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Tag: Reliance Capital

  • Reliance General Insurance cautions two-wheeler pillion riders

    Reliance General Insurance cautions two-wheeler pillion riders

    MUMBAI: Reliance General Insurance Company Ltd, a 100 per cent subsidiary of Reliance Capital, has launched a digital campaign to raise public awareness on the safety of pillion riders on two-wheelers.

    Titled #FaceThePace, the campaign urges pillion riders to wear a helmet when on the road and highlights the need for children riding pillion on motorbikes and scooters.

    As per estimates, nearly 16,000 children die in road accidents every year, making 10.5 per cent of all road accident fatalities. This boils down to over 43 child deaths a day due to road accidents, a number that is seven times more than deaths due to crimes against children.

    In a bid to raise awareness of the problem, the company’s campaign highlights the consequences of pillion riders not wearing a helmet. Even though stricter laws and initiatives in the last few years have increased the number of two-wheeler drivers wearing a helmet, the number of pillion riders not wearing a helmet is still staggeringly high, at 75 per cent, as reported by nationwide surveys. To address the issue, traffic police in various states of the country have been taking measures such as stricter monitoring and increased number of tickets.

    Through #FaceThePace the company is taking to popular digital and social media channels to share its message. At the centre of the digital campaign is a short film that uses the analogy of a batsman and wicket-keeper on a cricket playing field to deliver the message.

    Reliance General Insurance chief executive officer Rakesh Jain says, “India loses thousands of lives in road accidents every year. We think it is vital to address this issue in a way that has not been done before. And we believe this film does exactly that. The cricket analogy in the film is something most Indians will relate to, owing to the popularity of the game in the country.”

    In addition to the digital campaign, RGI is also distributing thousands of free helmets to riders around the country. The company has launched several initiatives for road safety in the past and will continue to raise awareness on such issues of grave social concern.

  • Reliance Capital acquires 6.83% equity stake in Saregama

    Reliance Capital acquires 6.83% equity stake in Saregama

    BENGALURU: Anil Dhirubhai Ambani Group (ADAG) company Reliance Capital Limited (RCL) has acquired a 6.83 per cent equity stake totalling 11.88 lakh shares from the open market of Indian custodians of music – Saregama Limited (Saregama).

    RCL has filed disclosures under Regulation 29 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 at the bourses today. Before the acquisition, RCL did not have any stake in the company. 

    Saregma has an equity share capital of Rs 17.40 crore for 1.74 crore shares of face value of Rs 10 each. At the time of writing of this report (29 December) the share closed at Rs 362.40 on the BSE, Re 1 lower (0.27 per cent down) from the previous close of Rs 364.40. The high for the day was Rs 388.10 and the low for the day was Rs 360.50. Over the past 52 weeks, the share had a high of Rs 509.00 and a low of Rs 116.00.

    The share closed at Rs 362.90 down as compared to the previous close of Rs 363.55 on the NSE. The share had opened at Rs 370 today and had an intraday high of Rs 388.25 and an intraday low of Rs 360.00. The 52 week high on the NSE was Rs 509 on 10 August, 2015, and the 52 week low was Rs 114.95 on 27 March, 2015.

  • Siti Cable completes QIP; allots shares to QIBs

    Siti Cable completes QIP; allots shares to QIBs

    MUMBAI: Confidence, it appears is returning to select cable TV counters, the slow pace of digitization despite.

     

    The Essel Group owned national MSO Siti Cable Network’s long-standing effort to raise funds through a qualified institutional placement (QIP) successfully closed today.

    The company informed the Bombay stock exchange (BSE) late in the evening that its QIP Committee had allotted 6,31,74,540 shares on receipt of  Rs 221.11 crore from a group of qualified institutional bodies (QIBs) .

    The QIP issue for an aggregate amount not exceeding Rs 250 crore commenced on 27 February 2015 and closed on 4 March. The issue was made a premium of Rs 34 per Rs 1 share which was a discount of Rs 1.41 on the floor price.

    The Siti Cable counter had spurted to a 52 week high of Rs 38.50 on 4 March.

