Zee Entertainment But the focus of the market remains. Invesco and OFI Global are keeping up with the demand for the EGM. Invesco and OFI Global hold 17.88 per cent stake in ZEEL. Invesco has demanded the removal of the current MD & CEO, Punit Goenka. Invesco wants changes in the company’s board. Invesco and OFI Global wrote a letter to the ZEE board on 23 September. In this letter, both the investors have also raised questions on the proposal of ZEE-SONY merger. The EGM shareholders will decide on the company’s governance structure. Prior to this, 2 independent directors have resigned before AGM and ZEE and SONY have announced merger.
What do analysts say?
On this, the analyst says that profit-booking is possible in ZEEL’s stock today. Don’t be surprised by Oppenheimer’s announcement. The proposed merger with SONY may get delayed. A legal battle is possible between Oppenheimer and the current ZEE management on this issue. EGM voting will be crucial for the future of the company and the board.
paper is expensive
Paper companies are the focus of the market today. In fact, the price of paper in China has increased from one thousand to twelve hundred rupees per ton. Paper prices in China have increased by Rs 1000-1200 per tonne. Nine Dragons Paper, China’s largest paper mill, has increased prices. The company has increased the prices of Craft Paper and Corrugated Paper. Prices have been increased due to short supply and high transportation cost. The hiked prices will be applicable from October 9.
NLMC to be formed soon on land monetization
According to an important information received by CNBC-Awaaz, the formation of NLMC (National Land Monetization Corporation) on land monetization can be done soon. This will speed up the process of selling land of dozens of PSU companies including BEML, SCI, MTNL. Cabinet draft note is ready for making NLMC. A capital proposal of Rs 5000 crore is possible for NLMC. This may include a subscription offer for a share capital of Rs 150 crore.
AXA SA plans to sell 1.75 crore shares
According to information received by CNBC-Awaaz quoting sources, AXA SA plans to sell 1.75 crore shares in ICICI Lombard. This sale can be done through block deal. According to sources, OFS route is also being considered for part sale. AXA unit Societe Beaujon may sell this part. This part sale is possible anytime in 1-2 months. Awaiting AXA SA’s response to this news on the news.
NCD of IIFL FINANCE open
Double returns than FD, yes. If you want to get 8.45 percent return in 5 years, then this is the right opportunity for you. NCD of IIFL Finance has opened in the market. The company is promising a return of 9.5 per cent in 5 years. The company plans to raise one thousand crores through this NCD. The company will raise Rs 1,000 crore through this secured bond. In this, an investment of 60 months will give 8.75% yield. The issue will be open from September 27 to October 18. The proceeds from this will be used by the company for business growth, capital increase. 100 crore will be raised from NCDs. There will be a green shoe option of Rs 900 crore in this. Its duration will be 24, 36 and 60 months. This NCD is rated -AA/Stable from CRISIL and AA+/Negative rating from Brickwork.
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