Adani Enterprises says prior written approval from SEBI is not required for allotment of NDTV shares to VCPL on exercise of warrants.
- Warrant exercise notice has been issued by VCPL under a contract which is binding on RRPR. RRPR is therefore obligated to comply with its contractual obligations.
- Adani says contentions raised by RRPR in the letter are baseless, legally untenable and devoid of merit.
- RRPR Holding is bound to immediately perform its obligation and allot the equity shares as specified in the warrant exercise notice, it said.
Source: Exchange filing
Connectivity In Indian Skies
Shares of telecom automation and control products maker Nelco surged 10%, most in at least a year. Trading volume is seven times the 30-day average. The relative strength index of the stock is 79, suggesting it may be overbought.
- The rise comes a day after the company announcement an agreement with Intelsat Commercial Aviation. Intelsat launched the beginning of its inflight connectivity services in Indian skies. ‘Our agreement with Nelco also opens the possibility for Intelsat to serve India’s domestic airlines’, according to Jeff Sare, President of Commercial Aviation at Intelsat, besides expanding service coverage area for current customer airlines.
- Nelco has been offering aero IFC services for over two years with plans to introduce their services to more airlines.
- Nelco will provide its services using Intelsat’s IS-33e high throughput satellite, which provides C and Ku-band connectivity (the two main bands for Very Small Aperture Terminal – VSAT communications) to parts of Asia, Europe, Africa and the Middle East. It has been approved by India.
Source: Exchange filing,
