Zee Entertainment Enterprises (ZEEL) said its board has approved the share swap ratio for the merger of the company's subsidiary ETC Networks with itself. For the merger scheme, the company's board approved share swap ratio of 10 ZEEL equity shares of Re 1 each for every 11 stocks of Rs 10 each held in ETC Networks. The board of directors of the company also approved March 31, 2010, as the appointed date for merger of ETC Networks with itself, Zee Entertainment Enterprises Ltd said in a statement to the BSE. After the merger, the company would demerge its education business into a separate entity Zee Learn Ltd.
Sensex gains 41 points
Equity indices of the country managed to end the day on positive terrain after witnessing intense volatility throughout the trading session. The 30-share Sensex of the Bombay Stock Exchange (BSE) added 40.95 points or 0.24% to end the day at 17,401.56 points, while the broader S&P CNX Nifty of the National Stock Exchange (NSE) gained 9.55 points or 0.18% to close the day at 5,187.95 points. Dealers in the market said strong cues from the global markets coupled with buying from domestic institutional investors led the market to end the day in green. Buying was seen in metal and power stocks, while selling was witnessed in IT and realty stocks.
Essel sells investment
Packaging firm Essel Propack said its overseas subsidiary companies have completed the process of sale of their investment in medical-device business. The company has been informed by its overseas subsidiary companies that they have completed the process of sale of their investment in medical-device business, Essel Propack said in a filing to BSE.
Concurrent bags order
Concurrent (India) Infrastructure today said it has bagged a contract from Sri Lanka-based Pennant Penguin Holdings for the construction of a 30 mw power project. The project has to be executed over a period of 24 months, Concurrent (India) Infrastructure said in a notification to BSE.
IOL Netcom gets nod
Internet services provider IOL Netcom said its shareholders have approved raising of funds up to Rs 1,250 crore through various instruments. Shareholders have approved raising of funds to the tune of Rs 1,250 crore through various means including foreigncurrency convertible bond, qualified institutional placement, American depository receipt, global depository receipt and through debentures, IOL Netcom informed the BSE.
Tantia gets MCD order
Infrastructure company Tantia Constructions said it has bagged a project worth Rs 34.62 crore from Municipal Corporation of Delhi (MCD)for construction of a road. The company has bagged a contract worth Rs 34.62 crore from MCD for construction of a road on Delhi- Bhatinda section, Tantia Constructions said in a filing to Bombay Stock Exchange.
FII investment limit
Vijay Mallya-controlled United Breweries Holdings Ltd (UBHL) on Tuesday said the Reserve Bank of India has fixed investment limit in the company of foreign institutional investors (FII) to 23.25% from the existing 26%. The RBI further advised that this intermediary limit be fixed and monitored at its end, United Breweries Holdings said in a filing to the Bombay Stock Exchange. Currently, the FII holding in UBHL stood at 24.65% of total paid up equity of the firm, it said.