ITV

Tag: SEBI

  • Campaign for investor awareness ‘Sahi Hai’

    MUMBAI: Association of Mutual Funds in India (AMFI), the trade association of Asset Management Companies (AMCs) of all Mutual Funds in India today launched a comprehensive media and communication campaign, as a part of the mutual fund industry’s investor awareness outreach program, that is aimed to position Mutual Funds as a preferred investment option for potential investors.

    In order to create better awareness about mutual funds as a distinct asset class, SEBI has mandated mutual funds to set apart a small portion of their net assets i.e., 2 bps for investor education, out of which half the amount is now being pooled with AMFI for better utilisation of the funds at the industry level. With these funds, AMFI has launched a new media campaign with an aim to increase the number of mutual fund investors multi-fold.

    The campaign is being launched with the message – “Mutual Funds Sahi Hai” – through different media such as TV, Digital, radio, print, cinema and outdoor hoardings with simple, but very clear messaging through interesting advertisements in different languages. With everyday situations as the backdrop, the campaign impresses on the mind of the prospective investors that mutual funds are the right option for them – Mutual Funds Sahi Hai – as the tag line of the campaign says.

    The campaign was launched by SEBI member G. Mahalingam, who said, “It is for the first time in the history of financial services, that all industry participants have come together to promote the category.”
    AMFI chairman A Balasubramian said, “There is a need to encourage households to shift from physical savings to financial avenues, especially mutual funds.”

    J. Walter Thompson (JWT) was entrusted with the creative work for the campaign. JWT managing partner Rajesh Gangwani said, “We see this as a big platform idea which is multi-layered, multimedia and multi-narrative and can run over a long time frame.”

    JWT Mumbai VP & ECD Hanoz Mogrelia said, “Sahi hai may seem like a very simple idea. But, to execute this idea, we had decided to stay in the space of warm, real conversations between friends. We shot eight commercials over a fortnight using absolute ‘non-models’, we shot at real locations, using live sound recording.”

  • 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.

  • IndusInd Media board gives nod for rights issue

    MUMBAI: Hinduja Ventures Limited has informed the Bombay Stock Exchange Limited pursuant to Regulation 30(9) and 30(12) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the Board of Directors of the company noted that IndusInd Media & Communications Limited, a subsidiary of the Company (“IMCL”) vide its letters dated 24 February, 2017, informed the company that the Board of Directors of IMCL has approved:

    a) the issue of 36,953,438 equity shares of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share aggregating to Rs. 7,57,54,54,790/- on the rights basis  in the proportion of 1:2 i.e. one equity share for every two shares held.

    b) the redemption of 27,03,60,000 10% Redeemable Cumulative Preference Shares of   Rs. 10/- each held by the Company in IndusInd Media & Communications Limited, a subsidiary of the Company, according to a press release.

    2. Approved to renounce 2,23,29,292 equity shares of Rs. 10/- each offered to the Company by IndusInd Media & Communications Limited, a subsidiary of the Company on rights basis in favour of Grant Investrade Limited, a wholly owned subsidiary of the Company [“GIL”].

    3. The proceeds of the rights issue will be utilised by IMCL for Redemption of Preference Shares, Repayment of ICDs [including ICDs provided by GIL] and the balance if any, for general corporate purpose.

  • Siti Network looks to raise $100 million

    Siti Network looks to raise $100 million

    MUMBAI: Essel group multisystem operator (MSO) Siti Network has plans to raise $100 million through an issue of securities and/or equity related instruments.  The company informed the Bombay Stock Exchange (BSE) that  it  needs the money to fund its operations. It has an ambitious plan to further expand its footprint in the cable TV  and broadband landscape in India as DAS progresses into its last phase.

    Siti Network said it had got an in-principle board approval to raise the money taking the equity or equity related instrument route through a qualified institutional placement (QIP)/external commercial borrowings (ECBs) with rights of conversion into equity shares, foreign currency convertible bonds (FCCBs),  American Depository Receipts (ADRs), global  depository receipts
    (GDRs) or any other securities convertible into or exchangeable for equity shares or securities linked to equity shares.

