Punit Goenka to ZEEL staff: Stake sale as per debt repayment plan | WeForNews | Latest News, Blogs Punit Goenka to ZEEL staff: Stake sale as per debt repayment plan – WeForNews | Latest News, Blogs
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Punit Goenka to ZEEL staff: Stake sale as per debt repayment plan

Shares of ZEEL on the BSE, closed at Rs 345.25 on Thursday, higher by Rs 38.10 or 12.40 per cent from the previous close.

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Punit Goenka Zee

New Delhi, Nov 21 : Punit Goenka, the MD and CEO of Zee Entertainment Enterprises (ZEE) has written to the employees of the company saying the proposed sale of 16.5 per cent stake by the Essel Group is in line with the overall debt repayment plan.

Describing the decision as a strong step forward, Goenka, who was reappointed as the MD and CEO earlier in November, said he looks forward to work with the employees and elevate the company to a global media and entertainment powerhouse, said the communication seen by IANS.

He said the promoters would continue to hold 5 per cent stake in the company and thanked the employees for their trust and support.

The Subhash Chandra-led Essel group on Wednesday announced that it is planning to sell 16.5 per cent stake in ZEEL to financial investors in order to repay loan obligations to certain lenders of the group.

After this transaction, the promoter stake in Zee Entertainment will be reduced to 5 per cent, which means that media baron Subhash Chandra will lose control of Zee Entertainment Enterprises Ltd.

Zee, considered a pioneer of television entertainment industry in India, was launched by Subhash Chandra in 1992. Ever since the launch year, the company expanded operations to enter packaging, infrastructure, education, precious metals, finance and technology sectors.

Earlier this year, Essel Group sold up to 11 per cent in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.

Prior to the Wednesday announcement, Subhash Chandra’s Essel Group companies held 22.37 per cent promoter stake in Zee. Of this, 21.48 per cent was pledged as collateral against finances availed by Essel Group firms.

Post completion of the transaction announced on Wednesday by the company, Oppenheimer Developing Markets Fund and OFI Global China will together hold 18.74 per cent.

Shares of ZEEL on the BSE, closed at Rs 345.25 on Thursday, higher by Rs 38.10 or 12.40 per cent from the previous close.

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Bharat Bond ETF to open on Dec 12

The immediate CPSE borrowers ETF could be NHAI , Hudco, IRFC , NTPC PGCIL , GAIL, PFC, EXIM Bank and Nabard, said sources.

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ETF Bharat

New Delhi, Dec 9 : The government’s first debt ETF — Bharat Bond ETF — will be operational as it is set to open on December 12 where several PSUs will raise funds through this instrument.

Bharat Bond ETF’s New Fund Offer has got the nod of market regulator Sebi and will be launched on December 12, sources said.

Sebi has approved the NFO of Bharat Bond ETF and it will be launched on December 12 and investors can invest in the NFO till December 20, sources said.

It may have an offer size of Rs 7,000 crore. Edelweiss Assest Managment will launch the first tranche.

The immediate CPSE borrowers ETF could be NHAI , Hudco, IRFC , NTPC PGCIL , GAIL, PFC, EXIM Bank and Nabard, said sources.

The Union Cabinet cleared the launch of the Bharat Bond ETF on December 4, allowing retail investors to participate.

In Budget 2019, the government had announced plans for debt ETFs of public sector bonds after the success of equity ETFs like CPSE ETF and Bharat-22. The Bharat Bond will have a fixed maturity period and the units will be listed on stock exchanges.

The ETF will include AAA-rated firms to begin with and the unit value will be priced at Rs 1,000.

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Mamata visits Kolkata market, enquire about onion price

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Mamata Banerjee in Onion Market

Kolkata, Dec 9 : West Bengal Chief Minister Mamata Banerjee on Monday visited a prominent south Kolkata market and quizzed the vegetable seller and stockist about the exorbitant price of onions, now being sold between Rs 130 and Rs 140 a kilogram to retail customers.

Banerjee, who was onway to Kharagpur in West Midnapore district, stopped her convoy and went to Jadu Babu’s Market at Bhowanipore close to her Kaligrhat residence.

She first spoke to a number of retail sellers.

“Didi (‘elder sister’ as Banerjee is affectionately called) asked me at what price I was selling onions. When I said I am selling the bulb around Rs 130 and Rs 140 a kg, she asked me at what price I was buying it. I informed her I was buying it at Rs 120 a kg from the stockist,” said a seller Shila Roy.

Banerjee then asked her to name the stockist.

On knowing his name, Banerjee summoned him and asked him at what price he was selling it to the retailers. After the stockist said he was getting a price of Rs 120 a kilo, the Chief Minister wanted to know why the rate was so high when the state government was selling the vegetable at Rs 59 a kilo.

“Dal me kuch kala hai (something is wrong),” Banerjee said.

She then spoke to other onion sellers in the market.

In the wake of the devastating blaze that took the lives of 43 workers at a bag factory in Delhi, Banerjee instructed the market authorities to ensure that plastic sheets being used atop the stalls be removed.

Sometime after Banerjee left the market, police officers arrived there and started preparing a list of those trading in onions.

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Sensex opens marginally higher, auto stocks gain

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Sensex equity Nifty

Mumbai: Sensex and Nifty opened marginally higher on Monday. Gains were led by Yes Bank, Zee, Maruti Suzuki and Tata Motors.

Auto stocks were trading higher, led by gains in Maruti Suzuki. The auto major increased its production in November by 4.33 per cent, after having reduced output for nine straight months due to lower demand.

At 9.52 a.m., the Sensex was up 2.40 points or 0.01 per cent at 40,447.55. It opened at 40,527.24 from its previous close of 40,445.15.

The Nifty was also trading on a flat note. The broader index was up 8 points or 0.07 per cent at 11,929.50.

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