Network18 Media & Investments Ltd (Network18) and TV18 Broadcast Limited has announced a Scheme of Arrangement in terms of which TV18 and e-Eighteen.com Limited, which owns and operates moneycontrol website and app, will merge with Network18. The proposed scheme will consolidate TV and digital news businesses of the Network18 group and will help create India’s largest platform-agnostic news media company. Share exchange ratio: 100 shares of Network18 for every 172 shares of TV18; 19 shares of Network18 for every 1 share of E18.
The Centre will sell up to 8 per cent stake in Ircon International through an Offer For Sale (OFS). The floor price for the OFS has been fixed at ₹154 a share - a 10 per cent discount to Wednesday’s closing price of ₹171.65 The base size in the OFS is 4 per cent with an option to sell an additional 4 per cent if the offer is oversubscribed. “Offer for Sale in Ircon opens tomorrow (Thursday) for Non Retail investors. Retail investors can bid on Friday,” DIPAM said.
RITES Ltd has entered into a memorandum of understanding with Meghalaya Industrial Development Corporation Ltd (MIDC) to develop Multi-Modal Logistics projects in Meghalaya. As part of the MoU, RITES will be offering its expertise as a Project Management Consultant and shall undertake a comprehensive range of services for developing Multi-Modal Logistics projects in Meghalaya.
Bharat Electronics has received an order worth ₹580 crore from Indian Army for AMC of Radars. This project will have participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL. The company has also received additional orders worth ₹3,335 crore since the last disclosure (Sept 15) and the orders pertain to AMC for AEW&C system (Airborne Early Warning & control), Uncooled TI sights, Software Defined Radios, SWIR pay load, AMC for IACCS, Passive Night Vision Binoculars etc. With these, BEL has received orders worth ₹18,298 crore in the current financial year 2023-24.
One97 Communications Limited, which owns brand Paytm, on Wednesday said that it was consciously pruning its loan disbursals below ₹50,000. The fintech major has also decided to expand its credit distribution business so as to enhance focus on higher ticket loans for consumers and merchants. This comes days after the Reserve Bank of India (RBI) increasing the risk weights — the capital that banks need to set aside for every loan disbursed — for banks and NBFCs by 25-125 per cent on retail loans.
Brigade Group has entered into a Joint Development Agreement (JDA) to develop a premium ‘Grade A’ office space on Sankey Road in Bengaluru’s Central Business District. With a developable area of around 0.20 million square feet, the project has a Gross Development Value of around ₹500 crore.
Associated Alcohols & Breweries Limited has announced the launch of its handcrafted premium gin “Nicobar”.
IndiaMart InterMesh Ltd has entered into an agreement to invest ₹8 crore in Mobisy Technologies Private Limited by subscribing 80,000 Compulsorily Convertible Debentures.
The board of Timex Group India has approved the execution of letters with Timex Nederland B.V., an intermediate holding company, for extension of the distribution rights for Guess and Gc brand watches in India and other SAARC member countries for two years until December 31, 2025.
Hindustan Construction Company Ltd has entered into “Deed of Conveyance” for sale of the Company’s land admeasuring 2,35,870 square meters situated at Village Karnala (Tara), Taluka Panvel, District Raigad, Maharashtra. The consideration received from the sale is ₹95 crore.
Provident Housing Ltd, a wholly owned subsidiary of Puravankara Ltd, focused on large-scale community housing, today unveiled its second Environment, Social and Governance (ESG) report that highlights how the company is leading the way towards sustainable operational and business practices by adopting new technologies and reducing its impact on the environment.
Servotech Power Systems Ltd has announced that it has filed two patents in the realm of EV charger technology to revolutionize EV charging infrastructure. These patents enable users to fast charge any GB/T Bharat DC 001 vehicle based on 72v/96VDC through a CCS2 connector using a small additional gadget. These two patents will transform the EV charging infrastructure using two different methodologies, contributing to a robust, interoperable, and cost-effective EV charging ecosystem.
Dr Reddy’s Laboratories SA, wholly owned subsidiary of Dr Reddy’s Laboratories along with its subsidiaries and Coya Therapeutics Inc have entered into a development and license agreement for the development and commercialisation of Coya 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).
Alok Industries has entered into facility agreements with State Bank of India for availing: Term loan of Rs 1,750 crore for repayment of existing loans from banks as a part of financial restructuring; and ₹90 crore towards working capital requirements.
Muthoot Capital Services Limited has completed a securitisation transaction, raising an amount of ₹83.04 crore by assignment of two-wheeler loan receivables aggregating to ₹88.34 crore on December 6. This is the first securitisation/direct assignment transaction carried out by the company during FY23-24.