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Tag: GDR

  • Balaji Telefilms receives board nod to raise Rs 250 crore

    Balaji Telefilms receives board nod to raise Rs 250 crore

    MUMBAI: With a target set to make digital B2C (business to consumer) under the ALT Digital umbrella as its core business in five years’ time, the Ekta Kapoor helmed Balaji Telefilms Ltd is arming itself with a war chest of funds to enter the market with guns blazing.

     

    The company, which was looking at raising Rs 250 crore to ramp up its digital business, has nowreceived board approval for the same. 

    The funds will be raised by way of QIP, GDR, ADR, FCCB, other securities linked to equity, preference shares or any instrument or securities representing convertible securities. 

    This is subject to approval of the company’s shareholders and other necessary approvals. 

    Additionally, the board has also approved to increase the authorised share capital of the company from Rs 20 crore to Rs 26 crore, subject to approval of shareholders.

  • Den Network gets board nod to include primary market route for foreign investment

    Den Network gets board nod to include primary market route for foreign investment

    MUMBAI: Den Network’s board of directors has given its nod for filing of application to Foreign Investment Promotion Board (FIPB) for modification of the approval to include the primary market route as well. 

     

    The primary market route could  include issuance of long term securities including equity, quasi equity, GDR, QIP, FCCB, preferential allotment, bonds or any other appropriate securities, subject to the approval of the shareholders and all other applicable laws and statutory approvals as may be required.

     

    The board considered that the company has already got the approval from FIPB, Ministry of Finance on 14 August, 2015 to increase foreign investment limit in the company beyond 49 per cent and up-to 74 per cent by FIIs, NRIs, FPls and other eligible foreign investors through the route of secondary market and open market purchase. 

     

    It may be recalled that late last month, the Reserve Bank of India (RBI) too gave the company its approval for foreign investors to raise their stake in the company up to 74 per cent.

     

    At the end of the September quarter (Q2-2016), foreign portfolio investors (FPIs) held a 22.79 per cent stake in the company, whereas the promoters’ stake in the cable operator was 40.05 per cent.

     

    The company’s Board of Directors, at its meeting held on 3 November, also approved the resignation of nominee director of the company Shahzaad S Dalal. 

     

    Den also approved the appointment of Krishna Kumar as non executive nominee director of the company.  

     

    Den Network will also seek approval from the Ministry of Information and Broadcasting (MIB) and statutory authorities for the appointment of Archana Hingorani as non-executive nominee director.

  • Zee Learn reports improved y-o-y results for Q2:2014

    Zee Learn reports improved y-o-y results for Q2:2014

    BENGALURU: The Essel group’s education company Zee Learn Limited (Zee Learn) reported higher revenue from operations at Rs 23.91 crore, higher by 27 per cent as compared to the Rs18.84 crore for Q2-2013. The company also returned a PAT of Rs 0.54 crore for Q2-2014 as compared to a loss of Rs(-2.501) crore for the corresponding quarter of last year.

     

    During Q1-2014, the company had forex gain of Rs 1.86 crore on remittance of the GDR issue (listed on the Luxemburg Stock Exchange) proceeds, which was included in the other income of the company for that quarter. The company had reported a 28.7 per cent higher operating of revenue of Rs 33.52 crore for the immediate trailing quarter as well as PAT of Rs 3.25 crore, which was about six times (6.06 times) more than the PAT for the current quarter.

     

     Let us look at the other Q2-2014 results reported by Zee Learn

     

     Two heads that added to the profitability were increase in stock in trade and other income.

     

    Zee Learn reported increase in stock in trade of Rs 0.9543 crore for Q2-2014, which was 49.2 per cent higher than the Rs 0.6396 crore for Q1-2013, but was 35.2 per cent lower than the Rs 1.47 crore for the immediate preceding quarter (Q1-2014).

     

    Other income for Q2-2014 at Rs 0.4294 crore was 38.6 per cent lower than the Rs 0.5953 crore for Q2-2013 and less than a fifth (5.2 times lower) of the Rs 2.22 crore for Q1-2014. As mentioned above, this included a forex gain of Rs 1.86 crore for Q1-2014.

