Latest news with #Directors
Economic Times
3 days ago
- Business
- Economic Times
Vodafone Idea approves Rs 20,000 cr fundraise plans in a fight for survival
Instruments on the table include equity shares, convertible bonds, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), and non-convertible debentures with warrants, among others. Synopsis Vodafone Idea's board has approved raising up to Rs 20,000 crore through equity and debt to strengthen its financial position. The capital infusion aims to support operations, reduce liabilities, and facilitate network expansion, including the 5G rollout. Despite a reduced net loss year-over-year, subscriber churn continues to be a challenge for the telecom operator. Vodafone Idea, with the aim of bolstering its finances, has approved a fundraise of up to Rs 20,000 crore through a mix of equity and debt instruments. The move aims to provide the struggling telecom operator with much-needed capital to support its operations, reduce liabilities, and expand network capabilities. ADVERTISEMENT 'The Board of Directors of the Company at their meeting held today i.e. on 30 May 2025, inter-alia, have approved the following: by way of issue of equity shares or by way of issue of any other eligible instruments or securities including securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, non-convertible securities and/or composite issue of non-convertible debentures along with warrants, which may or may not be listed upto an aggregate amount of Rs. 20,000 crores,' the company said in its exchange filing. The fundraising could be carried out in one or more tranches via public offerings, private placements, or a combination of both. Instruments on the table include equity shares, convertible bonds, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), and non-convertible debentures with warrants, among board has empowered its Capital Raising Committee to evaluate and decide the most suitable route for the capital decision comes at a time when the telco continues to face intense competition from peers Jio and Airtel and is in urgent need of capital to invest in its 5G rollout and network expansion plans. ADVERTISEMENT Also read: Ola Electric skids as widening losses dent sentiment The debt-ridden telco reported a consolidated net loss of Rs 7,166.1 crore in the fourth quarter of FY25, which is 6.6% lower from a net loss of Rs 7,674.59 crore reported in the same quarter last year. ADVERTISEMENT Meanwhile, the company's revenue from operations grew 3.8% YoY to Rs 11,013.5 crore for the said quarter, up from Rs 10,606.8 crore in the year-ago sequentially, the company's net loss has widened from Rs 6,609 crore in Q3FY25. ADVERTISEMENT Amid increasing competition, Vodafone Idea continued to lose its JV of UK's Vodafone Group Plc and India's Aditya Birla Group was unable to arrest subscriber churn even as it commenced pan-India 5G rollouts this quarter, covering major markets like Mumbai and Delhi. In December, the subscriber base had fallen below the 200 million mark for the first time since its merger in 2019. ADVERTISEMENT In March, it further declined to 198.2 million. SR Batliboy and Associates, the auditors of Vi, cautioned that the operator's financial performance has impacted its ability to generate cash flows that it needs to settle/refinance its liabilities as they fall due. 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Business Standard
3 days ago
- Business
- Business Standard
Lippi Systems Ltd
In continuation of our letter dated 22nd May 2025 and Pursuant to the Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015 as amended from time to time we wish to inform that the Board of Directors of the Company at their meeting held today i.e. Friday 30th May 2025 have inter alia considered and approved the following matters:1. Annual Audited Financial Results2. Appointment of M/s Kunal Sharma & Associates Company Secretaries as Secretarial Auditor of the Company3. Appointment of M/s Aswani & Associates Chartered Accountants firm as an Internal Auditor of the Company for the Financial Year ended 31st March 20264. Adoption of amended Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information
Mint
4 days ago
- Business
- Mint
Small-cap stock below ₹50 Vishal Fabrics edges higher despite weak trends in Indian stock market
Stock Market Today: Small-cap stock below ₹ 50, Vishal Fabrics edged higher in the morning trades on Friday despite weak trends in the Indian stock market: Here's why Vishal Fabrics intimated the exchanges on 29 May 2025 about a Board of Directors meeting outcome with regards to fund raising . Th Outcome of the Fund-raising Committee Meeting of the Board of Directors held on May 29, 2025 was intimated by Vishal Fabrics to the Bombay Stock Exchange or the BSE. This was with reference too the Conversion of 69,32,824 warrants into equal number of equity shares of the Company. Vishal Fabrics had intimated on September 12, 2024, with respect to the allotment of warrants and in the same context Vishal Fabrics said that Fund raising Committee of the Board of Directors of the Company in their meeting held on Thursday , May 29, 2025, considered and approved the allotment of equity shares having face value of Rs. 5/- each , upon part conversion of 69,32,824 warrants. This is out of total 1,50,00,000 warrants applied by Elysian Wealth Fund (Formerly known as Silver Stallion Limited) under the Non-Promoter, Public Category. The warrants hav been approved to be issued by Small-cap stock below ₹ 50, Vishal Fabrics at an issue price of Rs. 30.60/- each, on preferential basis, upon receipt of amount aggregating to Rs.15,91,08,310.80 /- (Rupees Fifteen Crore Ninety One Lakhs Eight Thousand Three Hundred and Ten and Eighty Paisa only) at the rate of Rs. 22.95/- (Rupees Twenty-Two and Ninety-Five Paise only) per warrant from the allottee pursuant to the exercise of their rights of conversion into equity shares. According to a release by Vishal Fabrics, these warrants were granted to "Non-Promoter, Public Category" on a preferential basis with a price of Rs. 30.60/-per warrant upon payment of Rs. 7.65/- (Rupees Seven and Sixty-Five Paise only) per warrant, which is 25% of the Issue Price. This gives the warrant holders the right to convert their warrants into an equal number of Equity Shares of the Company by paying the remaining 75%, or Rs. 22.95/-per warrant, within 18 months of the date of warrants allotment. Small-cap stock below ₹ 50, Vishal Fabrics share price opened at ₹ 30 on the BSE on Friday, almost flat over the previous days closing price of ₹ 30.04. The Small-cap stock below ₹ 50, Vishal Fabrics share price gained to intraday highs of ₹ 30.50 marking gains of 1.5% on a day when Indian stock market was weak and sensex was down around 0.25%. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Yahoo
