The Hindu Business Line : Corporate developments

Coimbatore, Dec. 19 Global Broadcast News Ltd’s Board of Directors has approved the splitting of the nominal value of the equity shares of the company from Rs 10 per share to Rs 2 per share. The company owns and operates English language news and current-affairs channel CNN IBN and is entering the regional news space with the launch of a Marathi news channel.

Gitanjali Gems Ltd has said that Gitanjali Lifestyles Ltd (GLL), a wholly owned subsidiary, is signing a Memorandum of Understanding with Mariella Burani Fashion Group (MBFG) of Italy to form a joint venture in India by incorporating a new company. The proposed company will be jointly controlled by GLL and MBFG.

Maars Software International Ltd’s Board of Directors has approved the proposal to enter into joint venture for infrastructure development across India for residential and commercial complexes estimated to cost about Rs 2,000 crore. It has also approved the proposal to set up a subsidiary company in the name and style of MAARS International Pvt Ltd to foray into media, entertainment and film distribution business with total project outlay of approximately up to Rs 100 crore.

MCS Ltd has said that the Board of Directors has resolved that, subject to the consent of the members, a sum up to Rs 50 crore be invested in one or more tranches towards capital contribution in the shares of the overseas subsidiary company/companies to be promoted by the company in the Republic of Kyrgystan.