    The company’s board of directors approved the fund raising and other  proposals at its meeting held on 26 August. 

    Siti Network further stated that as per a family  arrangement  agreed between the  promoter  group, communication has been received from Dr Subhash Chandra, Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel to  declassify the three mentioned along with their respective family  members as promoters of the company in terms of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

    The board decisions will take effect after necessary corporate and regulatory approvals are obtained.

    This is not first time that the company is raising funds. In October 2014, the company’s shareholders had approved raising up to $100 million by passing a special resolution through postal ballot.  However, against this, it made a QIP issue not exceeding Rs 250 crore; of which it received a subscription for Rs 221.11 crore at a price of Rs 35 per Re 1 share. 

    Then earlier this year, it received promoter funding to the tune of Rs  Rs 530 crore. Most of it was used to pare down its debt, while a minority portion was used for acquisition, including bigger stakes in associate companies and joint venture partners. 

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  • Siti Network looks to raise $100 million

    Siti Network looks to raise $100 million

    MUMBAI: Essel group multisystem operator (MSO) Siti Network has plans to raise $100 million through an issue of securities and/or equity related instruments.  The company informed the Bombay Stock Exchange (BSE) that  it  needs the money to fund its operations. It has an ambitious plan to further expand its footprint in the cable TV  and broadband landscape in India as DAS progresses into its last phase.

    Siti Network said it had got an in-principle board approval to raise the money taking the equity or equity related instrument route through a qualified institutional placement (QIP)/external commercial borrowings (ECBs) with rights of conversion into equity shares, foreign currency convertible bonds (FCCBs),  American Depository Receipts (ADRs), global  depository receipts
    (GDRs) or any other securities convertible into or exchangeable for equity shares or securities linked to equity shares.

    The company’s board of directors approved the fund raising and other  proposals at its meeting held on 26 August. 

    Siti Network further stated that as per a family  arrangement  agreed between the  promoter  group, communication has been received from Dr Subhash Chandra, Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel to  declassify the three mentioned along with their respective family  members as promoters of the company in terms of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

    The board decisions will take effect after necessary corporate and regulatory approvals are obtained.

    This is not first time that the company is raising funds. In October 2014, the company’s shareholders had approved raising up to $100 million by passing a special resolution through postal ballot.  However, against this, it made a QIP issue not exceeding Rs 250 crore; of which it received a subscription for Rs 221.11 crore at a price of Rs 35 per Re 1 share. 

    Then earlier this year, it received promoter funding to the tune of Rs  Rs 530 crore. Most of it was used to pare down its debt, while a minority portion was used for acquisition, including bigger stakes in associate companies and joint venture partners. 

    ALSO READ: 

    Siticable partners dittoTV; to push OTT to cable TV and broadband …

  • 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 seeks shareholders’ nod for raising $100 million

    Siti Cable seeks shareholders’ nod for raising $100 million

    MUMBAI: Multi system operator (MSO) Siti Cable is looking at raising up to $100 million through equity shares via public issue, private placement or qualified institutional placement (QIPs) route. The MSO for the same has sought shareholders approval. 

     

    Siti Cable will utilise the funds to meet expenditure to expand its business in phase III and IV of digitisation, ongoing acquisition of MSOs, LCOs and primary points, value added services (VAS), working capital requirements as well as to reduce debts. 

     

    The company sought shareholders’ approval to raise funds through one or more placements of equity shares in domestic and/or one or more international markets whether by way of private placement or otherwise, in one or more tranches, so that the total amount raised shall not exceed rupee equivalent of $100 million.

     

    The members had approved raising of funds of up to $100 million by passing a special resolution through postal ballot in October 2014, against which the MSO has already raised Rs 221.11 crore.  

