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/2017/10/19/Sunita_Uchil_0.jpg?itok=xmMsZu2i
Zee Content Hub originals slate for DISCOP SA: First Indian-African drama, lifestyle and factual programmes offered

MUMBAI: Global Content Hub by Zee – the syndication division of Zee Entertainment Enterprises Limited (ZEEL) -- announced its new, original programmes for licensing at the upcoming DISCOP market, in Johannesburg on 25-27 October. Highlights of this year’s portfolio include the new Indian/African...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/kids.jpg?itok=NRJKgGmR
Kids channels ensure strong lineup for Diwali season

Kids channels will hope to grab more eyeballs during Diwali, which also happens to be vacation time for most schools.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/leela.jpg?itok=A8io70Ro
Sony Yay! associates with 'Animals Matter To Me' to make this Diwali ‘Pawesome’

Animals play an integral role in our lives, always showering us with love no matter what. However, in return we humans rarely reciprocate their love.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/purie.jpg?itok=FVJ9-hkm
India Today's Purie says new vice chairperson Kalli has ability to straddle edit and biz functions

India Today Group, which runs news channels -- India Today and Aaj Tak, on Tuesday, named Kalli Purie as the vice chairperson.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/zarbi.jpg?itok=nnbWTo_-
How to build wealth, invest safely: BTVI Conclave telecast tonight

BTVI, an English business news channel, hosted an on-ground version of their successful investment knowledge show Call BTVI. The on-ground ‘Call BTVI Conclave 2017’ saw eminent personalities coming together to articulate their views on the Indian financial market. Tune into BTVI to catch the Call...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/aparna.jpg?itok=z2yDrydV
Sony Pictures Television signs first output feature film pay TV deal with ZEEL

Zee Entertainment Enterprises and Sony Pictures Television (SPT) have announced that the duo has entered into the first pay features deal.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/chef.jpg?itok=F2eQz2Ax
Living Foodz biz head Nair: 'Utsav - Thalis of India' celebrates regional cuisine

Get into the festive spirit and celebrate Indian food, it’s history, culture and diverse flavours this October with Chef Kunal Kapur on ‘Utsav: Thalis of India’. The show will take viewers on a journey across 18 cities and offer a peek into India’s rich culinary heritage.

Television TV Channels Factual & Documentary
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/taj-mahal.jpg?itok=LHQdFz_h
Taj Mahal, Eiffel etc: ‘Monumental Challenge’ on Sony BBC Earth starts on 23 Oct

Towering over cities and landscapes, six unofficial national symbols get a makeover. Watch as Big Ben, Sydney Harbour Bridge, the Eiffel Tower, the Santiago de Compostela, the Bund and the Taj Mahal are restored to their full splendour in this series, Monumental Challenge on Sony BBC Earth starting...

Television TV Channels Factual & Documentary
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/18/star-sports.jpg?itok=gYl-pMly
Star Sports brings out the fun side of kabaddi players

As the league stage of VIVO Pro Kabaddi League (PKL) 5 is nearing its end, Star Sports has planned an interactive show with top PKL players this season, all dressed in traditional attire. The show is named as ‘Yeh Diwali, Kabaddi wali’.

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories