The board of Fortune Financial Services (India) has taken on record the orders received from the High Court Judicature at Bombay and from the National Company Law Tribunal for approval of the scheme of amalgamation of The Investment Trust of India (earlier ITI Wealth Management Private Limited) with itself. The board gave approval to issue 2.25 lakh (1 per cent) redeemable preference shares of ₹100 each fully paid to the equity and preference shareholders of The Investment Trust of India as per the scheme. Shares of Fortune Financial gained 0.10 per cent at ₹284.80 on the NSE.

Kolte-Patil Developers has exited its Sanjivani project (located at Urse, Pune) for a consideration of ₹50 crore, being refund of its initial capital contribution. The divestment decision was taken after re-evaluating the operating environment, product fitment and overall feasibility of the project, and is in line with the company’s asset-light philosophy, the company said in a statement to the stock exchanges. The move will free up capital to pursue key growth initiatives, including acceleration of operations in current projects and exploring new opportunities. Shares of Kolte-Patil closed flat at ₹364.90 on the NSE.

Shoppers Stop has entered into an agreement to pare stake in Timezone Entertainment Private Ltd. A share purchase agreement has been executed by and between Shoppers Stop (Seller 1) and Louisiana Investment & Finance Private Ltd (Seller 2) for sale of 2.52 crore equity shares of ₹10 each of Timezone Entertainment Private Limited (Timezone) to Timezone West Asia Pte. Ltd. The size of the agreement is ₹23.44 crore (₹22.70 crore for Shoppers Stop and ₹0.74 crore for Louisiana Investment. Shares of Shoppers Stop tumbled about 2 per cent at ₹551 on the NSE.

Published on January 1, 2018