. He has prior experience in the digital medium at Star TV where he worked for four years and led the company to venture into the DTH medium with its JV business Tata Sky.

     

  • Post Reliance Industries’ takeover, ICRA revises Network18’s ratings

    Post Reliance Industries’ takeover, ICRA revises Network18’s ratings

    MUMBAI: It was only a few days ago that Reliance Industries announced the takeover of Network18, and the effects of the acquisition can already be seen. In a statement to the Bombay Stock Exchange (BSE), the media house has said that independent and professional investment and credit rating agency ICRA has revised its current ratings of the company.

     

    Network18 media and investments’ long term rating has been changed from ICRA BBB+ to ICRA A. Meanwhile its short term rating which was at ICRA A2+ is now at ICRA A1+. This for Rs 140 crore bank facilities of the company. “The outlook on the long-term ratings is revised from ‘stable’ to ‘positive’,” states the announcement.

     

    The fixed deposit programme of the company has been revised from MA- to MA with its outlook on the medium term rating revised from ‘stable’ to ‘positive’. The commercial paper of Rs 100 crore of the company was reaffirmed as ICRA A1+.

     

    On the other hand, Network18’s subsidiary TV18 also saw its ratings being revised. The credit rating for the fixed deposit of the company has been revised from MA- to MA with medium term outlook changed from ‘stable’ to ‘positive’.

     

    The long-term rating for bank facilities of Rs 370 crore of the company has from ICRA BBB+ changed to ICRA A. Outlook on long-term rating is revised from ‘stable’ to ‘positive’.

     

    Credit rating for the commercial paper of Rs 200 crore has been reaffirmed as ICRA A1+.

     

    Reliance Industries has now given an open offer that will go on till July.

  • Westlife development rings in a new era for company’s investors

    Westlife development rings in a new era for company’s investors

    Mumbai, August 27, 2013: Mr B L Jatia, Chairman of Westlife Development Limited, a company listed on the Bombay Stock Exchange (BSE: 505533), today sounded the bell at the start of the trading session. The ringing of the bell marked the increased opportunity for Indian investors to participate in the scrip following the consolidation of group companies and consequent expansion of the equity base to 15 crore shares.
    The Bell Ringing ceremony was held in the presence of Mr Ashishkumar Chauhan, MD & CEO, BSE, Mr Siddharth Mehta, Founder & CEO, Bay Capital, Mr. Dharmesh Mehta, Managing Director – Institutional Equities, Axis Capital and Mr Sonal Jain, Country Head India, CLSA.
    As a result of the consolidation of group companies, Hardcastle Restaurants Private Limited (HRPL), a Master Franchisee for west & south India operations of McDonald’s Restaurants, is now a direct subsidiary of Westlife Development Limited (WDL).
    Speaking at the Bell Ringing ceremony, Mr. Amit Jatia, Vice-Chairman of Westlife Development Limited said, “ This is a momentous day and hour for Westlife Development and I am proud to bring to Indian investors an opportunity to share in the future in India of the world’s most famous brand, McDonald’s. There has been a huge demand for Westlife shares ever since we submitted the scheme to the Court. From today, interested investors will be able to actively participate in the company through a much larger base of available shares.”
    “The consolidation of our companies under Westlife Development opens up options for us to accelerate our growth plans for expanding McDonald’s restaurants in west and south India. The consolidation will also open up opportunities for the India market to invest in the growth of the McDonald’s Franchisee, HRPL, through Westlife Development. We have an outstanding brand and an aligned system that makes us uniquely well-positioned to benefit from the available growth opportunities.”
    The consolidation of B.L. Jatia group companies, HRPL (through its majority shareholder, Triple A Foods), and Westpoint Leisureparks Pvt. Ltd (majority shareholder of Triple A Foods), under Westlife Development Limited was completed recently. The B.L. Jatia family holds majority ownership in these companies.

  • Reliance MediaWorks quarter net loss at Rs 2.33 bn

    Reliance MediaWorks quarter net loss at Rs 2.33 bn

    MUMBAI: Media and entertainment company Reliance MediaWorks has reported a consolidated net loss of Rs 2.33 billion for the quarter ended 30 September compared to Rs 1.20 billion for the same period last year.

    The company‘s total income from operations stood at Rs 2.14 billion in the quarter which is 8.59 per cent lower than Rs 2.35 billion reported in the earlier quarter.

    The current fiscal of the company extended till 30 September. In a filing on the Bombay Stock Exchange, the company informed: “The data in respect of the 18 months from April 1, 2010 to September 30, 2011 has been derived as a summation of the data for the year ended March 31, 2011 and the half year ended September 30, 2011. Accordingly, results for the quarter ended September 30, 2011, have been included as the corresponding quarter.”

    Reliance MediaWorks‘ revenue from film production services business stood at Rs 353.5 million. Income from theatrical exhibition and television/film production and distribution segments was Rs 1.63 billion and Rs 173.9 million respectively.

