Mumbai: Media and entertainment conglomerate Network18 Media and Investments Ltd said on Monday its board has approved alloting secured optionally fully convertible debentures worth Rs2 billion to founder group firm RB Holdings (P) Ltd.
The debenturers would be converted into about 18.2 million shares at Rs110 each within 18 months from the date of allotment. Network 18 has holdings in television channel operators Television Eighteen India Ltd and IBN18 Broadcast.
Vedanta plans to invest Rs70,000 cr in India
New Delhi: NRI billionaire Anil Agarwal-led Vedantagroup will pump in a whopping Rs70,000 crore in India by 2011-12, a stride that will make it the world’s fifth largest metal and mining entity rubbing shoulders with BHP Billiton Ltd and Rio Tinto PLC.
“We intend to invest Rs50,000 crore in (the) aluminium sector and Rs20,000 crore in other areas like copper, iron ore and zinc by 2011-12 in India,” Vedanta group executive chairman Anil Agarwal said in an interview.
Of the proposed investment, about 50% has been invested while the fund for the rest are tied up, he added.
“We are sitting on Rs30,000 cash (for the projects). There is no funding problem,” Agarwal said ruling out any adverse impact of the global slowdown.
Vedanta intends to augment its annual aluminium production to 26 million tonnes from 5 million tonnes.
80 PSUs including IOC, SAIL, face CAG audit
New Delhi: In order to prevent an accounting fraud in state-run companies similar to Satyam Computer Services Ltd , the Comptroller and Auditior General of India (CAG) has decided to conduct three-phase audit of 80 public sector units (PSUs) including blue-chip entities such as Indian Oil Corp. Ltd, ONGC Ltd and Steel Authority of India Ltd (SAIL). The list includes navratnas, mini ratnas and statutory corporations such as Airports Authority of India (AAI) and National Highways Authority of India. The other companies which would be covered by the three-phased audit by the CAG include z Videsh and Shipping Corp. of India Ltd.
The new system aims to boost transparency in accounting practices and expedite finalization of accounts after close of financial year.
Debt structuring may take 6 weeks: Subhiksha
New Delhi: Embattled retail chain Subhiksha Trading Services Ltd said on Monday the ongoing corporate debt restructuring (CDR) process in the company would take another six weeks and any decisions regarding raising of debt would be likely only after that.
“The (CDR) process will run for another six weeks before we have anything concrete to report,” Subhiksha managing director R. Subramaniansaid.
Subhiksha, whose operations have been at a standstill since the past two-three months, requires at least Rs300 crore of liquidity to revive the business. Asked if there would be any possibility of change on the company’s board, he said: “Not till CDR is over. There is no such demand from anyone.”