Indi Media had bought NewsX in January from INX News, reportedly for Rs 50 crore. INX was promoted by ex-Star India CEO Peter Mukerjea and his wife, Indrani Mukerjea, both of whom quit the company with the sale. Indi Media is said to be owned by a clutch of investors led by Vinay Chhajlani, CEO of Webdunia.com India, and promoter of the Hindi daily, Nai Duniya, and by Jehangir S Pocha, former editor of the weekly, Business World.
The Satyam board may present prospective bidders for the troubled Satyam Computer Services with operating statements for two quarters - October-December 2008 and January-March 2009 - to help them arrive at a decision.
Global IT giant IBM is understood to be the front-runner to acquire Satyam Computer Solutions, a company it named as one of its main competitors in a filing to the New York Stock Exchange in February. The US major, said sources close to the developments, has begun discussions with Satyam's government-nominated board and expressed its desire to acquire a majority stake in the company. A team of investment bankers and lawyers from the US and Europe has been brought in.
RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
With this deal, Jaipuria's RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo's bottling capacity in the country (earlier he was PepsiCo's largest bottler together with his family). Confirming the development, Jaipuria said the deal would be complete in a day or two. "The West Bengal operations will contribute 10 to 15 per cent to our turnover," he said.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
Monnet, which has already acquired 27 per cent in Orissa Sponge at Rs 283 per share, made an open offer for another 20 per cent at Rs 310 per share. Monnet group executive vice-chairman and managing director Sandeep Jajodia said, "We have formed a joint venture with Orissa Sponge existing promoter P K Mohanty. Under the deal, the Monnet group will have three directors, while Mohanty, who will have around 18 per cent stake in the company, will have two nominees on the board."
Delhi-based Monnet Ispat and Power has bought 27 per cent in the steel company and may make open offer at Rs 320 per share. Backed by P K Mohanty, executive vice-chairman and managing director, Orissa Sponge, and the promoter of the company, Monnet Ispat has now become the frontrunner for acquiring the company by buying a total of 54 million shares.
This is nearly 3 per cent of the total number of cable and satellite TV viewers--an extremely good number, considering past coverage data -- say media planners.
Fox Star Studio India, the distributor of Slumdog Millionaire in the country, has managed to gross around Rs 40 crore (Rs 400 million) from the markets, surpassing collections of some of the biggest Bollywood hits of last year such as Rock On.
This is under the accounting norms of the Securities and Exchange Commission of the United States. The company has said it would use its share premium account of Rs 8,600 crore (Rs 86 billion) for this write-off.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
Cheerleaders will applaud each six or boundary in their unique way. Bands will play in between overs.Only the venue is different. Instead of the cricket stadium, Indian Premier League enthusiasts can get all this for the price of an admission ticket to a movie hall. Multiplex chains like PVR, Inox Leisure, Cinemax, and Big Cinemas, among others, are negotiating the theatre rights to host at least one IPL match a day during the 45-day tournament starting April 10.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
Regulator wants price to be in line with Tata Tele valuation.
The principal promoters of Balaji Telefilms, actor Jeetendra, his wife Shobha, daughter Ekta and son Tushar, have decided not to buy Star India's 26 per cent stake in the television software company because of the sharp erosion in its share price.
As a result of the TDSAT order, over 65 pay channels like Star One, Colors and Star Cricket would be able to raise prices, which were capped by Trai. The TDSAT rejected Trai's tariff order of October 2007 that had capped prices in different categories of cities based on population.
Despite having other mandatory clearances, applications of many international magazines have been returned by the I&B ministry, say senior officials. Magazines in genres like medicine, science and technology, and legal publications are the worst affected as their titles are more often found to be already registered with the government. Since 2006, at least 25 applications from international publishers have been turned down on the ground 'title not available.'
HCL, MindTree in the fray. The company is reportedly in talks with Delhi-based HCL Technologies and Bangalore-based MindTree. HCL, with whom discussions are on for a cash-less merger, seems to be the front-runner, investment banking sources said.
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