One of the promoters of GVK Power and Infrastructure, G V Sanjay Reddy's stake in the company will be increased to 6.72 per cent from 4.78 per cent after other members of the promoter group gifted part of their shares to him.
G V Sanjay Reddy will acquire share of G V Krishna Reddy (0.47%), G Indira Krishna Reddy (0.31%), Shalini Bhupal (70%) and G Aparna Reddy (0.47%), the company said in a regulatory filing.
According to the statement, Reddy will acquire 3,06,25,000 equity shares aggregating to 1.94 per cent of the paid up share capital of the company.
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MediaCom elevates Avinash Pillai to Regional Director, IMEA * MediaCom India, a joint venture of Sam Balsara and GroupM, today said it has promoted Avinash Pillai, lead Team P&G, to the role of regional director (India and South Asia, Middle East, Africa on the P&G business with immediate effect.
He will continue to be based out of Mumbai and will take care of MediaCom's relationship with P&G in IMEA, the company said in a statement.
He will report to MediaCom's Global P&G Business Leader Nihar Das and MediaCom India Chief Operating Officer Rathi Gangappa.
SV Agri raises Rs 25cr from venture capital firms
* SV Agri Processing, which is into potato supply chain management, has raised Rs 25 crore fund from venture capital firms including Lok and Aspada Investments.
This investment marks Lok's first deal in the agri-space.
Aspada Investments, a leading early stage venture fund also participated in the round. Intellecap was the exclusive advisor to SV Agri on this transaction.
Pune-based SV Agri Processing has raised Rs 25 crore Series B round of funding led by Lok, a company statement said.
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CHD Developers to invest Rs 130cr on commercial project * Realty firm CHD Developers today said it will invest Rs 130 crore to develop a commercial project in Gurgaon.
The project 'CHD EWay Tower' will be developed on a land parcel of 2.025 acres located on Dwarka Expressway.
Saleable area in this project would be 2.2 lakh sq ft, of which about 60,000 sq ft has been earmarked for retail space and the rest office area.
"We are coming up with a new commercial project in Gurgaon. The construction will start in this month and the project would be completed in the next four years," CHD Developers MD Gaurav Mittal said.
ALT Digital Media ropes in ex-MTV digital biz head as CSO
* ALT Digital Media Entertainment, a wholly-owned subsidiary of Balaji Telefilms, today announced appointment of Ekalavya Bhattacharya as the Chief Strategy Officer.
ALT Digital is arm of Balaji Group that manages content for global audiences on digital platforms.
Bhattacharya will work closely with the leadership team to define the corporate strategy
Before joining ALT Digital, he was working Viacom18 Media was AVP and Head - Digital, MTV India.
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TomTom launches fitness watches in India * Navigation solutions firm TomTom today launched its new range of fitness watches in India, priced Rs 13,999 onwards.
"India is not among the top five markets for the company, but there is a huge opportunity in the country with rise in health consciousness in terms of increasing marathons and people getting more active,"
Peter Frans, Co-founder of TomTom International told reporters here.
The series, which also supports GPS, music playback for at least 500 songs (3GB internal memory) has four variants and additional packages with headphones for two variants.
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Zapr raises funding from Flipkart, Saavn, Micromax, others
Bangalore based media-tech startup, ZAPR, has raised an undisclosed amount of funding led by Flipkart, with participation from Saavn, Micromax and Mu Sigma cofounders - Dhiraj Rajaram and Ambiga Dhiraj.
"Funds raised will be primarily used to expand on the company's product portfolio for the media & advertising industry as well as to scale up the technology team," Zapr said in a statement
This round also saw participation from existing investors - Dinesh Agarwal, Samir Bangara, Sanjay Nath and Arihant Patni, the company said in a statement.
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LIC to buy additional 2.7pc in Corporation Bank at Rs 115cr * LIC will acquire over 2.7 per cent additional equity share stake in Corporation Bank valued at about Rs 115.32 crore.
The shares were allotted on January 13 on a preferential basis, Corporation Bank said in a filing on BSE.
Thus, calculated on the basis of yesterday's closing price of Rs 40.95 apiece, the allotment of additional 2,8,160,693 shares by Corporation Bank to LIC comes at a price of Rs 115.32 crore.
