Zee Entertainment announces merger with Sony Pictures Networks India

The Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL) has given in-principal approval for the company’s merger with Sony Pictures Network India. Both companies have entered into a non-binding term sheet to combine linear networks, digital assets, production operations, and program libraries. The merged entity will be a publicly listed company in India. Sony’s shareholders will infuse $1.575 billion (~Rs 11,600 crore) and hold a 52.93% stake in the merged entity. Meanwhile, ZEEL’s shareholders will hold a 47.07% stake.   

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KPIT Tech to acquire 25% stake in Germany-based Future Mobility

The Board of Directors of KPIT Technologies has approved the acquisition of a 25% stake in Germany-based Future Mobility Solutions GmbH (FMS). The company will acquire the remaining stake over the next three years. The total consideration for the acquisition will not exceed €15.6 million (~Rs 135 crore). FMS is engaged in software and feature development in autonomous driving, advanced driver-assistance systems (ADAS), and vehicle safety.

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IDFC shareholders reject Vinod Rai’s reappointment to the board

The shareholders of IDFC Limited have rejected a resolution to re-appoint Vinod Rai as a non-independent, non-executive director of the company’s board. At IDFC’s annual general meeting, 62.3% of the shareholders voted against the resolution while 37.7% voted in support. Rai is currently the non-executive chairman of IDFC, and his term as an independent director ended on July 30.

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways (Durg)

Ashoka Concessions (ACL) has entered into a share purchase agreement with Highway Concessions One (HC1) for purchasing a 49% stake held by HC1 in Ashoka Highways (Durg) Ltd (AHDL). The aggregate consideration for the acquisition is Rs 5 crore. ACL is a subsidiary of Ashoka Buildcon Ltd. The company already holds 51% of the issued, subscribed, and paid-up capital of ADHL.

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Excise Dept asks SpiceJet to pay GST dues of Rs 285 crore to Haryana

The Excise and Taxation Department of Haryana has asked SpiceJet Ltd to clear Goods and Services Tax dues of Rs 285.86 crore after rejecting the airline’s proposal to clear its admitted dues in installments. As per a tax authority order, SpiceJet owes Rs 163.22 crore in forward charge liability and a reverse charge liability of Rs 122.64 crore from 2019-20 till September 7, 2021.

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Jubilant Ingrevia divests 10% stake in Safe Foods Corp

Jubilant Life Sciences International-Singapore, a wholly-owned subsidiary of Jubilant Ingrevia, has divested its 10% stake in US-based Safe Foods Corporation. The consideration received for the stake sale is $18.2 million (~Rs 134.2 crore). Jubilant Ingreviais is a global integrated life science products and innovative solutions provider that serves the pharma and agrochemical industries.

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Ramkrishna Forgings secures order worth Rs 65 crore in mining & earthmoving segment

Ramkrishna Forgings Ltd has secured an order worth Rs 65 crore from an Indian arm of Hitachi for supplying mining and earthmoving components. The order will be executed in FY22 and FY23. Kolkata-based Ramkrishna Forgings manufactures and supplies open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel.

Paras Defence IPO subscribed 40.57 times on second day

The Rs 170.78 crore initial public offering (IPO) of Paras Defence and Space Technologies Ltd was subscribed 40.57 times on the final day of bidding. The IPO has received bids for 28.96 crore equity shares against the issue size of 71.40 lakh shares. Retail investors have subscribed 68.57 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 26.32 times and 1.67 times, respectively, against their reserved portions. 

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Route Mobile to raise Rs 2,000 crore via QIP

The Board of Directors of Route Mobile Ltd has approved a proposal for raising up to Rs 2,000 crore. The company will issue equity shares or non-convertible debt instruments on a private placement basis in one or more rounds. Route Mobile’s board will convene an Extraordinary General Meeting (EGM) on October 16, 2021, to seek the approval of the members for the proposed fund-raising activities.