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  • PVR-Inox merger gets approval from BSE & NSE; it will reshape multiplex business

    PVR-Inox merger gets approval from BSE & NSE; it will reshape multiplex business

    Mumbai: PVR and Inox Leisure on Tuesday disclosed that the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have given their clearance with regards to the scheme of amalgamation or merger deal between the two companies.

    The decision to merge was first proposed on 27 March before the board of directors of the two companies. The combined entity called PVR-Inox would become the largest film exhibition company in India operating 1546+ screens.

    Post the merger, the promoters of Inox will become the co-promoters in the merged entity along with existing promoters of PVR. The board of directors of the merged company will be reconstituted with a total board strength of 10 members & both the promoter families having equal representation on the board with two seats each. PVR promoters will have 10.62 percent stake while Inox promoters will have 16.66 percent stake in the combined entity

    PVR chairman Ajay Bijli will lead the combined entity as managing director. Sanjeev Kumar will be appointed as the executive director. Pavan Kumar Jain will be appointed as the non-executive chairman of the board. Siddharth Jain will be appointed as non-executive non-independent director in the combined entity.

    When the merger becomes effective, shareholders of Inox will receive shares of PVR in exchange for shares in Inox at the approved share swap ratio. Inox shareholders will receive three shares in PVR for 10 shares of INOX.

    The merger will be an all-stock amalgamation subject to approval of the shareholders of PVR and Inox respectively, stock exchanges, SEBI and such other regulatory approvals as may be required.

  • Bharti Airtel board’s special committee recommends Rs 32,000 cr rights issue

    Bharti Airtel board’s special committee recommends Rs 32,000 cr rights issue

    BENGALURU: The Sunil Mittal-headed Indian telecom major Bharti Airtel Ltd (Airtel) has informed the bourses that its board of directors (the board) in its meeting held on. Thursday, February 28, 2019, has considered the recommendations of 'Special Committee of Directors for Fund Raising' and thereby approved the fund raising of up to Rs 32,000 crore through rights issuance of upto Rs 25,000 crore; and Perpetual Bond with equity credit up to Rs 7000 crore.

    The Perpetual bond of will be up to USD 1 billion (approximately Rs 7000 crore) denominated in foreign currency subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws including under ECB Regulations.

    Further, the Board approved the following terms of the Rights Issue:

    a) Rights Issue Price: Rs 220 per fully paid equity share (including a premium of Rs 215 per fully paid equity share over face value of Rs 5 per share); and

    b) Rights entitlement ratio: 19 shares for every 67 shares held by eligible shareholders as on the record date.

    Airtel has not been very effective in countering what it termed in one of its media releases Mukesh Dhirubhai Ambani’s Reliance Jio Infocomm’s ‘predatory pricing’. The company has lost subscribers, wireless as well as wireless broad subscribers in the month of December 2018 as per Telecom Regulatory Authority of India (TRAI) latest monthly Telecom Reports. The company has not fared as well as in the past as per its quarterly report for the third quarter (Quarter ended December 31, 2018, Q3 2019).

  • Times Network and NSE launch Prosperous India 2019

    Times Network and NSE launch Prosperous India 2019

    MUMBAI: Times Network, India’s leading television broadcasting network, in partnership with NSE launched ‘Prosperous India 2019’, a pathbreaking investor awareness initiative in Mumbai, today. Encouraging Indians for a greater participation in the country’s growth story, the initiative aims to enable investors, stakeholders and public with financial freedom, prosperity and an opportunity to ‘Rise with India’.

    India is one of the fastest growing economies in the world and holds an advantage of a rising middle class across demography. ‘Prosperous India’ in its entirety is committed to improve the financial wellbeing of people with a focus to provide a platform to ensure financial security and sustainability for an investor to grow as India progresses.