     

    Siti Cable informed the BSE that the QIBs who were allotted shares through the current QIP  include: Polus Global Fund (1,44,28570 shares); Orange Investments Ltd (34,28,570 shares); HDFC Trustee Co Ltd – HDFC Equity Fund (2,65,33,000 shares) ; HDFC Trustee Co Ltd – HDFC Core and Satellite Fund (15,16,000 shares); HDFC Trustee Co Ltd – HDFC India Tax Saver Fund (35,38,270 shares); Macquarie Asian Markets Emerging (15,00,000 shares); Reliance Capital Trustee Co (42,85,710 shares); Copthall Mauritius Investments (52,96,280 shares); and Morgan Stanley Asia Pacific (26,48,140 shares).

  • Reliance MediaWorks sells multiplex business to Carnival Cinemas

    Reliance MediaWorks sells multiplex business to Carnival Cinemas

    MUMBAI: Reliance MediaWorks (RMW) and Carnival Cinemas have announced the signing of definitive agreements for sale of RMW’s multiplexes business to Carnival Cinemas in the largest ever deal in the sector in India.

    The proposed transaction will catapult Carnival to the ranks of the top three multiplex operators in the country, with over 300 screens nationwide, and set the company firmly on its path to achieve leadership in the business.

    Carnival Group chairman Shrikant Bhasi said, “I am thankful to Reliance Group chairman Anil D. Ambani for his support to a first generation entrepreneur like me, and in facilitating this transaction with Carnival Cinemas in preference to other leading cinema chains. We are targeting to achieve 1,000 screens by the year 2017, and look forward to the continued support of Reliance Group in our future growth.”

    Reliance Capital CEO Sam Ghosh added, “We are delighted to begin a long term relationship with the rapidly growing Carnival Group, through the sale of the multiplexes business of Reliance MediaWorks to them. We look forward to supporting the Group in their future growth initiatives in India and overseas.”

    “The proposed transaction is in furtherance of Reliance Capital’s stated objective of focusing purely on its core financial services businesses, significantly reducing exposure to non-core investments in the media and entertainment sector, and reducing overall debt,” added Ghosh.

    The transaction will reduce Reliance Capital’s leverage by approximately Rs 700 crore, through a combination of transfer of debt of RMW and infusion of cash proceeds.

    The deal excludes real estate owned by RMW at IMAX Wadala and other properties, which are intended to be separately monetised for an approximate value of Rs 200 crore.

    Reliance Capital will have the option to acquire a pre IPO minority stake in Carnival Cinemas at an appropriate discount, upon eventual listing of the Company.

    “We are very serious about exhibition business and are moving in an organic way also. Carnival Cinemas will not only make their presence in tier I but would lay emphasis for strong presence across tier II & III cities. We want to make Cinemas synonymous to Carnival” added Bhasi.

    The proposed transaction is subject to necessary statutory and other approvals and is expected to be closed within the current financial year.

     EY are deal advisors to Reliance Group, and KPMG are acting as deal advisors for Carnival Group.

     

  • Reliance Life launches new social media campaign

    Reliance Life launches new social media campaign

    KOLKATA: Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, launched its new social media campaign ‘Do-Good’.

     
    #DoGood campaign aims at recognizing and inspiring selfless acts of goodness by people across demographics, social strata and causes that impact society positively.

     
    The new social media campaign was launched by Reliance Life Insurance chief executive officer Anup Rau. “We firmly believe that any selfless act of goodness – across demographics, causes and regions – needs to be encouraged. There is a genuine need to create a platform where each such act by individuals or groups can be shared with a larger audience and amplified to be recognized. Our ‘Do-Good’ campaign aims to provide such a platform for sharing and recognition” said Rau.

     

    This is the third social media campaign unveiled by Reliance Life Insurance.

     
    Earlier, the company has launched highly successful campaigns namely – ‘Boundaries for Books with Room to Read’ and #GreatestFan campaign with Sachin Tendulkar’s greatest fan, Sudhir Kumar Choudhary.

     
    The #DoGood campaign has been initiated recently on all social platforms to create awareness and encourage people to take action in the ‘good’ direction.

     
    The initial phase of the campaign has received encouraging response on Face book with over 2 lakh likes across its posts within a span of two weeks in the soft launch phase.

     
    “The insurance industry leads by example in case of selfless act of goodwill. It is the only industry that prospers by protecting its customers and helping them in times of need. An insurance agent is that one person who wants you to protect what is valuable to you and help you plan for any eventuality. ‘Do Good’ therefore is our intent, our philosophy and our belief that we aim to spread through social media,” Rau further stated.