    The company‘s current liabilities stood at Rs 20.89 billion. Earlier this year, the company‘s board had approved raising up to Rs six billion through rights issue to ‘substantially reduce the debt‘ and is in the process of raising another Rs 6.05 billion from a foreign private equity fund by selling a substantial minority stake in its Film and Media Services division.

  • IBN18: Losses rise; operational efficiency improves

    IBN18: Losses rise; operational efficiency improves

    MUMBAI: Things appear to be looking up at an operational level for IBN18 if one considers the company’s financial results for the year ended 31 March 2010. There has been a healthy jump in revenues and a slight fall in costs on a standalone basis. This, after last fsical’s operational losses, is a positive sign. However, from the shareholders viewpoint further improvements will have to be done by the management since IBN18’s overall net loss has widened to Rs 821 million in the year, as compared to Rs 682.21 million in FY09.

    The standalone results include the performance of the two news channels CNN IBN and IBN7.

    The company has posted a 15.9 per cent jump in the revenue for the fiscal at Rs 2.1 billion, as compared to last fiscal’s Rs 1.81 billion. Also its expenses have dipped marginally to Rs 2.37 billion from Rs 2.41 billion in FY09.

    IBN18’s other income rose considerably this fiscal at Rs 536.51 million, as compared to Rs 39.86 million. Interest charges have also shot up and at Rs 433.92 million these are 126.6 per cent higher than FY09 where they were Rs 191.5 million. For FY10, the company posted an operating profit (Ebitda) of Rs 415.89 million as against an Ebitda loss of Rs 391.32 million.

    On a consolidated basis, IBN18’s revenue rose considerably from Rs 1.83 billion in FY09 to Rs 6.03 billion FY10, mainly because of accrual of its JV partner Viacom18’s revenue to its balance sheet. However, it also added to the expenses of the firm at Rs 6.55 billion, as against Rs 2.57 billion in FY09. The net loss the firm made on a consolidated basis is Rs 1.1 billion in FY10, up from last fiscal’s 920 million. However, after adding the other income of Rs 548 million in the fiscal, the company has turned Ebitda positive at Rs 239.61 million, as against an operating loss of Rs 512.31 million in previous fiscal.

    On a consolidated basis, IBN18 has included the financial results of its 50 per cent joint venture stakes in Viacom 18 and IBN Lokmat. Viacom18 which has had a net loss of Rs 429.9 million contributed Rs 168.8 million to IBN 18’s consolidated net loss in FY10. IBN Lokmat on the other hand sustained a net loss of Rs 210.9 million and contributed a further Rs 105.4 million to the firm’s consolidated net loss.

    One of the reasons the company’s net loss in FY10 has gone up even though its operational workings have improved, is due to a provision made for an expected diminution in value of investments, to the tune of Rs 658.94 million on a standalone basis and Rs 658.1 million on a consolidated basis.

    IBN18’s share price closed at Rs 83 on the Bombay Stock Exchange on Friday.

  • Raj Television Network Limited IPO opens on February 14

    MUMBAI: Raj Television Network Limited (the “Company”), a regional broadcaster and media company, is entering the capital markets with an initial public offering (“IPO”) of 35,68,250 equity shares of face value of Rs 10, for cash, at a premium to be decided through a 100 per cent book-building process (the “Issue”). The price band for the Issue has been fixed between Rs 221 and Rs 257 per equity share. The Issue opens on February 14, 2007, and closes for subscription on February 23, 2007. The equity shares of the Company are proposed to be listed on the Bombay Stock Exchange (“BSE”) and the National Stock Exchange (“NSE”).

     

    Of the total 35, 68,250 equity shares, the Employee Reservation Portion is 3, 24,384 equity shares, the Net Offer to the Public is 32,43,866 equity shares. The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Net offer to the public shall be allocated on proportionate basis to Qualified Institutional Buyers (including 5% for Mutual Funds). Further, not less than 15% of the Net offer to the public shall be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Net offer to the public shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue price. Upon completion of the Issue, the Promoter / Promoter Group will own 72.50% of the post-Issue equity share capital.

     

    The objects of the Public Issue are to: strengthen production facilities; enhance content and content acquisition; launch a new youth-centric television channel; broadcast existing channels in the international market; produce short-films/ telefilms; acquire and export films in the international market; and, construct new studio premises.

     

    The Company posted a Total Income of Rs 3,195.98 lakh as of the financial year ended March 31, 2006, as compared to Rs 2,964.42 lakh for the financial year ended March 31, 2005. The Total Income was Rs 2,950.18 lakh for the period ended December 31, 2006. The Net Profit (restated) for fiscal 2006 was Rs 381.56 lakh (restated) as compared to Rs 297.75 lakh for fiscal 2005. The Net Profit (restated) for the period ended December 31, 2006, was Rs 986.74 lakh.