The Mumbai bench of the National Company Law Tribunal will pronounce its verdict on the proposed merger between Zee Entertainment Enterprise and Sony Pictures (Culver max Entertainment). The merger was opposed by the financial creditors on grounds that Zee had not paid their outstanding dues.
Mid-tier IT firm Happiest Minds Technologies plans to acquire digital companies to fuel growth, as it aims to reach its revenue target of achieving $1 billion by 2031. Venkatraman N, MD & CFO told businessline, “We would like to acquire companies that come with a good customer base, a vertical of choice, and focused product engineering services among other factors. We are looking at companies we can grow with at a faster pace than we would individually.”
Suzlon Energy Ltd on Wednesday informed the exchanges about the launching of qualified institution placement (QIP) of equity shares to raise up to Rs 2,000 crore and has set floor price of Rs 18.44 a share. While the QIP base size is of up to Rs 1,500 crore, the issue has a greenshoe option to retain oversubscription of another Rs 500 crore, said Suzlon in a stock exchange filing.
Axis Bank is looking to buy 6 per cent more stake in joint venture Max Life Insurance for ₹1,612 crore by way of preferential issue of 14.3 crore equity shares. This will take Axis Bank’s shareholding in the insurer to 16.2 per cent and Axis Group’’s shareholding to 19 per cent from the current level of 13 per cent. On the other hand, JV partner and promoter Max Financial Services’ shareholding will fall to 81 per cent from 87 per cent.
Larsen & Toubro is also looking to buy out a 26 per cent stake that Nuclear Power Corporation of India has in L&T Special steel and heavy forging. The company plans to shell nearly ₹150 crore for the acquisition.
Taylormade Renewables has informed the exchanges that it is in reciept of new work order from CVKCPL-KI JV For Public Health & Municipal Department, Government of Andhra Pradesh worth of Rs.159.22 crore.
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