Stocks to Watch: Reliance Industries, Canara Bank, HDFC Bank, Mahindra Holidays, Skipper
Reliance Industries: Walt Disney and Reliance Industries have signed a binding agreement to merge their media operations in India, a Bloomberg report quoted people familiar with the matter. The report said billionare Mukesh Ambani-led Reliance Industries is expected to own a 61% stake in the merged entity as Disney reassesses its strategy in India amid intense competition. The distribution of shares among the partners could undergo alterations based on the inclusion of Disney's additional local assets at the time of finalizing the deal, the report said.
Reliance Industries is also mulling over the acquisition of Tata Play Ltd., a broadcast service provider, in which Disney holds a minority stake. HDFC Bank: The bank said that it has received approval from the Reserve Bank of India (RBI) to offload 90 percent of HDFC Credila’s total issued and paid-up share capital, in an exchange filing. On June 20 last year, HDFC Ltd (now merged with HDFC Bank) had disclosed to the exchanges that it had entered into definitive agreements for the potential sale of a 90 percent share in HDFC Credila to a consortium of private equity firms for approximately ₹9,060 crore.
Canara Bank: The public sector bank's board of directors is going to consider a stock split in its meeting scheduled on Monday, 26th February 2024. If approved, this would be the second big corporate event taking place at the PSU bank after a gap of nearly seven years. Canara Bank board had declared Rights Issue on 20th February 2017 and the size of the rights issue was ₹1,124 crore.
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