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The shares of Zee Entertainment Enterprises Ltd. were trading at Rs.337.10, up by 31.9% in today’s trading session.
The share price of Zee Entertainment Enterprises Ltd. has increased by 97.71% in one month.
The stock rallied after the Board of Directors of Zee Entertainment Enterprises Ltd. unanimously provided in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL.
Zee said in a statement that the merger was evaluated not only on financial parameters but also on the strategic value that Sony brings to the table. The board determined that the merger is in the best interests of all shareholders and stakeholders. The merger is consistent with ZEEL’s strategy of increasing growth and profitability as a leading media and entertainment company in South Asia. The board of directors has authorized ZEEL’s management to begin the required due diligence process.
SPNI will also infuse growth capital into SPNI as part of the merger, giving SPNI a total of approximately $1.575 billion at closing for future growth opportunities.
The indicative merger ratio would have been 61.25 percent in favor of ZEEL based on the existing estimated equity values of ZEEL and SPNI. However, with the proposed infusion of growth capital into SPNI, the resulting merger ratio is expected to result in ZEEL shareholders holding 47.07 percent of the merged entity and SPNI shareholders holding the remaining 52.93 percent of the merged entity.
Sony’s shareholders will own the majority of the merged company. The shareholders of ZEEL and SPNI have signed a non-binding term sheet to combine the companies’ linear networks, digital assets, production operations, and program libraries.
The term sheet specifies a 90-day exclusive period during which ZEEL and SPNI will conduct mutual diligence and finalize the definitive agreement. The merged entity will be a publicly-traded company in India.
Punit Goenka will remain the merged entity’s managing director and CEO as part of the transaction. Furthermore, certain non-compete agreements will be reached between the promoters of ZEEL and SPNI. According to the term sheet, the promoter family is free to increase its shareholding from the current 4% to up to 20% in accordance with applicable law. The Sony Group will nominate the majority of the merged entity’s board members.
The final transaction is expected to be subject to the completion of customary due diligence and the execution of definitive agreements, as well as the required corporate, regulatory, and third-party approvals, including the votes of ZEEL’s shareholders.
ZEEL’s strong expertise in content creation and its deep consumer connect established over the last three decades, combined with SPNI’s success across entertainment genres (including gaming and sports), will add significant value to the merged entity and its management team, multiplying shareholder value.
According to R Gopalan, chairman of ZEE Entertainment Enterprises Ltd, “The ZEEL Board of Directors has conducted a strategic review of the SPNI-ZEEL merger proposal. As a Board comprised of highly accomplished professionals with extensive experience in a variety of industries, we always keep the best interests of the shareholders in mind.”
The shares of Godrej Properties Ltd. were trading at Rs.1950.10, up by 13.0% in today’s trading session.
The share price of Godrej Properties Ltd. has increased by 39% in the last three months.
The stock rose after the company announced today that it had made Rs.575 crore in sales in a single day at the launch of the second phase of its project Godrej Woods in Noida. The Mumbai-based real estate developer received an overwhelming customer response to its one-of-a-kind forest-themed phase called Evergreen, bringing total sales in the project in the last six months to around Rs.1,140 crore.
According to a press release, Godrej Properties sold 340 homes totaling more than 500,000 square feet on the first day of sales, making this one of the most successful launches in India in recent years.
The shares of Indiabulls Housing Finance Ltd. were trading at Rs.220.95, up by 6.0% in today’s trading session.
The share price of Indiabulls Housing Finance Ltd. has decreased by 19.83% in the last three months. The stock rallied after the stock announced a successful raising of Rs 807.83 crore by way of issuance of Non-Convertible Debentures.
Indiabulls Housing Finance announced on Tuesday that it will raise $165 million by issuing Foreign Currency Convertible Bonds in a regulatory filing to the exchanges (FCCBs). The decision was made at a meeting of the company’s Securities Issuance Committee on September 21, 2021, according to the release. Furthermore, the FCCBs have a token rate of 4.5% and will be convertible into equity shares in 2026. The fully paid-up equity shares have an initial conversion price of Rs 243.05.
The shares of Nucleus Software Exports Ltd. were trading at Rs.594.30, up by 12.2% in today’s trading session.
The stock rallied after the company said its board will meet on Friday, 24 September 2021 to consider a proposal for share buyback.
“A meeting of the company’s board of directors will be held on Friday, September 24, 2021, inter alia to consider the proposal for buyback of the company’s fully paid-up equity shares,” Nucleus Software Exports said in an exchange filing on Tuesday after market hours.
The primary goal of a share buyback program is to halt the decline in the value of a stock by reducing supply, which essentially pushes up the share price via a better Price to Earnings (P/E) multiple.
The company is a global leader in lending and transaction banking solutions for the financial services industry.
The shares of Acrysil Ltd. were trading at Rs.699.80, up by 8.8% in today’s trading session.
The share price of Acrysil Ltd. has increased by 20.86% in the last three months.
The stock has been rallying since yesterday. Acrysil Ltd. on 30th August had announced an increase in production capacity of 1,60,000 Quartz sinks per year through a Greenfield Project in Bhavnagar, Gujarat. This will bring the total capacity to 1 million sinks per year. Acrysil is Asia’s leading manufacturer of quartz kitchen sinks built with German technology.
The increased production capacity is intended to meet the global market’s growing demand for Quartz kitchen sinks. The proposed capital expenditure includes an investment of approximately Rs 38 crore in land and building, plant and machinery, molds, utilities, warehouses, and other related infrastructure.
Acrysil is the only manufacturer of ‘composite Quartz sinks’ using German Technology patented by Schock; only four other companies in the world have the license to use this technology.
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Disclaimer: This document and the process of identifying the potential of a company have been produced for only learning purposes. Since equity involves individual judgments, this analysis should be used for only learning enhancements and cannot be considered to be a recommendation on any stock or sector.
