Morning buzz: Ambani next-gen appointed to RIL board, Adani fell short in disclosures and more

Isha, Anant and Akash Ambani were appointed to RIL’s board even as Mukesh Ambani announced that he would remain chairman for another 5 years.

Isha, Anant and Akash Ambani appointed to RIL board  

Mukesh Ambani’s children Isha, Anant and Akash Ambani were appointed to RIL’s board even as Mukesh Ambani announced that he would remain chairman for another 5 years. Nita Ambani will step down from the board but will continue to be a permanent invitee. This marks the first time the Ambani scions have been appointed to the board of the parent company. Nita Ambani will continue to look after Reliance Foundation.  
(Economic Times, Business Standard, Financial Express, BusinessLine)  
 

Adani fell short in disclosures: SEBI    

SEBI’s investigation has faulted the Adani Group on inadequate disclosures by listed entities and limits on the holdings on offshore funds. The violations are said to be technical in nature and would attract no more than a monetary fine. One of the key findings was that the holdings in the offshore funds breach the key limit of 10 percent for individual companies. SEBI has no plans to make the report public until orders are passed in the Adani probe.
(Financial Express)   
 

Tiger Global exits Zomato via block deal  

Tiger Global as well as DST Global have exited Zomato via a block deal at Rs 90-91 per share. The funds had a total of 1.8 percent in the company and the sale was valued at Rs 1,412 crore. The buyers were Axis Mutual Fund, SBI Life Insurance, ICICI Prudential Life Insurance and Founders Collective Fund.  
(Business Standard)  
 

SME platform sees fresh listings   

In 2023 the SME platform is seeing a flurry of listing activity on account of surging demand from rich individuals. In 2023 100 SME firms have raised Rs 2,600 crore in funds from the SME board compared to Rs 2,287 crore in 2018 by 141 firms. These 100 companies saw demand for Rs 1.44 lakh crore with 11 IPOs subscribed 200 to 400 times. In contrast, 19 companies have raised Rs 19,500 crore on the main board.  
(Economic Times)