     
    Reliance Life Insurance has also launched #DoGood initiative as an internal campaign within the organization so that this positive and constructive thought is well entrenched in the minds of its employees and agents and rolled out to our customers.

     
    The company would also be building on this campaign by strengthening its presence across online and mobile platforms apart from holding various events that will enable to participate and get rewarded from the campaign.

  • Reliance MediaWorks acquires 30 per cent stake in Prime Focus

    Reliance MediaWorks acquires 30 per cent stake in Prime Focus

    MUMBAI: After its mega announcement a few days ago about Prime Focus World merging with Double Negative to create the world’s largest independent, VFX, stereo conversion and animation company, one of the Ambani brothers has decided to step into the game as well.

     

    Anil Ambani owned Reliance MediaWorks has bought shares in Prime Focus and merged itself with Prime Focus. The trio will now be the world’s largest and most integrated media services group with over 5500 people across 20 locations offering services such as visual effects, stereo 3D conversion, animation and cloud-based digital media solutions that transcend the film, advertising and television industries.

     

    An announcement by the two companies to the BSE states that “the combination brings instant benefits to global clients, with new levels of creativity, technology innovation, truly integrated digital media services, unmatched scale, financial stability and sustainability.”

     

    The new group will also have the world’s first hybrid cloud-enabled media enterprise resource planning. This unique platform virtualises the content supply chain and helps broadcasters, studios, brands, sports and digital businesses manage their business of content by driving creative enablement, enhancing ecosystem efficiencies and sustainability, reducing costs and realising new monetisation opportunities.

     

    Reliance MediaWorks and the promoters of Prime Focus, Naresh and Namit Malhotra will each infuse fresh equity capital of Rs 120 crore into Prime Focus at Rs 52 per share through a preferential allotment, aggregating Rs 240 crore. The equity process will also be used to fund the merger of Prime Focus and Double Negative.

     

    The India and overseas operations of Reliance MediaWorks’ film and media services business will be combined with Prime Focus through a slump sale which means transferring of the whole or part of a business undertaking that is capable of carrying out operations independently for a lump sum consideration without assigning values to individual assets and liabilities. After that, the net consideration will be paid in the form of fresh equity shares of Prime Focus valued at the same share price.

     

    Once the preferential allotment and business combination is done, the shareholding of the Prime Focus’ promoters will come down from 41.48 per cent to 33.5 per cent and Reliance MediaWorks will be 30.2 per cent. The mandatory open offer in Prime Focus has also been announced to the extent of 26 per cent of the fully diluted share capital of Prime Focus at Rs 52 per share as well.

     

    Through this combination, Prime Focus’ will get access to one million square feet of facilities in Film City, Mumbai, 30 per cent stake in Hollywood VFX house- Digital Domain and 100 per cent ownership of LA based digital film restoration firm Lowry Digital.

     

    Reliance Capital states that it wants to primarily focus on its financial services and align its noncore investments with successful entrepreneurs.

     

    Namit Malhotra will be the executive chairman and global CEO of Prime Focus Group. Says he, “This is a very exciting time in the life of Prime Focus. From being able to partner the world’s finest visual effects provider Double Negative, to having the Reliance Group come on board, to help mobilise our strategy in building the bridge between the west and the east. I am very confident about the benefits this combination brings to all our customers, employees and stakeholders worldwide.”

     

    Speaking on the deal, Reliance Group group managing director Amitabh Jhunjhunwala said, “We are hugely excited about the transformational growth opportunity created by the powerful combination of the global film and media services business of Reliance MediaWorks and Prime Focus. Namit is an enormously passionate leader, who has created and run a highly successful global media services business. We are delighted to have the opportunity to support Prime Focus as the company moves to the next orbit of growth under Namit’s dynamic and ‘turbo-charged’ leadership.”

     

     Reliance MediaWorks CEO Venkatesh Roddam said that this was a natural and synergistic combination to optimise resources. “We are very pleased to combine our global film and media services business with Prime Focus. This will create enhanced value and new opportunities for all stakeholders, including customers in India and overseas and our dedicated team of people.”

     

    Commenting on the new media house creation, Reliance Capital CEO Sam Ghosh said, “The proposed transaction reflects a significant step forward in Reliance Capital’s strategy of unlocking value from its investments in sectors other than financial services. We intend to partner and align ourselves with successful entrepreneurs like Namit Malhotra of Prime Focus, who has established high growth businesses, and we will support them in their endeavours to attain global leadership and excellence in their chosen areas of core expertise. This strategy will free up management bandwidth  and resources  in Reliance Capital, enabling us to singularly focus  on, and   further  accelerate  growth  in, our  core  business of asset management, life  and non-life  insurance,  broking and distribution, commercial finance  and related sectors in financial services.”

     

    Similar discussions are underway in relation to unlocking of value from other investments made by Reliance Capital in areas outside financial services, and further announcements will be made at the appropriate stage.

     

    Some of the works handled by the trio include: The Dark Knight Trilogy, Transformers 4, Inception, Gravity, Harry Potter and Avatar. The deal between Reliance MediaWorks and Prime Focus brings integrated services to the Bollywood industry from equipment rental and shooting stages up to final digital distribution.

     

     EY India was the exclusive advisor to Reliance MediaWorks for the transaction and Centrum Capital was the exclusive advisor to Prime Focus. The transaction is expected to go on for a couple of weeks.

     

    Reliance MediaWorks and Prime Focus’s wholly owned company Monsoon Studio has taken 2,30,76,923 equity shares. 6,73,07,692 shares will be given via the open offer.

  • Reliance MediaWorks delisting: Shareholders offered Rs 61 per share as exit price

    Reliance MediaWorks delisting: Shareholders offered Rs 61 per share as exit price

    MUMBAI: The process of delisting of the Anil Ambani owned Reliance MediaWorks Ltd (RMWL) is gathering pace.  Reliance Land and Reliance Capital which are facilitating the delisting  today informed the Bombay stock exchange (BSE) and the National stock exchange (NSE) that the final price at which the public shareholders’ equity will be acquired by them is Rs 61 per equity share   – a premium of 25.39 per cent over the floor price of Rs 48.65. The RMWL share has a face value of Rs 5.

     

    In a filing with both the exchanges, the two companies stated that the public shareholders were invited to submit bids pursuant to a reverse book-building process (RBP) between 20-26 March electronically through the BSE  and arrived at the exit price.

     

    The filing further states that both Reliance Land and Reliance Capital will pick up all the equity shares validly tendered at or below the exit price and RMWL  shareholders, who have validly tendered shares, will be paid the consideration at the exit price.

     

    The RMWL board had on 20 January approved the delisting offer which was later cleared by the shareholders. And in March, the two promoter companies of the firm had offered to buy back shares worth at least Rs 251 crore from public shareholders as part of its delisting. 

     

    Shares of RMWL were trading at Rs 59.05 per scrip on the BSE in the afternoon trade, up 1.72 percent from the previous close.

  • Reliance MediaWorks delisting process starts

    Reliance MediaWorks delisting process starts

    MUMBAI: The process for delisting the shares of Reliance MediaWorks started today with Reliance Capital and Reliance Land issuing a public announcement of an offer to acquire shares from public shareholders.

     

    Reliance Capital and Reliance Land, the acquirers, are part of the promoter group which collectively owns 73.30 per cent of Reliance MediaWorks.

     

    At 1450 hours, Shares of Reliance MediaWorks were at Rs 56.65, up 0.65 per cent on the BSE.

     

    The acquirers have made the offer to acquire 26.70 per cent of Reliance MediaWorks that is not already owned by the promoter group, at a floor price of Rs 48.65 per share.

     

    Reliance MediaWorks is a leading media & entertainment company with presence in theatrical exhibition of films, film and media services and television content production and distribution. It is part of Anil Ambani’s Reliance Group.

     

    The company will dispatch bid forms to public shareholders tomorrow. The bids submitted by shareholders will be opened on 20 March and the last date for upward revision or withdrawal of bids is 25 March.

     

    The company will make a public announcement of discovered price/exit price and the acquirer’s acceptance or rejection of the discovered or exit price by 9 April.

     

    A special resolution for delisting of the company’s shares was earlier approved by the shareholders through a postal ballot.

     

    Reliance MediaWorks has been reporting losses for five years now. The company last reported a profit (Rs 48 crore) in 2007-08.

     

    The company will proceed with voluntary delisting of shares from the National Stock Exchange and the BSE on promoter shareholding reaching a minimum of 90 per cent and on fulfilment of other conditions stipulated in the delisting regulations.

     

    ICICI Securities is the manager to the delisting offer by Reliance MediaWorks.

