Stocks to Watch: Vodafone-Idea, Patanjali Foods, CMS Info Systems, ZEEL, Hindustan Zinc
Vodafone-Idea: Cash-strapped private telecom operator, Vodafone-Idea, on Tuesday saw its board approve a ₹45,000-crore fund raising initiative—including a ₹20,000 crore equity-based fund raise from existing investors. A shareholder meet for the fund raise is expected to take place on 2 April, post which the operator expects to complete the equity fund raise by the end of the upcoming June quarter.
Following the equity fund raise, Vodafone-Idea will further look to raise debt—taking the total amount of funding up to ₹45,000 crore. Existing promoters of Vodafone-Idea will also be involved in the equity fund raise, the company confirmed in a media statement.
Patanjali Foods: The Supreme Court on Tuesday served a contempt notice to Ramdev-owned Patanjali Ayurved and its managing director Acharya Balakrishna for issuing misleading advertisements about health cures in violation of an earlier order. The apex also court barred Patanjali from promoting products claimed to cure diseases such as heart ailments and asthma.
However, Patanjali Foods said in a regulatory filing, "The observations of the Supreme Court of India do not relate to Patanjali Foods Limited which is an independent listed entity and operates in the space of edible oil and food FMCG products only". CMS Info Systems: In what could be one of its most successful exits from India, global private equity firm Baring Private Equity Asia through its affiliate Sion Investment Holdings, completely exited its stake in leading cash management solutions provider CMS Info Systems.
The company offloaded its remaining 26.7% holding, or 41.77 million shares, through a block deal on Tuesday. The sale, estimated to be worth ₹1,503.8 crore, was conducted at a floor price of ₹370
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