Sun TV has big bang debut on BSE; closes 68% higher at Rs 1466.05

MUMBAI: The Kalanidhi Maran promoted and Chennai-headquartered broadcaster Sun Television Limited got listed on the bourses on Monday with a huge bang. The scrip has been greeted with a lot of excitement and closed the day's trading 67.55 per cent higher at Rs 1466.05 on the Bombay Stock Exchange (BSE).

A total of 5,298,695 shares were traded on the opening day.

At the National Stock Exchange (NSE), the scrip had an overall gain of 67.39 per cent and closed the day at Rs 1464.65. A volume of 11,585,515 shares have been traded on day one.

Just how bullish the bourses are is about the scrip can be garnered from comments made by market analyst Rajesh Jain of Pranav Securities to CNBC TV18, where he said Sun TV should be part of every investor’s portfolio.

Said Jain, "I would ride this Sun TV story. I might add on declines, if the strip does give that opportunity. Sun TV is a super pedigree media stock. It has been the leader in the south for almost a decade.

"I think it would even rate better than some of the older plays available in the media space."

The scrip, which was offered through initial public offer (IPO) early this month at a tag price of Rs 875 per share, listed at Rs 1,111 on the BSE and Rs 1,000 on the NSE. Its BSE ID is 532733 and its NSE ID is SUNTV.

In its IPO, Sun had come out with a fresh equity issue of 68,89,000 equity shares of Rs 10 each for cash, made entirely through the book building route.

The issue constituted 10 per cent of the fully diluted post issue paid-up capital of the company. Following the issue, the shareholding of Sun TV Ltd principal promoter Kalanithi Maran has reduced to 89.99 per cent from 99.99 per cent (61,999,969 shares).

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