    The launch event witnessed a fireside chat between Vikram Limaye, Managing Director and CEO, NSE and Nikunj Dalmia, Managing Editor, ET NOW on ‘Financially Sustainable India, A Prosperous India’. This was followed by a panel discussion on ‘When India Prospers, Investors Prosper’, moderated by Nikunj Dalmia with market stalwarts that included Vishal Kapoor, Chief Executive Officer, IDFC Asset Management, Manish Gunwani, CIO – Equity Investments, Reliance Mutual Fund and Lakshmi Iyer, CIO – Fixed Income & Head Products, Kotak Mutual Funds.

    Inaugurating the initiative, MK Anand, MD & CEO, Times Network, said, “We have been championing India’s growth story with our continued commitment to encourage citizens to ‘Rise with India’. Through this initiative, we see an opportunity to educate Indians to choose investment methods, thereby empowering them to secure a strong financial future. With Prosperous India 2019, we look forward to building a financially sustainable India and contribute to India’s growth story”.

    Commenting on the initiative, Vikram Limaye, Managing Director and CEO, NSE, said, “ Over the last 25 years, NSE’s commitment to investor education has been a continuous and consistent effort. As India’s largest exchange, we believe that one of our key responsibility is to encourage more people to participate in India’s growth story and benefit from the growing Indian economy. The substantial increase in participation in equity and mutual funds in the recent years and broadening of the investor base is an encouraging development. We need to help our new entrance into the market and guide the investors, members and ensure all participants benefit from the market over a long term. This will keep the investors interested and drive the markets towards the sustainable growth. The NSE ‘Prosperous India 2019’ initiative with Times Network is an important development and this launch event marks an important milestone”.

    As part of the initiative, ET NOW will host 24 on-ground forums, reaching out a wide spectrum of people across 12 cities – Mumbai, Bangalore, Kolkata, Indore, Lucknow, Pune, Ahmedabad, Hyderabad, Chennai, Jaipur, New Delhi and Surat. ‘Prosperous India’ will educate the masses on investment methods and trends thus enabling them to make the best returns as India Prospers. The initiative will culminate with a grand telethon on TIMES NOW, ET NOW and Mirror NOW.

  • NSE celebrates its 25th anniversary by launching ‘Prosperity Day’

    NSE celebrates its 25th anniversary by launching ‘Prosperity Day’

    MUMBAI: Celebrating 25 years in existence, National Stock Exchange of India (NSE), India’s leading stock exchange has initiated  ‘Prosperity Day’ to celebrate the successes of the trading community and initiate a dialogue with prospective investors. NSE has also revamped their logo to symbolise the marigold flower and signify prosperity for all. To commemorate the occasion, CNBC-TV18, India’s leading business news channel shall have an informative segment on financial prosperity addressed by Manisha Gupta, Editor – Commodities & Currencies, CNBC-TV18 on the 25th every month up to March 2019.

    The new identity of the brand was envisioned keeping in mind its multidimensional nature. As enablers of growth and prosperity, the logo is a modern representation of a blooming marigold, while the multiple colours seen reflect the multi-faceted nature of the business. Since its inception, NSE has played a key role in connecting India with itself and integrating the nation with other world markets, to the point where today it is the country’s biggest stock exchange and one of the largest exchanges globally. It continues to propel development while always placing purpose before profit and including more people in the nation’s growth story. The NSE has also been instrumental in reshaping the financial landscape of the country by helping Indians invest in the stock market thereby also aiding entrepreneurs raise capital. As NSE celebrates its Silver Jubilee, they step into a new era and the focus of their initiative powered with CNBC-TV18 is now on holistic prosperity for all.

    Speaking about the initiative, Vikram Limaye, MD & CEO, NSE said, “As we celebrate 25 years of NSE, we found it imperative to focus on holistic prosperity for all, not just our stakeholders but the economy at large. With CNBC-TV18 on board, we hope to reach out to a larger set of audience and achieve the goals that we have set for ourselves.”