     

    Total expenditure for Q2-2014 at Rs 22.31 crore was 9.1 per cent higher than the Rs 20.46 crore for Q2-2013, but 28 per cent lower than the Rs 30.95 crore for the immediate trailing quarter.

     

    During Q2-2014, the company spent Rs 1.89 crore towards advertising expense, which was about 5.3 per cent lower than the Rs 2.0 crore for Q2-2013 and almost half (52.4 per cent) of the Rs 3.61 crore for Q1-2014.

     

    Towards publicity, the company spent Rs 2.01 crore for Q2-2014, which was 32.7 per cent lower than the Rs 2.98 crore for Q2-2013 and again almost half (50.6 per cent) of the Rs 3.97 crore for Q1-2014.

     

     Zee Learn spent 78.6 per cent more towards purchase of education goods and TV content at Rs 5.85 crore for Q2-2014 as compared to the Rs 3.28 crore for Q2-2013, but less than  half (47.7 per cent) the the Rs12.27 crore for Q1-2014.

    Depreciation and amortisation for Q2-2014 at Rs1.75 crore was 23 per cent more than the Rs1.42 crore for Q2-2013 and 14.5 per cent more than the Rs1.53 crore for Q1-2014.

     

     Employee benefit expense at Rs 7.51 crore for Q2-2014 was 13.8 per cent lower than the Rs 8.71 crore for the corresponding quarter of 2013 and 9.7 per cent lower than the Rs 8.31 crore for Q1-2014.

  • Zee Learn reports PAT for Q1-2014 after 8 consecutive quarterly losses

    Zee Learn reports PAT for Q1-2014 after 8 consecutive quarterly losses

    BENGALURU: The last time that Zee Learn Limited (Zee Learn) reported a profit was for the Q3-2011, the second quarter since it commenced operations. The education player then reported loss for eight quarters and two financial years until Q1-2014 when it showed a PAT of Rs 3.25 crore as compared to a loss of Rs 3.36 crore in Q1-2013 and a loss of Rs 7.35 crore in Q4-2013. For FY 2013, Zee Learn reported a loss of Rs 21.22 crore. Zee Learn saw an improvement in operational EBITDA by Rs 5.69 crore in corresponding Q-o-Q.

    Let us look at the other financials of Zee Learn for Q1-2014

    Zee Learn reported Rs 33.52 crore as total income from operation for Q1-2014 as compared to Rs 23.34 crore in Q1-2013, registering a growth of 43.6 per cent. However, operating income was lower by eight per cent as compared to Rs 36.43 crore in Q4-2013.

    Zee Learn also had ‘Other Income’ of Rs 2.22 crore in Q1-2014, in Q1-2013, this was 0.3931 crore, while ‘Other Income’ was Rs (-0.5607) crore for Q4-2013. Other income includes Rs 1.8561 crore exchange gain on remittance of GDR issue proceeds.

    Total expense for Q1-2014 at Rs 30.95 crore was higher by 19 per cent as compared to Rs 26.01 crore for Q1-2013, but lower by 23.3 per cent than the Rs 40.37 crore in Q4-2013.

    Expense towards purchase of education goods and television content in Q1-2014 at Rs 12.28 crore was more than double (more by 117.8 per cent) as compared to the Rs 5.37 crore for Q1-2013 and 15.3 per cent lower than the Rs 15.08 crore in Q4-2013.

    Other expense for Q1-2014 at Rs 9.51 crore was lower by 8.4 per cent as compared to the Rs 10.38 crore in Q1-2013 and was 28.6 per cent lower than the Rs 13.32 crore in Q4-2013. Other expenses includes marketing, advertisement and publicity expenses of Rs 3.6028 crore and Rs 3.9683 crore for the quarter ended 30 June, 2013 and 30 June, 2012 respectively.

