Hindalco Industries: The company has decided to take its US subsidiary Novelis Inc. public, 17 years after the Aditya Birla group flagship snapped up the top aluminium maker that now fetches over half of its revenue. In a surprise announcement on Tuesday, Novelis said it has submitted a confidential filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC).
The IPO will be a secondary sale of shares by Hindalco, meaning Novelis will not receive any capital as part of the offer. Hindalco owns 100% of Novelis. Zee Entertainment Enterprises: The company on February 20 issued a clarification denying reports of restarting discussions with the Sony group to revive their $10-billion merger deal that was scrapped on January 22.
In a regulatory filing to the stock exchanges, Zee Entertainment stated that the company is not involved in any negotiations on the Sony merger deal and that reports suggesting a revival of talks are ‘factually incorrect’. Devyani International: Yum Restaurants India is likely to sell its entire 4.4% stake in quick service restaurant firm Devyani International through a block deal to raise ₹814.8 crore, CNBC-TV18 reported on February 20 quoting sources. The floor price of the deal is likely fixed at ₹153.5 per share, a 7.6% discount to Devyani International's closing price on Tuesday.
As of December 30, Yum Restaurants India held 5 crore shares in Devyani International. Devyani International is the largest franchisee for Yum Brands which operates KFC, Pizza Hut, and Taco Bell in India and the sole franchisee for Costa Coffee. Union Bank of India: The public sector lender on Tuesday said the Committee of Directors for Raising Capital Funds has approved the raising of
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