In order to raise as much as ₹16,775 crore, British American Tobacco has started a block deal to sell institutional investors a 3.5 percent ownership share in ITC.
SBI: The State Bank of India sent information on electoral bonds to the Election Commission of India (ECI) on March 12, adhering to the Supreme Court’s March 11 direction. The ECI has been directed by the Supreme Court to post all of this data online by March 15, 2024, for the general public to access. The ECI has attested to having received this information from SBI.
Zee Entertainment Enterprises: In response to investor pressure to reject the confirmation of two of the three newly nominated independent directors, the proxy consulting firm IiAS offered recommendations that the business rejected. IiAS has recommended investors to reject the appointments of Uttam Prakash Agarwal and Venkata Ramana Murthy Pinisetti, citing their pending criminal indictments and alleged conflicts of interest, respectively. But according to a Zee spokesperson who spoke with Mint, the IiAS’s suggestions were false.
Vedanta: Due to a delay in dividend payments, the Securities and Exchange Board of India ordered on Tuesday that Vedanta India, formerly known as Cairn India Ltd (CIL), remit ₹77.62 crore to Cairn UK Holdings Ltd (CUHL) plus an annual simple interest rate of 18%. In addition, SEBI has directed all of the following individuals to refrain from trading in the securities market for a period of two months: Thomas Albanese, a full-time director and chief executive officer; G.R. Arun Kumar, a full-time director and chief financial officer; and Navin Agarwal, the chairman and managing director. Tarun Jain is a full-time director.
Reliance Industries: Most tankers transporting petroleum from Reliance Industries’ refineries in western India choose to go around the Cape of Good Hope. The desire to flee the Red Sea, where attacks by Yemen’s Houthi group have become more likely, according to shipping sources and ship tracking data, is what motivated this choice. Tanker owners now have the option to select between the Red Sea—a vital route for east-west trade—and the Cape of Good Hope thanks to Reliance’s flexible chartering contracts. Shipping sources state that this flexibility guarantees the buyer’s fuels will be transported safely.
Vodafone Idea: Within 24 to 30 months of the introduction of its next-generation mobile broadband service, the business expects that 40% of its revenue will come from its 5G activities. According to an investor presentation the telecom business submitted on the BSE, it has completed its minimal 5G deployment obligations in four circles, despite its financial constraints. Repurposing spectrum in the 900 MHz and 2100 MHz bands is the company’s strategic aim to improve 4G coverage in its 17 priority markets. Vi, also known as Vodafone Idea, announced that within the first 24 to 30 months of 5G, it wants to account for 40% of total revenue.
Paytm: The National Payments Corp of India (NPCI) is anticipated to give a third-party application provider license to Paytm, formally known as One 97 Communications, by March 15, per sources reported by Reuters. However, it is not expected that the Reserve Bank of India (RBI) will extend the deadline of March 15th for Paytm Payments Bank, the banking branch of Paytm, to shut down. According to Reuters, even when the banking component closes, users will be able to use the Paytm app for UPI transactions. This is made possible by the third-party application provider license.