Vodafone, the world's largest mobile operator by revenue, said on Thursday it had agreed to pay USD 5 billion in cash to buy out the Essar Group from its Indian joint venture.
In a fresh attempt to expand the ambit of the ongoing SC-supervised probe into telecom licensing, the Centre for Public Interest Litigation (CPIL), the petitioner in the 2G Spectrum case, has filed a fresh affidavit that seeks the CBI investigation on the acquisition of Hutch Essar by Vodafone in 2007.
Insurance Regulatory and Development Authority (IRDA) has issued merger and acquisition (M&A) guidelines for non-life insurance companies, reports CNBC-TV18.
Reliance Broadcast Network touched an intraday high of Rs 87.90 and an intraday low of Rs 78.85. At 15:08 hrs the share was quoting at Rs 78.85, down Rs 5.65, or 6.69%. FIPB has deferred company's plan to induct foreign investment, reports CNBC-TV18.
Tata Steel approved company's Rs 1,110 crore warrant issue, reports CNBC-TV18. It touched an intraday high of Rs 655.70 and an intraday low of Rs 636.25. At 13:18 hrs the share was quoting at Rs 638.20, down Rs 11.10, or 1.71%.