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/2017/03/24/raghav-bahl%20%281%29.jpg?itok=5kSEgS_c
Raghav Bahl favours 'reverse mentoring' in media, awaits licence to start channel

Senior media professional Raghav Bahl believes senior editors need to encourage the thoughts of young journalists as "their perspective towards news is different and connected to the new-age digital readers."

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/24/Sidhu%20and%20Prasana%20Krishnan.jpg?itok=Fa3HzH4E
IPL: Sony will have Telugu, Tamil & Bengali feeds, non-committal on Sidhu

MUMBAI: Sony Pictures Networks India is planning to inject adrenaline into the 10th season of the annual cricket fever beginning 5 April. Having over 361 million viewers glued to the screens during the last season, Sony network will continue to have Telugu feed for this year’s edition as well. The...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/24/greenhouse-key_0.jpg?itok=_tVCfSqC
Keshet & Ananey bring teen & kids series to India

NEW DELHI: Global production and distribution powerhouse Keshet International (KI) and Ananey Communications Group have partnered to bring teens', tweens’ and kids’ series to the global market in KI’s first foray into the genre.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/Chhote-Miyan-Dhaakad.jpg?itok=f6z4I-JB
Child prodigies on Colors' 'Chhote Miyan Dhaakad' from 25 Mar

MUMBAI: Bringing double bonanza of endless laughter and giggles is Colors' newest offering, Chhote Miyan Dhaakad.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/suproiya%20%281%29.jpg?itok=wTwcHslB
DD's kids channel could partner private players, launch this year

Building its channel bouquet. That’s what pubcaster Doordarshan which operates more than 37 channels is doing. Come later this year, and DD will launch a free to air channel (FTA) targeted at toddlers. This was confirmed to indiantelevision.com by its director general Supriya Sahu.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/jal-dhan%20%281%29.jpg?itok=xjkmVvqw
Aquaguard & Network18 to honour 'Water Heroes' at the 'Jal Daan' grand finale

The first season of the ‘Jal Daan movement’, Network18 & Aquaguard’s social campaign around creating awareness and generating solutions to the drinking water crises in India is reaching its culmination with a gala ceremony on 24th March 2017 at Trident, Nariman Point, Mumbai. The event will...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/jeff%20wender_0.jpg?itok=UjEkgLOU
Nielsen and Fox television stations renew local television ratings agreement

New York, NY – March 22, 2017 – Nielsen (NYSE: NLSN) has announced today that it has signed a long-term renewal agreement with FOX Television Stations (FTS) for audience measurement services. As part of the agreement, FTS licenses Nielsen’s Local Television ratings across all of the group’s 28...

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/22/dd.jpg?itok=J9URWJvV
DD b'cast partner of CMS Vataran filmfest

Doordarshan today decided to become the broadcast partner for the 9th CMS VATAVARAN Environment & Wildlife International Film Festival and Forum later this year.

Television TV Channels Terrestrial
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/22/rahul%20%281%29_0.jpg?itok=3fmOAWlv
Rahul Chakravarti is Colors Bangla & Odia business head

Viacom18, one of India’s fastest growing media and entertainment companies, announced the appointment of Rahul Chakravarti as Business Head of Colors Bangla and Colors Odia. A veteran with over two decades of experience across FMCG, management consultancy and advertising, Rahul has worked across...

Television TV Channels Regional

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories