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Tag: rights issue

  • Bodhitree announces rights issue even as Ashok Ma.Ma hits 100 episodes on Colors Marathi

    Bodhitree announces rights issue even as Ashok Ma.Ma hits 100 episodes on Colors Marathi

    MUMBAI: Even as its heartwarming family drama Ashok Ma.Ma. notches up 100 episodes on Colors Marathi, producer Bodhitree Multimedia has announced plans to fatten its coffers through a Rs 4,443 lakh rights issue opening next month.

    The popular Marathi show, which stars veteran actor Ashok Saraf as a disciplined retiree thrust into guardianship of his three grandchildren after a family tragedy, has captivated audiences with its emotional journey from strict grandfather to doting “Ma.Ma.” (grandpa).

    “At Bodhitree Multimedia, we have always believed in telling stories that create impact and build human emotions,” gushed Mautik Tolia, founder and managing director of the production house, seemingly oblivious to the fact that most stories do precisely that.

    While celebrating the milestone, Bodhitree is also looking to beef up its balance sheet. The company’s rights issue committee yesterday approved a record date of March 24 for its forthcoming cash call, which will see eligible shareholders offered four new shares for every nine currently held.

    The Rs 8 per share offer opens on April 15 and closes on April 28, with the company seeking to issue 55,537,777 fresh equity shares. The move follows board approval last May for a rights issue worth up to Rs 4,500 lakh.

    Back on screen, Ashok’s evolution from solitary disciplinarian to loving guardian has struck a chord with Marathi viewers. His initially frosty relationship with headstrong, wealthy Bhairavi (played by Rasika Wakharkar)—who starts as the children’s preferred guardian before unexpectedly becoming his daughter-in-law—provides the emotional heart of the show.

    “Ashok is a multifaceted character, with his own set of complexities, emotions and layers,” noted Saraf with the kind of actorly insight that suggests he’s been reading his own press releases. “I feel immense pride in portraying a character who has connected so well with the viewers.”

    Whether investors will feel similarly connected to Bodhitree’s forthcoming share offering remains to be seen. The company’s stock currently trades under the ticker BTML on the National Stock Exchange and 543767 on the Bombay Stock Exchange.

  • Nxtdigital’s rights issue subscribed by 194 %, receives Rs 560.13 cr

    Nxtdigital’s rights issue subscribed by 194 %, receives Rs 560.13 cr

    New Delhi: Nxtdigital has announced that the company’s rights issue of equity shares of two shares for every five shares held in the company (aggregating a total of 96,20,463 shares) which closed on 29 November was subscribed 1.94 times.

    The company has reported receiving a total of Rs. 560.13 crores or 194 per cent of the Rights Issue size of Rs. 288.61 crores. This is a clear statement of confidence in the company demonstrated by the shareholders and vindicates the vision of the media group in continuing to transform to an end-to-end digital solutions platform, the company said on Wednesday.

    “The Rights Issue was another positive step taken by the company towards our stated objective of reducing our overall debt,” said Nxtdigital MD and CEO Vynsley Fernandes. “With this, the debt-to-equity ratio is expected to significantly come down to approximately 1.5 times vis-à-vis the pre-issue debt-to-equity ratio of over four times. This is, without doubt, a robust position from which to continue on our path of digital transformation”.

    The company has also been taking steps to liquidate non-core assets and pare its debt thereby.

    According to Nxtdigital’s whole-time director and CFO Amar Chintopanth, the company has already received 25 per cent of the total consideration of Rs 69.30 crores in line with its objectives of paring debt, against the sale of land at Hyderabad. “Considering that the conditions precedent for the sale have been completed within the agreed timelines the company expects the transaction to close before the end of the financial year and the entire proceeds to be realised. Such proceeds would also be utilised towards reducing of the company’s debt”.

    The integrated digital platforms company had recently launched its innovative concept of owned-and-operated NXTHUBs across the country – which besides video and broadband, promise to be future-ready to offer customers a slew of additional digital services including OTT and WiFi.

    The company is also working to operationalise the infrastructure sharing model with other Multi-System Operators (MSOs) on HITS. The model is set to help MSOs not just reduce cost and improve their quality of service, but also facilitate their expansion into markets, especially rural, where connectivity costs are a deterrent to digital proliferation, it added further.

  • 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).

  • Zee Media responds to SEBI’s queries on Rs 200 crore rights issue

    Zee Media responds to SEBI’s queries on Rs 200 crore rights issue

    NEW DELHI: Zee Media has replied to the queries sent by Securities and Exchange Board of India (SEBI) from the merchant banker of Zee Media Corporation regarding the company’s proposed Rs 200 crore rights issue. 

     

    Zee Media sources in Mumbai told Indiantelevision.com that it had earlier sent a response to SEBI on 21 January but the regulator thereafter sought further queries. These had been answered well in time, the sources added.

     

    The sources declined to give more details as it said the issue was at a delicate stage.

     

    However, the sources clarified that in a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio. 

     

    As per the latest weekly update to the processing status of draft offer documents filed with SEBI, the regulator has said clarifications were awaited on the proposed rights issue of Zee Media as on 23 January this year. 

     

    SEBI had said that it might issue observations on Zee Media document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them. 

     

    The regulator had received the draft offer documents on 2 January this year through its lead manager Axis Capital. The company’s proposed rights issue is estimated to be raised up to Rs 200 crore. 

     

    The funds raised from the issue would be utilised towards purchase of equipment and accessories for production and broadcasting, repayment of certain loans availed by the company, funding subsidiaries for repayment of loans, and other general corporate purposes. 

     

    Zee Media Corporation Ltd (ZMCL) broadcasts 10 news channels including two national ones – Zee News and Zee Business.

     

    Earlier in October, the company’s board of directors had “approved, in-principle, raising of funds for an amount not exceeding Rs 200 crore through issue of equity shares of the company to its eligible shareholders.” 

  • Zee Media gets board approval to raise Rs 200 crore via rights issue

    Zee Media gets board approval to raise Rs 200 crore via rights issue

    MUMBAI: Zee Media Corporation Limited (ZMCL) today announced the result of its board meeting, informing that the board of directors has approved raising Rs 200 crore via rights issue.

    The company last week announced its plan to consider raising of funds and was looking at various routes, including the rights issue for the same.

    In a statement to BSE, the company said, “Zee Media Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 20, 2014, inter alia, has approved, in-principle, raising of funds for an amount of not exceeding Rs 200 Crores through issue of equity shares of the Company to its eligible shareholders on a rights basis in accordance with the Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws (the “Rights Issue”).”

    An issue of rights to a company’s existing shareholders entitles them to buy additional shares directly from the company, in proportion to their existing holdings within a fixed time period. In a rights offering, the subscription price at which each share may be purchased in generally at a discount to the current market price. Rights are often transferable, allowing the holder to sell them on the open market.

    The company today also announced its Q2-2015 results. The media corporation posted a Rs 12.8 crore loss in the current quarter as compared to Rs 14.57 crore loss in Q1-2015 and a profit of Rs 4.27 crore in the corresponding quarter last year (Q2-2014).

    ZMCL, formerly known as Zee News Ltd, broadcasts 10 news channels including two national ones – Zee News and Zee Business.

    Its regional news channels are Zee 24 Taas, 24 Ghanta, Zee Sangam, Zee Madhya Pradesh Chhattisgarh, Zee Purvaiya, Zee Marudhara, Zee Punjab Haryana Himachal and Zee Kalinga.

     

  • ZMCL to discuss raising funds through rights issue

    ZMCL to discuss raising funds through rights issue

    MUMBAI: Zee Media Corporation Ltd (ZMCL) has announced its plans to raise funds and is looking at various routes, including the rights issue for the same.

    The board of the company would consider a proposal on that at its meeting on 20 October, ZMCL informed the BSE.
    “The Board of Directors shall consider a proposal for raising funds by the company through various modes including by way of rights issue,” it said.

    An issue of rights to a company’s existing shareholders entitles them to buy additional shares directly from the company, in proportion to its existing holdings within a fixed time period. In a rights offering, the subscription price at which each share may be purchased is generally at a discount to the current market price. Rights are often transferable, allowing the holder to sell them to an open market.

    The company results for the second quarter of the financial year 2014-15, would also be placed before the board for approval at the meeting, the release added.

    On a consolidated basis, Zee Media Corporation reported a net loss of Rs 17.52 crore in Q1 June 2014 compared with net profit of Rs 5.04 crore in Q1 June 2013. Net sales rose 71.7% to Rs 132.77 crore in Q1 June 2014 over Q1 June 2013.

    ZMCL, formerly known as Zee News Ltd, broadcasts 10 news channels including two national ones – Zee News and Zee Business.

    Its regional news channels are Zee 24 Taas, 24 Ghanta, Zee Sangam, Zee Madhya Pradesh Chhattisgarh, Zee Purvaiya, Zee Marudhara, Zee Punjab Haryana Himachal and Zee Kalinga.