Motherson's roadmap post rejig, PI Industries launches QIP | Top headlines
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Top headlines of the day: 1.Intel-Jio Deal: Tech giant writes a cheque of 1,894 crores to Reliance Jio for 0.39% equity stake -Intel Capital, the investment branch of the technology giant, Intel Corporation has become the 12th investor in Reliance Jio Platforms' investment drive. The company has written a cheque for Rs.1,894 crores, to pick up an equity stake worth 0.39% in the Jio Platforms. The amount has been deemed lower than that of the other investors who have participated in the fundraising drive of Reliance Industries in the last two months, however, in the world of technology, Intel is a reputed name and will be a valuable asset. The other companies who have invested recently in Reliance include Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic among others. 2. Business rejig at Motherson Sumi | Vivek Chaand Sehgal to ET Now -In an exclusive conversation with ET Now, Vivek Chaand Sehgal of Motherson Sumi speaks on the announcement of mega restructuring of the organisation and the business roadmap rejig at the company. The board has approved the de-merger of domestic wiring harness (DWH ) and approved a merger of SAMIL (the principal holding co) into MSSL. This reorganisation will now create two listed entities. First being the India wiring harness business and second the global businesses and other India businesses. Bringing all auto businesses under listed entities, creating strong platforms for growth are among the top objectives of the organisation. Listen to know more. 3.HDFC Life Insurance to replace Vedanta in Nifty from 31st July 2020 -In a Nifty rejig NSE is replacing Vedanta Ltd with HDFC Life Insurance with effect from July 31 due to the proposed voluntary delisting of the mining major. HDFC Life Insurance will cease to be a part of Nifty Next 50 and will be replaced by SBI Cards and Payments Services. This HDFC Life Insurance's move entering Nifty is a planned mathematical move based on market cap, free flow and may other factors. Vedanta will be also removed from various indices due to its proposed voluntary delisting. Meanwhile, Vedanta will also be removed fromother indices such as Nifty Next 50, Nifty 500, Nifty 100, Nifty Metal and Nifty Commodities. Listen to know more details. 4. Agri-sciences company PI Industries launches QIP to raise Rs.2,000 crores in funds -PI Industries has launched a qualified institutional placement or OIP to raise funds worth Rs 2,000 crores. It is being reported that the funds will be directed towards ramping up growth opportunities and increase capacity. The QIP has been launched at an indicative price of Rs.1,534 per share. The proceeds will be also be used to scale the current business, and fund new technology. In February and March, the company had been looking to raise a similar amount, however, it was put on the back burner amid the outbreak of the COVID-19 pandemic and the subsequent lockdown. Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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