Scripting a survival
Zee’s founding family plots a twist in the tale and stays in control
Vedanta has announced its intention to delist its American depositary shares (ADSs) representing its equity shares from the NYSE and to terminate its ADS program. Upon delisting of its ADS program, the company will concentrate all trading of its equity shares on the BSE and the NSE in India. The company’s board of Directors has taken into account the recent low trading volume of its ADSs on the NYSE and the associated costs of maintaining the listing and related obligations.
GR Infraprojects Limited has received a Letter of Award (LoA) for the new project “Development of 6-lane Amritsar-Bathinda Greenfield section of NH-754A from village Tiba on NE-SA to the junction with Moga Jalandhar road (NH-703) near Dharamkot (from km 0+000 to km 39+000) as a part of the Amritsar-Jamnagar Economic Corridor in the state of Punjab on Hybrid Annuity Mode under Bharatmala Pariyojana Phase-I (Package-1)”. The bid project cost is ₹927 crore.
The Supreme Court of India vide judgement dated 21.09.2021 has in effect confirmed the appointment of Dilip Buildcon Limited and VPR Mining Infrastructure Private Limited, as the mine developer cum operator, by Punjab State Power Corporation Limited at the Pachhwara Central Coal Block Mine. The total contract value of the tender is ₹32,156.04 crore (excluding taxes). Thus, as the result of said judgement, DBL-VPR consortium has been conferred with the absolute rights to undertake mining developer cum operator works at the Pachhwara Central Coal Block mine. The Pachhwara Central Coal Block, located in Pakur District of Jharkhand, was reserved for Power Sector End Use and was allotted to Punjab State Power Corporation Limited for its captive utilisation.
Ashoka Buildcon has acquired 60 per cent stake in equity share capital of Ashoka Bettadahalli Shivamogga Road Private Limited (ABSRPL) for ₹3 lakh. ABSRPL was a step down subsidiary of the company prior to the above mentioned acquisition. ABSRPLL executes the project awarded by NHAI viz. Four Lanning of Tumkur - Shivamogga Section.
IndusInd Bank on Thursday, pursuant to Invocation of Pledge of Shares, acquired 50 lakh shares of Mcleod Russel India. The equity shares of McLeod Russel India Ltd held by Ichamati Investments Limited were pledged with the bank for securing the outstanding dues of Mcleod Russel India Limited (MRIL), the Borrower Company. The bank has invoked the pledge held on the aforesaid shares for recovery of its dues from MRIL.
Crisil Ratings has downgraded its ratings on the bank facilities and debt programmes of PVR Limited to ‘CRISIL A+/CRISIL PP-MLD A+r/Negative/CRISIL A1’.from ‘CRISIL AA-/CRISIL PPMLD AA-r/Negative/CRISIL A1+’. CRISIL Ratings has assigned its ‘CRISIL PP-MLD A+r/Negative’ rating to the ₹250 crore long-term principal-protected market-linked debentures. Furthermore, the rating on the ₹145 crore NCDs has been withdrawn as the instruments have been fully repaid. CRISIL Ratings has received confirmation of no dues pending against these NCDs. The withdrawal is in line with its policy on withdrawal of NCDs.
Globus Spirits has informed the exchanges that National Company Law Tribunal approved the scheme of arrangement between Unibev and Globus Spirits.
ICRA has upgraded ratings for the long term bank facilities of HealthCare Global Enterprises to A+/Stable from A-/Stable and short term facilities to A1 from A2+.