Essel Group firm Zee Entertainment Enterprises has received its board approval for a fresh buyback of equity shares for up to Rs 280 crore. The buyback shall be under the open market mechanism through stock exchanges, at a price not exceeding Rs 140 per equity share and the aggregate consideration payable for such buyback shall be limited to Rs 280 crore.
In addition, the total buyback value shall not exceed 10% of the paid-up capital and free reserves of the company for the financial year ended March 31, 2011.
Last month the company had announced closure of an earlier buy-back programme that commenced on July 27, 2011. The company had bought back over 1.93 crore equity shares for Rs 231.93 crore under it.
Zee Entertainment is India’s largest vertically integrated media and entertainment company. Its portfolio consists of brands like Zee TV, Zee Cinema, Zee Music, Zee Café, Zee Smile, Zee Action, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee Classic, Zee Trendz, & Zee Sports.
Company Name | CMP |
---|---|
Zee Entertainment | 125.05 |
Sun TV Network | 697.40 |
GTPL Hathway | 138.75 |
Network 18 Media Inv | 74.34 |
Den Networks | 42.58 |
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