    Zee Learn CEO Navneet Anhal said, “The improved financial performance is a result of all brands in the Zee Learn bouquet performing well due to improved efficiencies. Our investments in each of the brands are continuing to payoff. This year Kidzee has registered almost 25 per cent growth in the number of operational centers (192 new centers added) significantly expanding our footprint in the country.”

    “Also, we have witnessed growth of 37 per cent in enrolments in our MLZS schools wherein average enrolments has moved up to 292 students in Q1 FY14 vis-?-vis 213 students in Q1FY13 largely on account of better academic content and its delivery model. Zee Learn’s school solution program ‘BrainCafe’ which has undergone business model change last year pre-empting the change in dynamics of school solutions, is also showing signs of acceptance across schools. Our offerings of educational content to ZeeQ are getting amazing responses from parents and industry alike,” added Anhal.

    Zee Learn says that the outlook for the Education business remains positive despite overall challenges in the Indian economy. The Company also sees good momentum in MLZS and Kidzee, overwhelming positive response in ZeeQ, India’s First Edutainment Channel for kids wherein Zee Learn provides content to the channel and huge potential in its newly revamped BrainCafe School Solutions.

    Zee Learn launched its first Global Depository Receipts (GDR) for value of $9.99 million which were subscribed by overseas investors on 21 May, 2013. The GDR issue was fully subscribed and the company allotted 56,17,977 GDRs at a price of $3.56 per GDR. Each GDR represents 10 (ten) underlying equity shares in the company and the GDRs are listed on the Luxembourg Stock Exchange.

  • Zee Learn raises $20 million through GDRs

    Zee Learn raises $20 million through GDRs

     MUMBAI: It’s gone the global depository receipts (GDR) route. On 21 May, Essel Group education company Zee Learn Ltd, informed the stock exchanges that it had has raised $20 million (Rs 110 crore) through GDRs,

     

    The company said the GDR issue was fully subscribed and an allotment of 5.6 million GDRs at a price of $3.56 per GDR is to be made. Each GDR represents 10 underlying equity shares and the GDRs are to be listed on the Luxembourg Stock Exchange.

     

    Zee Learn runs India’s largest chain of pre-schools under brand Kidzee with more than 900 centres in more than 330 cities. It also acts as a consultant to local entrepreneurs who wish to set up K-12 schools, under its brand name Mount Litera Zee Schools. It operates vocational education under Zee Institute of Media Arts (ZIMA) – a TV and film training institute and Zee Institute of Creative Art (ZICA) – a classical and digital animation training academy.

     

  • Dish TV gets shareholder nod to raise $200 mn

    Dish TV gets shareholder nod to raise $200 mn

    MUMBAI: Subhash Chandra-owned Dish TV, the leading direct-to-home (DTH) television services provider, has received approval of its shareholders to raise $200 million through issue of equity to fund expansion and growth of the highly capital intensive business.

    Dish TV will consider raising the amount through issue of equity or convertible bonds in the domestic or overseas market. If it decides to raise the money through a qualified institutional placement (QIP), the company may consider offering a discount of up to 5 per cent of the price to QIP investors.

    The requirement for capital investments is also high now considering the shift to digital delivery of television channels across the country by December 2014. The government has implemented the first phase of digitisation effective 1 November in Mumbai, Delhi and Kolkata and in Chennai, a decision is expected soon by the Madras High Court. The second phase of digitisation covering 38 cities is effective 31 March.

    Dish TV, in the notice to the shareholders, said DTH business is highly capital intensive, requiring huge financial resources from time to time. The company has been meeting these requirements through borrowings from banks, financial institutions, rights issue proceeds, issue of global depositary receipts (GDRs) and requisite funding from the promoter group from time to time.

    The equity or convertible issue has been proposed considering the funding requirements and current market conditions, the company has said.

    The consent of the shareholders was obtained through a postal ballot.

    For the purpose of raising further equity, Dish TV has also obtained the approval of the shareholders to increase the company‘s authorised equity capital to Rs 1.5 billion from Rs 1.35 billion.

    The promoter holding in Dish TV stands at 64.7 per cent. In 2009, US-based private equity firm Apollo Management had bought an 11 per cent stake in the company for $100 million.

