Television

ETC share buyback programme: SEBI exempts Zee from making open offer

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/06/13/Untitled-1_5.jpg?itok=jDU9wSqo

MUMBAI: The Securities and Exchange Board of India (SEBI) has paved the way for repurchase of shares by ETC Networks Ltd. The market regulator has granted exemption to Zee Telefilms Ltd. (ZTL) and Asian Satellite Broadcast Pvt. Ltd. from making an open offer regarding increase in their voting rights from 54.42 per cent to 58.73 per cent.

"Pursuant to the said increase in voting rights, there would not be any change in control of the target company (ETC Networks). The application seeking exemption was forwarded by SEBI to the takeover panel. The panel recommended for exemption to the acquirers from making an open offer," SEBI says in a release.

ZTL and Asian Satellite Broadcast (referred to as ‘the acquirers’) are the promoters and collectively hold 54.42 per cent in ETC.

"The repurchase of shares by ETC is aimed at increasing shareholder value. We plan to exercise the buyback programme after getting the necessary approvals," says Essel Group CEO of corporate strategy and finance Rajiv Garg.

ZTL and Asian Satellite Broadcast (holding company of the Group) had, on 13 June 2006, filed an application with the SEBI. "ETC Networks has announced to buy back up to 10 per cent of its total paid up equity capital and free reserves at a price not exceeding Rs 62 per share in compliance with the provisions of sections 77A and 77AA of the Companies Act 1956 and provisions of SEBI (Buy-Back of Securities) Regulations, 1998. In view of the said buy back, the holding of the acquirers would increase from 54.42 per cent to 58.73 per cent of the total paid up capital of the target company. As the shareholding of the acquirers would increase beyond 55 per cent of the issued capital of the target company, the acquirers have sought exemption from the provisions of Chapter III of the Takeover Regulations," the letter said.

The aim of the share repurchase programme is reduce the paid up share capital and improve earnings per share (EPS). This will be beneficial to the shareholders in the form of higher dividend pay out and increased EPS.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/23/Aaj-tak-sabse.jpg?itok=y5SUyDvL
Aaj Tak regains number one position in Hindi News genre

MUMBAI: Zee News made way for the entry of News24 in the top five channels' list in the Hindi News Rural genre in this week's BARC India data. In the Hindi News Urban space, ABP showed up in the top five list pushing out News Nation.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/23/zee%20%281%29.jpg?itok=G2vJCfG-
Zee's 'Khwaabon Ke Darmiyaan' emerges as top-ranking TV show in UAE

Zee Middle East’s second, locally produced fiction series Khwaabon Ke Darmiyaan which follows the storyline of a UAE based real estate tycoon, has emerged as the top-ranking TV show among south Asians in the UAE for two consecutive months.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/23/Discovery%20%281%29.jpg?itok=rcV4zr8O
Star World dominates English Entertainment, Discovery regains no.1 spot

Star World dominated the English Entertainment genre followed by Zee Cafe. Players in the space witnessed a significant hike in the ratings this week.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/23/Times-Internet%20%281%29.jpg?itok=Ih3sQCAj
Times Internet appoints Rattan Chugh & Vivek Pandey in leadership roles

Looking to further consolidate its position as India's leading digital product company, Times Internet, today, announced the addition of two experienced and proven corporate leaders to their senior management team. Rattan Chugh comes in as the new chief people's officer from Standard Chartered,...

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/23/Sundaram%20%281%29.jpg?itok=verTtP_F
Times Now ex-CFO Sundaram joins Republic

MUMBAI: Former Times Now CFO S Sundaram has joined Republic, Arnab Goswami’s media entity, as the group CFO for the TV and digital venture.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/22/karan-bajaj%20%281%29.jpg?itok=PEGordMk
DSport bags rights of Chinese League, IPL on cards

Discovery’s newest offering in the sports industry, DSport, has acquired the rights of the Chinese Super League (CSL). The tournament will be aired from 11 March.

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/23/vidyut%20%281%29.jpg?itok=aSVPkrQT
Movies Now brings Vidyut Jamwal to promote 'Knockouts @ 7'

Movies Now has associated with an upcoming action film Commando 2 for its flagship property Knockouts @ 7. The property airs action packed movies like Quantum Of Solace, Spiderman 2, The Chronicles Of Narnia: Prince Caspian, Snake On A Plane and many more every Monday–Friday at 7 pm.

Television TV Channels Movie Channels
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/22/pramod%20%281%29.jpg?itok=X3UbSddA
Pramod Chandorkar is IRAA awards director

The Indian Recording Arts Academy has announced Pramod Chandorkar as the Awards Director. Pramod has been working as a Sound Engineer since 1995. He has worked on numerous mega hit albums and films as Chief Sound Engineer. He is one of the few audio engineers who have excelled in all branches of...

Television TV Shows Awards
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/22/Kalanithi-Maran.jpg?itok=byGkIFgE
Sun TV to benefit greatly from DAS III & IV: Centrum Broking

MUMBAI: Stockbroking firm Centrum Broking’s research team is relatively bullish on the Sun TV Network. In its latest report, Centrum has stated that Sun TV has said that recent developments bode well for the Kalanithi Maran promoted southern TV network. “We draw comfort from the court’s recent...

Television TV Channels Regional

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories