Reliance Communications shareholders approve asset monetization

Reliance Communications Limited (RCOM) on Friday announced that the Company’s shareholders approved the monetization of its assets.

RCOM announced the results of the postal vote on Thursday, February 15, through which the shareholders approved the resolution to monetize the Telecom Infrastructure, Towers, Spectrum, Fiber and other assets with a vast majority of 99.91%, RCom said.  Post the other asset sales, RCom will consist of a steady and profitable B2B focused biz, in the world.

Shares of RCom are trading at Rs 28.35, by Rs. 1.61 or 0.45% on Exchanges by 3.05 pm. The scrip opened at Rs. 28.45 and has touched a high of Rs. 29 and low of Rs 27.65. 

PNB stocks slump for second straight day after fraud shock; Plunges almost 12 pc

Shares of PNB on Thursday continued to drop for a second straight day by closing almost 12% lower after a USD 1.8 billion fraud was detected in one of its branches in Mumbai.

The trading volumes in PNB shares spiked remarkably high level. At the closing on Thursday’s trades, more than 19.4 crore shares exchanged hands on NSE and BSE counters with about 17.7 crore shares on NSE alone.

Stocks of jewellery companies such as Gitanjali Gems and PC Jewellers too declined after authorities blamed billionaire diamond trader Nirav Modi for the fraud.

Stocks of Gitanjali Gems plummeted almost 20 percent, while Stocks of PC Jewellers fell 5.31 percent on the BSE.

On Thursday, PNB shares lost about 12.89 percent to conclude at 127.05 on NSE while the shares settled 11.97 percent down at Rs 128.35 on BSE.

Idea Cellular issue equity shares worth up to Rs 3,500 crore

Idea Cellular Ltd’s has approved the issuance of equity shares by way of qualified institutional placement (QIP) to eligible investors, for an amount not exceeding Rs 3,500 crore, the company said to the stock exchanges on Wednesday. The issuance modalities will be in accordance with the SEBI regulations.

Idea Cellular today completed the allotment of 32,66,33,165 equity shares to the Aditya Birla Group entities, at an issue price of Rs 99.50/share aggregating to Rs 3,250 crore.

Meanwhile, the promoters of the company, Birla TMT, Elaine Investments, Oriana Investments have already invested Rs. 3250 crore to strengthen its balance sheet. Following this equity infusion by Idea Cellular’s promoters, their stake in Idea Cellular will go up at 47.2 percent from the 42.42.

Shares of Idea Cellular was trading up 1.36% at Rs. 85.65 on NSE post lunch hours of trading.