ITV

Tag: National Stock Exchange

  • 3M India appoints Debarati Sen as MD; Amit Laroya elevated to 3M Korea MD

    3M India appoints Debarati Sen as MD; Amit Laroya elevated to 3M Korea MD

    MUMBAI: 3M India, the Indian subsidiary of US multinational conglomerate 3M Co., has announced the appointment of Debarati Sen as managing director of 3M India Limited and 3M Lanka Pvt. Ltd. The appointment came into with effect from 1 June 2016. Sen has taken the responsibility from Amit Laroya, who led the company for the past three years and is now moving to 3M Korea.

    In her new role, she will focus on innovation, aligning the organization closely to customer needs in the Indian marketplace. She will also look after 3M India’s local capabilities in the form of industry leading customer innovation centers, multiple manufacturing plans and top notch talent across functions positions it well for growth.

    On the occasion of her appointment, Sen, said, “Having been part of 3M for more than two decades, I am committed to building further the strong position that 3M has built over the years in India. The focus will be stronger than ever to provide innovative solutions to the Indian customer and help drive value through local technology and manufacturing. The endeavour is to work closely with the government to help realize ‘Make in India’ project a success.”

    3M India is a publicly traded company on the Bombay Stock Exchange and National stock exchange and claims to have an annual sales of Rs.2,103 cr in financial year 2015-16).

    Sen joined 3M in 1996 and has been a part of the organization for over two decades now. She has worked across various verticals and held key positions including CMO and global business director at 3M. Currently, she is the acting director of corporate sales operation at 3M’s corporate headquarters in St. Paul, USA.

    3M former MD Laroya added, “I am glad to handover this position to someone who has a proven track record both in India and the US. 3M India will benefit from her experience and leadership.”

  • 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.

  • NDTV gets board nod to demerge news business

    NDTV gets board nod to demerge news business

    MUMBAI: It’s restructuring time at the NDTV group. On 1 October, the board of New Delhi Television approved the draft scheme of the demerger of its news business into a new company.

    According to the scheme the group will be carved into two groups of companies, one involved in “the news and other businesses” and the other in ‘Entertainment and specified allied businesses.’
    The scheme would become effective 1 April 2009.

    According to the company’s notice to the Bombay Stock Exchange (BSE), the demerger is being resorted to because the news business and entertainment business function under different regulatory environments. The split up will also help “unlock shareholder value as well as provide increased choice and flexibility to shareholders.”

    After the demerger, NDTV Limited will continue to remain listed on the BSE and the National Stock Exchange and will engage in non-news businesses. Subject to necessary approvals, the new company would also get listed under Clause claiming to be 8.3.5.1 of the SEBI (Disclosure & Investor Protection) Guidelines, 2000. This new company would engage in news and allied businesses.

    NDTV Ltd    NDTV Studios (as the news business is now called inside the group)
    NDTV Convergence    NDTV 24×7
    NDTV Imagine    NDTV India
    NGEn    NDTV Profit
    NDTV Lifestyle    NDTV Media
    NDTV lumiere    Metronation Delhi
    NDTV Labs    Metronation Chennai
    NDTV emerging markets 

    After the demerger, for every one share currently held in NDTV Ltd, a shareholder will receive one share in the new company: for every Rs 4 face value share currently held in NDTV Ltd, a shareholder will receive a share of equal face value in the company that will acquire the news businesses of NDTV Limited while retaining his earlier NDTV share.

    The company also said that the demerger scheme would make suitable arrangements for optimum ownership and use of the very valuable brand of NDTV, apart from ownership and use of common assets.

    Additionally, certain undertakings and guarantees provided by NDTV Limited will be undertaken by both the companies after the de-merger.

  • Janmat managing company files for IPO

    Janmat managing company files for IPO

    MUMBAI: Broadcast Initiatives Ltd, the Sri Adhikari Brothers promoted company through which Janmat news and views channel was launched, has decided to tap the capital market.

    The company filed a Draft Red Herring Prospectus for an IPO. Sri Adhikari Brothers Television Network Ltd. is already listed on the stock exchange.

    Broadcast Initiatives Ltd. proposes to issue 85,50,000 equity shares of Rs 10 each for cash at a premium to be decided through the book building process. The issue would constitute 44.27 per cent of the fully diluted post issue equity capital of the company. Post-issue, the promoter holding would be 55.73 per cent.

    The scrip will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and Allianz Securities LTD would be the lead manager for the issue.

    According to the draft prospectus, the money raised will be used to partly finance construction of a studio, and investment in infrastructure for Janmat channel, apart from other purposes.

    For the purchase of land and construction of the studio, the company intends to use Rs 96 million from the proceeds of the IPO. An investment of Rs 415.4 million has been estimated towards purchase of production, post production and broadcast equipments. The company also intends to prepay part of the term loan together with prepayment charges by utilising Rs. 250 million from the issue proceeds.Apart from Janmat, Broadcast Initiatives plans to launch a 24-hour Marathi general entertainment channel – Mi Marathi – through a subsidiary, Sri Adhikari Brothers Media Limited.