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Vodafone Idea reworking business plans after govt reforms' boost

Vodafone Idea (Vi) is working on a fresh business plan that could alter its funding requirements. Addressing shareholder queries at the company's annual general meeting (AGM) on Wednesday, Vi Chairman Himanshu Kapania said the exact amount will be worked out upon submission of a new business plan. “The management is working on a new business plan and will come to the board with the funding requirements,” Kapania told shareholders in his first AGM as chairman. Last September, the company announced plans to raise Rs 25,000 crore through a mix of debt and equity, but the plan remained stuck due to investor concerns.

Invesco moves NCLT against Zee, petition to be heard on Thursday

Invesco Developing Markets Fund on Wednesday moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises and three of its directors, including Chief Executive Officer and Managing Director Punit Goenka, for not calling an extraordinary general meeting (EGM) of the company, as sought by the US fund. The fund, which holds about 18 per cent stake in Zee Entertainment Enterprises (ZEEL), is seeking the reconstitution of the board by induction of its nominees. Apart from Goenka, ZEEL Chairman R Gopalan and Independent Director Vivek Mehra have been made respondents to the petition. The matter is listed for hearing on Thursday.

Persistent Systems makes strategic acquisitions, announces payments unit

Pune-based information technology firm Persistent Systems said it will acquire Charlotte, a North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360, and the business of East Brunswick, New Jersey-based Shree Partners including its subsidiary in India. Founded in 1990, SCI specializes in payment solutions, integration, and support services for an impressive portfolio of leading US banks. Further, Fusion360 provides application development, maintenance, and support for leading payment platforms including IBM’s Financial Transaction Manager (FTM). SCI will help enhance Persistent’s capabilities and will serve as the foundation of a dedicated Payments business unit.

Emami embarks on distribution initiatives, rural expansion to drive growth

Kolkata-based FMCG major Emami has embarked on various distribution initiatives and rural expansion drive to boost growth in the current fiscal, its Chairman RS Agarwal said on Wednesday. Addressing shareholders at the company's annual general meeting, he said in the first quarter of the current financial year, the company continued to face market challenges due to the second wave of COVID-19 pandemic -- from mid-April onwards. Local lockdowns and restrictions in various states severely affected both urban and rural regions.

PE firm KKR affiliate sells part of its stake in Max Healthcare

Shares worth Rs 2,956 crore of Max Healthcare changed hands on Wednesday in a bunch of bulk deals. The shares were sold by Kayak Investment holdings, an affiliate of the private equity firm KKR for Rs 350 per share. The buyers include HDFC Mutual Fund, SBI Mutual Fund, and Veritas Funds. Kayak Investment Holdings is part of the company's promoter group and is the single biggest shareholder and held 47.24 per cent stake as of June 2021.

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