    Manisha Gupta, Editor – Commodities & Currencies, CNBC-TV18 commented, “As a brand, CNBC-TV18 has always worked towards empowering our viewers with knowledge and information on diverse spheres be it on topics related to the corporate world, financial markets or investments and other various industry verticals. We look forward to working with NSE on their new initiative and improve the financial literacy of the nation and help them make informed and responsible financial decisions.”

    As a constant factor in the prosperous/prosperity narrative of the nation and its citizens, NSE is committed to helping India achieve its calling – to become one of the world’s largest economy and aims to facilitate the transition of India from its $2.5 trillion economy to that of $5 trillion.

  • Rakesh Jhunjhunwala picks up Dish TV shares worth Rs 93 crore

    Rakesh Jhunjhunwala picks up Dish TV shares worth Rs 93 crore

    MUMBAI: Indian billionaire investor Rakesh Jhunjhunwala-owned Rare Enterprises on Wednesday picked up 1.30 crore shares in the direct to home service provider Dish TV. Following the move, the Dish TV India’s share price rallied as much as 3.5 per cent on Thursday morning.

    According to bulk deals data on the National Stock Exchange (NSE) website, the shares were purchased at Rs 71.30 per share. Total value of the deal stands at Rs 92.69 crore.

    Last month, Dish TV reported a consolidated net profit of Rs 118.21 crore for the quarter ending in March. In 2017’s first quarter, the company suffered a net loss of Rs 29.49 crore.

    However, the merger of Dish TV and Videocon was completed on March 22.

    “Financial numbers for the fourth quarter and fiscal 2018 are thus not comparable with the corresponding periods of the last year,” the company had said in a statement.

    Also Read:

    Merged Dish TV reports maiden numbers for fiscal 2018

    Dish TV offers SD channels at Rs 8.5 per month

  • Vertoz shares gain in opening trade

    Vertoz shares gain in opening trade

    MUMBAI: It was a rare sight to witness at the bourse today when Vertoz Advertising became the first programmatic advertising company to be listed on National Stock Exchange this morning. The price for the public issue of 15.84 lakh equity shares was fixed at Rs 108 per share. Within the first 3 hours, the stock skyrocketed 21.6 per cent trading at Rs 129.6 after opening at Rs 116.

    Founded in 2012, Vertoz has offices worldwide with its global headquarter in New York, USA. It offers engaging and innovative advertising and monetisation solutions to clients as a better option to the traditional methods of media buying and selling. The company’s technology, advanced capabilities and programmatic platform makes for a highly scalable software platform that powers and optimises the marketplace for real-time trading of digital advertising inventory between advertisers and publishers.

    Indiantelevision.com got talking to the  company’s founders and CEO Ashish Shah and founders and chairman Hiren Shah where they spoke about the company’s growth, division of funds raised from the IPO, programmatic advertising in India and much more. Excerpts: 

    Why did Vertoz take the IPO route when most agencies prefer private investments or acquisitions?

    Ashish: We believe in doing different things rather than doing things differently. A lot of companies in our sector have gone through a private equity round and we did too had the same option but we chose to have an IPO as it helps in distributing the wealth in a better way. There are a lot of people in the company, investors, M&A, and all of that requires cash. Private equity wouldn’t have helped in solving that problem.

    What was the revenue of the company last year and how much has it grown? What is your projection for next year?

    Hiren: Our net revenue stood at Rs 20 crore in 2016 and at Rs 9 crore in Q1 2017. We are expecting revenue of Rs 30-40 crore in 2018. The way India is growing and with people moving to digital, we are expecting a huge growth in the segment. 

    Will you be looking at acquisitions going forward?

    Hiren: Yes, but we will be looking at acquiring companies and not getting acquired. We have a subsidiary in the US and other European countries for acquiring digital businesses. We will be using the funds raised from this IPO to acquire those businesses. 

    When can we expect that to happen?

    Hiren: Soon! It should happen in the second half of 2018. 

    When will you be listed on NSE completely?

