Page 2 - Shareholders

Buybacks and their importance

Paying money back to shareholders does not mean that you have no growth. It may simply mean that you do not need all the capital you generate for your core business

Byju's EGM: Shareholders don't object to raising authorised share capital

Shareholders of edtech major Think and Learn, owner of Byju's brand, raised no objection to the resolution to increase authorised share capital of the company in the extra-ordinary general meeting held on Friday, company sources said. According to the sources, none of the miffed investors, who proposed to oust Byju's founder and family from the management seat, took part in the meeting. "Meeting started at 10 am with approximately 20 investors representatives in attendance along with Think & Learn management. The requisite quorum required for EGM was there. Few questions regarding the postal ballot were asked and answered by the chairman and CS. Resolutions were called out. No objections raised," sources said. Byju's held the EGM (extra-ordinary general meeting) to increase authorised share capital of the company to complete the process for raising USD 200 million through rights issue. A group of four investors -- Prosus, General Atlantic, Sofina, and Peak XV -- along with support

IL&FS seeks nod to sell insolvent companies without shareholders' approval

IL&FS group has approached the NCLAT to seek permission to sell its stake with a "haircut" and without shareholders' approval in its companies, which are insolvent with unsustainable debts and placed under the Category II list of resolution framework. The government sought time to file a reply from the National Company Law Appellate Tribunal (NCLAT) in the last hearing earlier this week over IL&FS' interim application to sell a stake in group entities falling under Category II, whose highest bid amount was lesser than their debts. In this process, "lenders, as well as shareholders, would anyway have to take a haircut for their respective debt/ and equities," IL&FS said, adding that it would also ensure the revival of such entity, balancing the interests of stakeholders. The resolution of such companies is in line with the process followed under the Insolvency & Bankruptcy Code, where the requirement of seeking consent from shareholders is dispensed with, IL&FS has .

Proxy companies give approval for ICICI Securities delisting bid

Move will see ISec become wholly-owned subsidiary of ICICI Bank

Disney failed to disclose ValueAct's past money management role: Blackwells

Disney is relying on ValueAct's endorsement at a time it is fighting to fend off two other activist-investors - Blackwells and Trian Fund Management - as each firm lobbies for seats on Disney board

Ranjan Pai may invest additional $50-60 million in Byju's-owned Aakash

Pai may intend to make additional investments in Aakash to spur business growth and scale the business during the upcoming enrolment season

Ranjan Pai to own 40% in Byju's Aakash Institute, make it debt-free

Aakash Institute's board has approved the conversion of Ranjan Pai's $300 million investment, making him the principal shareholder and rendering the company debt-free

Aster DM shareholders approve separation of firm's India, GCC businesses

Aster DM earlier announced plans to separate its India and Gulf businesses in a deal valued at $1 billion

Swiggy shareholder Prosus may receive promoter tag in platform's IPO launch

Prosus holds around 33% of shares of the food delivery platform and has been looking to reduce it to under 26%

Ajay Singh's shareholding in SpiceJet down by 38.55% due to new fund raise

The airline announced it is going to raise a total of Rs 2,241.5 crore through the issuance of equity and warrants

Institutional shareholder dissent in Nifty-50 firms drops by 30% this year

The last year saw 63 dissenting resolutions, constituting 11.19 per cent of the total, while this year it decreased to 44, representing 9.24 per cent of the total resolutions presented

Manipal Group invests in Purplle with secondary purchase from JSW Ventures

With this transaction, JSW Ventures has fully exited its stake in Purplle from Fund I and has returned 2.7 times the fund size to its investors so far

HDFC Bank distributes Rs 42 cr to fractional shareholders of HDFC Ltd

HDFC Bank on Thursday said it has distributed Rs 42.40 crore to fractional shareholders of HDFC Ltd through a trust created after the merger with its parent. The reverse merger of HDFC Bank with HDFC Ltd was effective from July 1, 2023. As per the Composite Scheme of Amalgamation, HDFC Bank will issue and allot to eligible shareholders 42 new equity shares of the face value of Re 1 each, credited as fully paid-up, for every 25 equity shares of the face value of Rs 2 each fully paid-up held by such shareholders in HDFC Ltd as on the record date -- July 13, 2023. The fractional entitlements were consolidated, and the aggregate of such fractions was rounded up to the next whole number and allotted directly to 'HDFC Bank Unclaimed factional amount 2023', a trust managed by Axis Trustee Services Ltd, the bank said in a regulatory filing. HDFC Bank did not issue fractional shares, entitlements or rights to any shareholders of erstwhile HDFC Ltd. However, it said, all fractional entitlem

Regulatory relook: Move to push firms away from in-house RTAs on the cards

Sebi looking to increase networth requirement, other measures; may float discussion paper

Ashneer Grover calls out officials for asking for ITR of shareholders

Ashneer Grover asked the finance ministry to look into the Income Tax Department's practice of asking for details of the ITRs of shareholders

Wire and cables maker RR Kabel aims to raise $236 million via IPO

The Mumbai-based company, backed by private equity firm TPG, will issue new shares worth Rs 180 crore, as per its prospectus dated Sept. 6

Birla Corp plans expansion, eyes 25 million tonnes capacity by FY26

Birla Corporation's consolidated capacity stands at around 20 mt after commissioning of the 3.9 mt greenfield plant at Mukutban in Maharashtra at the beginning of FY23

ACC, Ambuja Cements face resistance from shareholders to adopt FY23 results

The resolution at Adani-owned ACC and Ambuja Cements was still passed with the support of promoters

Morgan Stanley profit drops 18% in second quarter as deal doldrums persist

Global M&A activity fell 36% in the second quarter versus a year earlier, according to Dealogic. Still, its climb from the first quarter has sparked hopes of a nascent recovery

PTC India shareholders approve appointment of Rajib Kumar Mishra as CMD

PTC India shareholders have approved the appointment of Rajib Kumar Mishra as the company's Chairman and Managing Director with requisite majority votes. According to a regulatory filing, shareholders approved an ordinary resolution to appoint Mishra as Chairman and Managing Director (CMD) at the seventh Extra Ordinary General Meeting (EGM) held on June 28. As per the voting result, 77.71 per cent of votes were in favour of the ordinary resolution and 22.29 per cent against the proposal. Mishra has been appointed as the CMD in PTC India with effect from March 29, 2023. He was named as the Whole-time Director of the company with effect from February 24, 2020, up to February 23, 2025, or the age of 62 years -- whichever is earlier, by the members of the company at their annual general meeting (AGM) held in September 2020. Mishra, about 60 years of age, is PhD (Business Administration) from Aligarh Muslim University. He joined PTC Board on February 24, 2015, as Director (Marketing a