5 days ago
- Business
- Yahoo
Deja vu? Market Basket CEO on leave a decade after walkouts, boycotts upended business
Longtime Market Basket CEO Arthur T. Demoulas has been placed on paid administrative leave amid an investigation into allegations that he's been considering leading a work stoppage that could upend stores across Massachusetts and New England. 10 years after 'Summer of Market Basket,' longtime workers praise customers for helping save company The Tewksbury-based grocery chain's board of directors informed employees on Wednesday that a law firm would be investigating 'credible allegations' that Demoulas was planning to disrupt operations of the grocery giant's 90 locations and over 30,000 workers by planning a work stoppage. The board said it believes that Demoulas' alleged planned work stoppage was in retaliation against the board for requiring him to work collaboratively with them regarding 'basic company operations and plans.' 'At a time of great economic uncertainty for many households, such work stoppages would significantly harm and broadly disrupt Market Basket's stores and operations across New England, as well as its valued customers, associates, and vendors,' the Market Basket Board of Directors told Boston 25 in a statement. Justine Griffin, a spokesperson for Arthur T. Demoulas, said in a statement that the CEO and minority owner of Market Basket was ousted in a 'hostile takeover' by his three sisters and three appointed board members-Jay Hachigian, Steven Collins, and Michael Keyes. Hachigian assured employees that there would be no changes to their jobs, salaries, or benefits. 'There is no insurgent group, there is no one looking to change pricing, there is no one looking to change employee comp or benefits or profit-sharing,' Hachigian told reporters. 'Everything will remain the same.' Demoulas' daughter, Madeline, and son, Telemachus, were among several other Market Basket employees also placed on leave, Griffin said. 'Under Mr. Demoulas' leadership in December of 2024, the company paid off $1.6 billion in debt that financed the purchase of the company in 2014,' Griffin said. 'The company is currently operating at its peak performance, and the notion that this board is going to conduct an investigation is a farcical cover for a hostile takeover.' Steven J. Collins, Director of Market Basket, added, 'Market Basket stores provide a place that our local communities consistently count on for both their livelihoods and daily needs—the Board has a responsibility to safeguard the company's effective operations now and well into the future." A spokesperson for the board of directors said that Demoulas will continue to be paid his full salary. While Demoulas is suspended, the board of directors says leadership of the company will fall to the existing management team. 'As you know, Market Basket takes great pride in operating with unwavering integrity that aligns with our high standards, treating our professionals with respect, and consistently delivering meaningful value to our customers,' the memo reads. 'Thank you for your commitment to our Market Basket community and our customers.' The board of directors is unsure how long the investigation will take, but noted they have no plans to sell the company. Demoulas' suspension comes 10 years after he was fired by a board controlled by Arthur S. Demoulas, his cousin and rival. After being sacked, store workers staged a walkout in support of Arthur T. that lasted six weeks. To protest, hundreds of warehouse workers and drivers refused to deliver fresh produce, leaving shelves depleted. Not only did the workers stick together, but customers soon followed by boycotting the stores in solidarity. Customers began to shop elsewhere because they couldn't find fresh food at Market Basket, while others stayed away in a show of support for workers and Arthur T. The usually crowded stores turned into ghost towns, with only a trickle of customers coming in. After weeks of pressure from suppliers suffering lost revenue, and the governors of Massachusetts and New Hampshire getting involved in work negotiations, the company announced that an agreement had been reached for Arthur T. to pay $1.6 billion for the 50.5 percent share of the company owned by Arthur S. and other family members. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
Yahoo
5 days ago
- Business
- Yahoo
Veris Residential Declares Second Quarter 2025 Cash Dividend
JERSEY CITY, N.J., May 28, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) ("Veris Residential" or the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today announced that the Company's Board of Directors has declared a cash dividend on its common stock for the second quarter 2025 in the amount of $0.08 for the period ending June 30, 2025. The dividend will be paid on July 10, 2025, to shareholders of record as of June 30, 2025. The timing and amount of future dividends is subject to approval by the Board of Directors, taking into consideration multiple factors including but not limited to the Company's AFFO and actual cash flows from operations, its estimate of taxable income and related distribution requirements, as well as any capital requirements. About Veris Residential, Inc. Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit Contact InvestorsMackenzie RiceDirector, Investor Relationsinvestors@ Media Amanda Shpiner/Grace CartwrightGasthalter & Co.212-257-4170veris-residential@ View original content to download multimedia: SOURCE Veris Residential, Inc.
