Zee-Sony deal on: Goenka; Sony taking Sebi order seriously
Go First is seeking Rs 400-600 to resume flights; Punit Goenka says the Zee-Sony merger will go through
Punit Goenka, CEO & MD of Zee Entertainment Enterprises, has said that the ZEE-Sony merger will go through whether or not he is the CEO of the merged company, as it benefits 96% of stakeholders. Commenting on Sony’s statement that it takes Sebi’s interim order against Zee promoters very seriously, Goenka said his interactions with Sony don’t seem to indicate that it is wavering.. Goenka has said that he is hoping that the merger will be complete by September. Meanwhile, BofA Securities has said that the merger between Zee and Sony is at risk following directions passed by Sebi. According to the brokerage, after merger with Sony, the corporate governance would improve. The brokerage doesn’t have any price target on Zee. Meanwhile, Zee has settled securities law violation with the Sebi by paying Rs 7 lakh as settlement charges.
Go First seeks up to Rs 600 to resume flights Go First on Wednesday sought additional funds for its operations at a lenders meeting. According to a Reuters report, the airline is seeking between Rs 400 and 600 crore in additional funds with lenders expected to evaluate the proposals in the next 48 hours. Go First is looking for funds to support its plans to resume operations in July and operate 78 daily flights with 22 aircraft. However, the resumption of operations depends on a number of factors, including regulatory approvals, the report added. The airline has been forced to ground more than half of its 61-aircraft fleet because of issues, including non-supply of engines from Pratt & Whitney Engines.
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