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Den Networks slips 11% on calling off merger with TV18 Broadcast
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A year after announcing the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media, Mukesh Ambani-led Reliance Industries (RIL) called off the transaction.
Den Networks, a cable distribution company owned by RIL, said on Wednesday that it had decided against proceeding with the composite scheme of arrangement in which it was to merge into Network18 along with its sister concerns.
“Considering that more than a year has passed from the time the board considered the scheme, it has decided to not proceed with the arrangement envisaged in the scheme,” Den said in a statement to the stock exchanges.
Lenders of the debt-ridden Future Retail Ltd have approved a plan to restructure the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress. The restructuring plan now would be forwarded for approval to an expert committee, formed by RBI under the chairmanship of K V Kamath, Future Retail Ltd (FRL) said in a late-night regulatory update on Saturday. As part of the resolution plan, the debt raised through the non-convertible debentures issued by FRL is also part of the existing debt and is proposed to be restructured, it added. The board of the company, which now expects to recover from the financial stress with the resolution timeframe, has also approved the restructuring plan in its meeting held on Saturday, it added.
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