    Hiren: It is mandatory for small and medium-sized enterprises to be listed on NSE Emerge for at least two years or four annual general meetings. Once we are able to comply with that, we will be listed on NSE, maybe in late 2019 or early 2020. 

    How do you intend to use the funds raised for the IPO?

    Hiren: We would be using around 70 per cent of the funds in inorganic growth and acquisition of businesses and the rest 30 per cent at a macro level on working capital of our business.

    Do you think the Indian media industry has understood programmatic advertising and are leveraging it to the best use as opposed to other markets? 

    Hiren: It is a long way to go for India as people here are still not aware about programmatic advertising. They still follow traditional methods of advertising and it was the case with the US as well but they have evolved in programmatic to a greater extent. India on the other hand, still needs to understand the core of it but with prime minister’s Digital India movement, programmatic will see better days. 

    How do you think will programmatic advertising shape up Indian media over the next few years, say by 2020?

    Ashish: India is a growing economy and is rapidly adopting various policies and changes for a future ready industry. We would be able to achieve what western countries have achieved in a quicker time. 

    How much do advertisers spend on programmatic now? How much is it in the west?

    Hiren: Advertisers shell out less than 5 per cent of the advertising spends and a major chunk still goes into traditional media. In western countries, this number is close to 60 per cent.

    When do you think will we be able to use programmatic advertising in radio?

    Hiren: Although programmatic advertising is already happening in radio and television in other counties, it would start in India very soon, maybe by 2019. Some radio players are using programmatic in jingles but that is only limited to online radio. 

    How will programmatic adverting shape up in India going forward?

    Ashish: programmatic is the need of hour and has huge potential in the ad world. Advertisers can take quick decisions on what they should do or change in their marketing communications. Although programmatic advertising will evolve in India, it will also change its form with various technologies coming in place.

    In western countries, in-house teams are created for this. Is it a challenge for agencies to sustain? 

    Ashish: I don’t see it as a challenge for agencies as it is just about economies of scale.Everybody has a room for everything.

  • NDTV promoters get clean chit from SEBI in disclosure case

    NDTV promoters get clean chit from SEBI in disclosure case

    MUMBAI: NDTV promoters Prannoy Roy, Radhika Roy and firm RRPR Holdings can breath a sigh of relief as the Securities and Exchange Board of India (SEBI) has cleared them of charges related to delayed disclosure of company details at the end of the financial year 2011-12. Proceedings against the company have been disposed.

    At the end of every financial year, promoters need to disclose shareholding and voting rights details within 7 working days after 31 March. NDTV was alleged to have delayed this by 64 days to the BSE and one day to the NSE for the FY 2011-12.

    SEBI stated that after investigation, it found them to have made the requisite disclosures to both the trading bodies within the stipulated time. While the BSE admitted that it had reported an incorrect receipt date while the NSE clarified that it got the details in time.

  • Proposed stake sale: Provision for IT dept to file civil suit, says NDTV

    MUMBAI: NDTV, in reply to an email from the NSE and the BSE, says there is no power vested with the Income Tax Department to issue advisories/letters under Section 281 or 281B of the Income Tax Act. If the Income Tax Department is of the view that provisions of Section 281 have been violated, then the recourse is to file a Civil Suit with the Civil Court and not to issue advisory or letters.

    Accordingly, the letter dated 16.6.2017 issued by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi has no relevance or applicability in the proposed transaction.

    NDTV refers to a letter dated 16.6.2017 issued by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi, to New Delhi Television Ltd. in respect of the proposed sale of equity interest by certain subsidiaries of M/s NDTV Ltd.,a copy of which was also marked to the BSE and NSE.

    The NDTV reply signed by the company secretary Navneet Raghuvanshi, says it is pertinent to point out that an order under Section 281B of the Income-tax Act, 1961 (“Act”) was passed in the case of NDTV Ltd. (not the subsidiaries of NDTV Ltd. which are separate taxable entities) on 14.9.2015 whereby the following three genre of assets of NDTV Ltd. were provisionally attached by the Deputy Commissioner of Income Tax.

