Sun TV Network’s promoter to sell 2% stake via OFS route

28 May 2013 Evaluate

Sun TV Network’s promoter Kalanithi Maran is all set to sell 7,881,700 equity shares in the company, of Rs 5 each, representing 2 per cent of the equity share capital of the company through the Offer for Sale (OFS) through Stock Exchange Mechanism to comply with the Securities and Exchange Board of India (SEBI) norms on minimum public share holding requirements.

According to the mandate from the market regulator, the listed private companies should have a minimum of 25% public share holding.

As of March 31, 2013, Kalanithi Maran holds 30,34,45,157 equity shares, which is 77%  of the total equity share in the company.

The company has selected Axis Capital, India Infoline and UBS Securities India as the brokers on behalf of the seller and the seller shall declare the floor price for the sale on May 28, 2013, after closure of trading hours of the Stock Exchanges.

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