     

    “Since the validity of the shareholders’ approval as per Regulation 88(1) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (‘SEBI Regulations’), is 12 months, it is proposed to seek fresh approval of the shareholders in this regard,” the company said.

  • NDTV to challenge SEBI order for late tax disclosure of Rs 450 crore

    NDTV to challenge SEBI order for late tax disclosure of Rs 450 crore

    BENGALURU:  New Delhi Television Limited (NDTV) has informed the bourses today that it would proceed as advised in law against the penalty of Rs 25 lakh imposed upon it by Prasad Jagdale, the Adjudicating Officer at the Securities and Exchange Board of India (SEBI), under Sections 23A and 23E of the Securities Contracts (Regulation) Act, 1956, for its failure in timely disclosure as per clause 36 of the Listing Agreement,  of a demand of Rs 450 crores by the income tax department in March 2014. The company contends that the relevant non-disclosure does not materially impact its present or future operations or profit or financials.

     

    The Company approached the Income Tax Appellate Tribunal (ITAT) challenging the demand raised by the Assessing Officer. The Income Tax department , vide its orders dated March 26, 2014 and April 21, 2014, had granted an interim stay on payment of a sum of Rs. 5 crores, which is approximately 1.2 percent of the alleged tax demand. The challenge of the said claim made by NDTV is pending final determination before the ITAT and is currently sub-judice.

     

    Click here to read the SEBI order and NDTV letter.

  • Videocon d2h withdraws IPO application; Dhoot to visit Nasdaq

    Videocon d2h withdraws IPO application; Dhoot to visit Nasdaq

    MUMBAI: The direct to home (DTH) arm of Videocon group, Videocon d2h has decided to withdraw its Rs 700 crore Initial Public Offer (IPO) proposal since the company is looking to start the process afresh.

     

    In September 2014, the company had decided to file draft offer documents with the Securities and Exchange Board of India (SEBI). However, Videocon d2h, through its lead banker Axis Capital, withdrew the documents on 27 March.

     

    Meanwhile, Videocon d2h executive director Saurabh Dhoot along with Silver Eagle chairman and CEO Harry Sloan will visit the Nasdaq Market Site in Times Square and will ring the Opening Bell 7 April at 9:15 am to 9:30 am ET (6:45 pm IST).

     

    The operator had completed its initial listing on the Nasdaq Global Select Market through a business combination transaction with Silver Eagle Acquisition Corp, which is founded by Harry Sloan and Jeff Sagansky, pursuant to which Silver Eagle contributed approximately $273.3 million to Videocon d2h in exchange for equity shares of the operator which was represented by American Depositary Shares (ADSs), which were distributed to Silver Eagle’s stockholders. Public trading of the Videocon d2h ADSs on Nasdaq under the ticker ‘VDTH’ commenced at the opening of trading on 1 April this year.

     

    On the day of the opening, the approximately $37.75 million Videocon d2h ADSs issued to Silver Eagle stockholders were valued at approximately $453 million based on the opening price of $12 per ADS on Nasdaq. Silver Eagle’s capital infusion in the operator represents one of the largest platform investment deals in Indian media by US investors.

     

    Sloan based on reports had stated that US investor interest in the transaction has been strong as it affords US investors the opportunity to participate early in the US listing of Videocon d2h. “It is the fastest growing DTH Pay-TV operator in India and the fastest growing pay TV market in the world. Beyond this very significant organic growth, we will be exploring numerous possibilities for the company to expand as a force in India’s developing media business,” Sloan had remarked.

     

    The regulator SEBI in February, had decided to keep the processing of the company’s offer document in “abeyance” following a request made by Videocon d2h in this regard. The company was looking at garnering Rs 50 crore through a pre-IPO placement of its shares to institutional investors, according to media reports. The funds were to be used for acquiring set-top boxes (STBs), outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes. In December 2012 too it had filed draft documents under the name ‘Bharat Business Channel’ with Sebi to raise Rs 700 crore through an IPO. But the company did not launch the same due to bad market conditions.

     

  • 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.”