Maran pledges stake in Sun Network
Sun TV Network promoter and chairman Kalanidhi Maran has pledged 5.45% of his 76% stake in the company.
By ET Bureau |
CHENNAI: Sun TV Network promoter and chairman Kalanidhi Maran has pledged 5.45% of his 76% stake in the company. In absolute terms it translates to 1.653 crore shares.
As per an announcement made to the Bombay Stock Exchange on Saturday last, Mr Maran pledged the shares on Friday, 27 February.
On that day, the scrip closed at Rs 162.03. At that price Mr Maran could potentially raise Rs 130-150 crore, with the loan value being 50-60%. While the purpose of the funds thus raised are not known, a source who refused to be identified said, ���the fund raising has nothing to with the company, and is likely to be a personal venture of the promoter.���
Sun Network launched has a movie production arm Sun Pictures in September 2008, and has produced five movies so far, with two more in the pipeline. Sun Pictures MD Hansraj Saxena, however, also denied any knowledge about the pledging of shares.
The Maran brothers ��� Sun TV Network chairman Kalanidhi Maran and former Union ICT minister Dayanidhi Maran ��� have patched up their differences with their grand uncle and TN chief minister M Karunanidhi recently, just months before the Lok Sabha polls were announced.
As per an announcement made to the Bombay Stock Exchange on Saturday last, Mr Maran pledged the shares on Friday, 27 February.
On that day, the scrip closed at Rs 162.03. At that price Mr Maran could potentially raise Rs 130-150 crore, with the loan value being 50-60%. While the purpose of the funds thus raised are not known, a source who refused to be identified said, ���the fund raising has nothing to with the company, and is likely to be a personal venture of the promoter.���
Sun Network launched has a movie production arm Sun Pictures in September 2008, and has produced five movies so far, with two more in the pipeline. Sun Pictures MD Hansraj Saxena, however, also denied any knowledge about the pledging of shares.
The Maran brothers ��� Sun TV Network chairman Kalanidhi Maran and former Union ICT minister Dayanidhi Maran ��� have patched up their differences with their grand uncle and TN chief minister M Karunanidhi recently, just months before the Lok Sabha polls were announced.
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