Any extension given to a corporate entity by extending the debt instrument’s maturity needs to be considered a ‘default’ for the purpose of valuation, according to the Securities and Exchange Board of India (Sebi). The norm was laid out in a circular issued on Tuesday night, a day before Essel Group announced that lenders had granted it more time to repay its dues.

Essel group promoters have decided to concentrate on selling their non-media assets rather than looking for further dilution of their shareholding in Zee Entertainment Enterprises (ZEEL) through a stake Their current shareholding in ZEEL is 24 per cent.

The move comes with the promoters getting the much-needed extension of up to six months to pay their dues from most of the mutual funds. The deadline to return the money ended in September.

Apollo Hospitals, the country’s largest chain in the segment, says it will join the Ayushman Bharat programme in tier-II and tier-III cities.

In metropolitan cities, however, it will continue to stay away till the government programme raises the rates for surgery and treatment.

Private lender YES Bank on Wednesday said it has received strong interest from various investors on its plans to raise capital as the lender approaches the Reserve Bank of India (RBI) for approval to increase the bank’s authorised share capital.

“The bank has received strong interest from multiple foreign as well as domestic private equity and strategic investors for this capital raise and remains firmly on course to raising growth capital subject to the necessary approvals,” it said in a regulatory filing.

Ford Motor Co. is set to transfer most of its assets in India to a joint venture with Mahindra & Mahindra Ltd. after failing to make meaningful inroads for more than two decades in the world’s fourth-largest automobile market, people with knowledge of the matter said.

The country's largest car maker Maruti Suzuki India on Wednesday reduced the prices of select models by Rs 5,000 (on ex-showroom prices).

These models include all variants of Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross, MSI said in a statement.

National Highways Authority of India (NHAI) is in discussions will the Indian Institutes of Technology (IITs) for bringing in greater efficiency in the sector by reducing the cost of road construction and improving quality in the long run.

It is learnt that the authority would engage with all the IITs for conducting studies and finding efficient and innovative solutions to highway building by way of technology.

The much awaited railway PSU Indian Railway Catering and Tourism Corporation (IRCTC) IPO for Rs 645 crore will hit the stock market on September 30. IRCTC IPO will remain open for subscription between September 30th and October 3rd. The government looks to raise to raise up to Rs 645.12 crore at the higher end of the price band. The railway PSU has set a price band of Rs 315-320 for its intended share sale.

Carrying forward its divestment plan, the government is mulling over stake sale in the five central public sector enterprises (CPSEs), CNBC TV18 reported citing unidentified sources. The government may seek cabinet nod for strategic stake sale in the state-owned BPCL, CONCOR and SCI, the report added. In addition, approval will also be sought for acquisition of THDC by NTPC and NEEPCO by NHPC, it also said.

State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday said that there is no leakage at its Uran plant days after a gas leak was reported from the facility. The smell of hydrocarbon was felt today early morning that spread due to incessant rains, India’s largest oil and natural gas company said. “At ONGC Uran plant smell of hydrocarbon felt early Morning which was spread due to incessant rains. There is no leakage. All precautionary measures in place.

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