  • WWIL likely to raise $100 million via QIP

    WWIL likely to raise $100 million via QIP

    MUMBAI: Wire & Wireless India Ltd (WWIL), Zee Group’s demerged cable company, is likely to raise $100 million through qualified institutional placement (QIP) to fund its expansion programme including digitalisation and acquisition of cable operators.

    “WWIL is likely to raise $100 million via QIP as part of its fund raising programme but will take a final decision on this soon. Everything will depend on the market conditions,” a source close to the company says.

    When contacted, WWIL managing director Jagjit Singh Kohli said the exact amout and instrument has not yet been decided. “I will be able to comment after we have decided and taken the shareholders’ approval,” he added.

    WWIL is making a preferential issue of convertible warrants to Jayneer Capital, a promoter group company, up to Rs 1.31 billion as part of its fund raising programme. This will translate to around 5 per cent equity in WWIL. The conversion price of the warrants into equity shares will be at Rs 122. The company has convened an EGM (Extra Ordinary General Meeting) on 26 February for shareholders’ approval on the issue of preferential warrants.

    “The dilution, along with the warrants, will be around 20 per cent at the current prices if WWIL takes up the $100 million mopping up exercise through QIP,” the source says.

    WWIL has aggressive plans to expand its digital cable business and had earlier projected a fund requirement of Rs 7.14 billion over two years.

    The company recently announced that it would seek shareholders’ approval for raising up to $250 million (approximately Rs 11.25 billion). The board which met on Monday considered all the fund raising options including issue of ADR (American depository receipt), GDR (global depository receipt), equity, debt, debentures, FCCB (foreign currency convertible bond), QIP (qualified institutional placement) and convertible warrants.
     

  • WWIL plans to raise up to $250 million

    WWIL plans to raise up to $250 million

    MUMBAI: Wire & Wireless India Ltd (WWIL), Zee Group’s demerged cable entity, plans to raise up to $250 million (approximately Rs 11250 million) for funding its expansion programme including digitalisation and acquisition of operators.

    The board which met on Monday considered all the fund raising options including issue of ADR (American depository receipt), GDR (global depository receipt), equity, debt, debentures, FCCB (foreign currency convertible bond), QIP (qualified institutional placement) and convertible warrants. The board has decided to convene a general meeting of the shareholders.

    “This is is just an enabling resolution and we plan to decide on the amount we are going to raise and how within 15 days,” says WWIL managing director Jagjit Kohli.

  • Sahara to take FCCB route for raising $50 million

    Sahara to take FCCB route for raising $50 million

    MUMBAI: Sahara One Media and Entertainment Ltd has decided to take the foreign currency convertible bond (FCCB) route to raise around $50 million (Rs 2.2 billion).

    “We are in the final stages of documentation for issue of FCCBs. We plan to raise around $50 million,” says a source in Sahara One Media and Entertainment Ltd.

    Earlier the shareholders of Sahara had approved the issue of securities in the international market in the form of FCCBs, global depository receipts (GDRs) or other securities through public issue, private placements or preferential allotment. Sahara had also taken an enabling clause to raise up to $50 million.

    The funds will be deployed for movie production, launch of a music channel, content acquisition for Hindi movie channel Filmy and general entertainment channel Sahara One.

    Sahara has already tied up Rs 1.58 billion by diluting stake to investors. While C Sivasankaran’s Aircel Televentures Ltd. (ATL) has put in Rs 1.2 billion for acquiring 14.98 per cent stake, Bennett, Coleman & Company Ltd (publishers of The Times of India) has invested Rs 378 million for a six per cent equity. Sahara is in the process of issuing a preferential allotment of 322.5 million equity shares to ATL with a face value of Rs 10 each at a price of Rs 372 per share.

    Sahara is also in talks to rope in a strategic investor. After divesting stake to ATL, the promoters holding in Sahara stands at 73 per cent. While Bennett, Coleman and Company’s holding is a little less than six per cent, the balance is with the public.