  • Reliance group makes RBNL public shareholding buy back offer

    Reliance group makes RBNL public shareholding buy back offer

    NEW DELHI:The Reliance Anil Dhirubhai Ambani group is going ahead with its decision to de-list Reliance Broadcast Network Ltd (RBNL)  from the stockmarket. Three Reliance ADA group companies – The Reliance Share & Stock Brokers,  Reliance Land Pvt Ltd and Reliance Capital – today announced an offer to shareholders, under which 19,901,854 shares of RBNL representing 25.05 per cent of its equity capital, will be acquired by the group. With this acquisition, the group’s stake in RBNL will go up to 90 per cent, allowing it to go ahead with its plan to delist RBNL from the stock exchanges.

     

     
    The public announcement was issued  in accordance with Regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shams) Regulations, 2009 in respect of the proposed acquisition and delisting of fully paid-up equity shares of a company  (“Offer” / “Delisting Offer”). The company is listed on both the Bombay and National stock exchanges (BSE and NSE).
     

     

    The BSE and NSE have issued their in-principle approvals for the Delisting Offer.  In accordance with the applicable provisions of Regulation 15 (2) of the Delisting Regulations, the floor price for the Offer per Equity Share determined by the group  is Rs  46.47.

     
     
    The minimum price per Equity Share (the “Discovered Price” / “Offer Price”) payable by the Acquirer for the Offer Shares it acquires pursuant to the Delisting Offer, and determined in accordance with the Delisting Regulations, will be the price at which the maximum number of Offer Shares are tendered pursuant to a reverse book-building process in the manner an specified in Schedule II of the Delisting Regulations.
     
     
    The Acquirer may, at its sole discretion, accept the Discovered Price for the Offer Shares or offer to pay a price higher than the Discovered Price for the Offer Shares. The price so accepted or offered by the Acquirers is referred to in this Public Announcement as the exit price (the “Exit Price”). The Acquirers are under no obligation to accept the Discovered Price or to offer a price higher than the Discovered Price.
     
     
    The Specified Date has been fixed at 24 January. The Dispatch of Bid Letter/ Bid Forms to Public Shareholders as on the Specified Date will be 30 January and the bid opening date will be 12 February.
     
     
    The last date for upward revision or withdrawal of Bids (3.00 p.m.) is 17 February and the Bid Closing Date (3.00 p.m.) is 18 February.
     
     
    The last date for making Public Announcement of Discovered Price/ Exit Price and Acquirer’s acceptance/ rejection of Discovered Price/ Exit Price is 4 March and the last date for payment of consideration for the Offer Shares to be acquired in case of a successful Delisting Offer is 6 March.  The last date for return to Public shareholders of Offer Shares tendered but not acquired under the Delisting Offer is 6 March.
     
     
    A successful delisting offer will be subject to the acceptance of the Discovered Price (if it is higher than the Floor Price of Rs 46.47) or offer, of an Exit Price higher than the Discovered Price by the three acquiring entities.

     

    A resolution had been passed by RBNL shareholders through postal ballot, the result of which was declared on 30 October 2013 and notified to the Stock Exchanges on the same date, approving its delisting from the BSE and NSE in accordance with the Delisting Regulations. The votes cast by Public Shareholders in favour of the Delisting Offer were 7,058,183, being more than two times the number of votes cast by the Public Shareholders against it (i.e. 44,597).

  • MEC adds more Reliance companies to its kitty

    MEC adds more Reliance companies to its kitty

    MUMBAI: MEC India, GroupM’s media agency, has expanded its client portfolio with the inclusion of Reliance Group companies – Reliance Capital (includes Reliance General Insurance, Reliance Life Insurance, Reliance Mutual Fund and Reliance Commercial Finance), Reliance Infrastructure, Reliance Power and Reliance Energy.

     

    The agency already handles the media business for Reliance Communications, Reliance Net Connect and Reliance Digital TV.

     

    The accounts will be serviced out of MEC India’s Mumbai office.

     

    On the new addition, MEC India managing director T Gangadhar said, “The team at MEC India is eagerly looking forward to provide excellence in crafting and executing customised integrated solutions across its suite of services. MEC India has shared a long standing relationship with various companies in the Reliance Group and our objective will be to provide superior assistance with media, analytics, content, activation and digital media services, as we have been doing with the award winning RCOM mandate in the past.”