    A. All rights in respect of all the immoveable properties including land and building as reflected in the Balance Sheet of NDTV Ltd. as on 31.03.2015 declared at Rs. 6.83 crore.
    B. All non-current investments made by NDTV Ltd. as appearing in the Balance Sheet and reflected at Rs. 299.03 crore.
    C. The refund of Rs. 19.88 crore determined after giving appeal effect for the assessment year 2008-09.

    This order was challenged before the Delhi High Court wherein the Court, on 23.09.2015 passed, inter alia, the following Order: “In the meanwhile, there shall be stay of operation of the impugned order dated 14.09.2015 subject to the petitioner’s undertaking that the petitioner will not alienate any asset or create any third party rights without the leave of the court except in the ordinary course of business.”

    The subject matter of the writ petition and the order passed by the Delhi High Court extends to only those assets which were provisionally attached by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi vide its order dated 14.09.2015 and nothing beyond that. Admittedly, the shares being transferred by the subsidiaries of the NDTV Ltd. do not fall in the aforesaid three genre of assets, which were subject matter of attachment by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi vide its order dated 14.09.2015. The assets held by the subsidiaries of NDTV Ltd., in the form of investment in downstream subsidiaries which are subject matter of the present sale are clearly not assets which were either part of provisional attachment order of 14.09.2015 or the High Court’s order of 23.09.2015. Therefore, there is no violation of any order by NDTV Ltd. in the present transaction.

    That apart, the present transaction contemplated by the subsidiaries of NDTV Ltd. is being done at a price which represents the fair value of the shares which has been certified by M/s. Duff & Phelps, a SEBI Registered Category I Merchant Banker Therefore, , there is no loss to the revenue from the said transaction and hence, Section 281 of the Act has no application.

  • RCOM gets SEBI approval for demerger of wireless biz into Aircel

    MUMBAI: Reliance Communications has received approval of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) for the proposed scheme of arrangement for demerger of the wireless division of the company into Aircel Limited and Dishnet Wireless Limited (the Scheme).

    Pursuant to the same, Reliance Communications has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said scheme. The proposed transaction is subject to other necessary approvals.

    Post closing, the company and the present shareholders of Aircel Limited will hold 50 per cent each in Aircel Limited.

  • Radio City IPO to open on 6 March

    BENGALURU: The Initial Public Offering of (IPO) of shares of Music Broadcast Limited (MBL), the company that has the Radio City network will commence of 6 March 2017. Besides Radio City the company has a sales alliance with Suno Lemon 91.9 FM and Friends 91.9 FM in Kolkata and 40 web stations in eight languages. The company has grown its presence from four cities in 2001 to 37 cities as of mid-February this year. Under the Phase III Policy, MBL acquired 11 additional radio stations, of which 9 are already operational.

    The board of MBL had informed the stock exchanges through its parent and listed company Jagran Prakashan Limited (JPL) about the decision to hold the IPO on 24 November 2016. MBL had a turnover of Rs 240 crores in fiscal 2016 and a net worth if Rs 99.54 crore as per a JPL filing in November 2016.

    According to an MBL filing at the bourses, the book building IPO comprises of equity shares of face value of Rs 10 each for cash at a premium consisting of a fresh issue of up to Rs 400 crore and an offer for sale up to 2,658,518 equity shares by the selling shareholders .The offer will close on Wednesday, 8 March 2017. The Price Band for the Offer is fixed from Rs 324 to Rs 333 per equity share. The sole Book Running Lead Manager to the offer is ICICI Securities Limited. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

    MBL will be the second radio operator to list on the bourses after Times Group-controlled Entertainment Network India Ltd, which runs Radio Mirchi. 

    Also Read:

    Music Broadcast plans IPO; to make buys

    FM Radio revenues witness seasonal slump in Q4-16, Q1-17