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/2018/02/17/Pro_Wrestling.jpg?itok=ZIguV2M0
Pro Wrestling League rallies on North India viewership

MUMBAI: The third edition of the Pro Wrestling League (PWL) proved to be a hit among the younger viewers while attracting audiences of all age groups. Moreover, 77 per cent of the viewership came from North India for the season.

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/16/banok.jpg?itok=BJ4ELatq
Catch the Superr Heropanti of bandbudh aur budbak only on Discovery Kids

Discovery Kids, the leading animation channel from Discovery Communications India, has launched its new series Bandbudh aur Budbak from 12th February. The show follows the fun school life adventures of two best friends, Badrinath and Buddhadeb who often land in trouble because of their antics but...

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/16/inside_1.jpg?itok=Nlj7MQNa
Debates continue to reap rewards for Eng news channels on prime time

Prime-time shows on Indian English news channels have struggled to budge from their reliance on the debate format. In spite of access to new technologies, the content of the programming during the slot has largely remained the same. Even the allure of virtual reality (VR) and the latest production...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/16/sanam.jpg?itok=7Mgt1x9T
Celebrate the month of love with Dil Beats - a show curated by 'Sanam' on MTV Beats

February is shaping up to be an exciting month for the viewers of MTV Beats – the 24x7 Hindi Music TV channel with a new show line up of specially curated concepts, will be all about love and romance. Bringing alive its promise of providing an intense musical indulgence, MTV Beats brings the...

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/16/mtv.jpg?itok=dLCJ9jDD
Renault MTV Roadies Xtreme powered by OPPO co-powered by ID Shoes & Durex ups its ante with marquee sponsors for its milestone season

Having garnered an overwhelming response and appreciation year-on-year for fifteen long years, cult reality show, Roadies is back with its all new season, Roadies Xtreme.

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/16/sun.jpg?itok=HlM0iofj
Sun TV, Star Maa only non-Hindi players in across genre list

BENGALURU: The Sun TV Network’s flagship Tamil GEC Sun TV and Star India’s flagship Telugu GEC Star Maa were the only non-Hindi channels among Broadcast Audience Research Council's (BARC) weekly list of top 10 channels across genre all India (U+R): 2+ Individuals for week 6 of 2018 (Saturday, 3...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/16/naagin_0.jpg?itok=LHoHVsCc
Higher taxes fail to dampen demand for Indian soaps in Sri Lanka

MUMBAI: In spite of stringent levies on imported content, the popularity of Indian shows is seeing an upward trend in the Sri Lankan market. Indian soaps have resonated well with audiences in the island nation, courtesy the flashier nature of the content in contrast to the rural and simple...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/15/btvi.jpg?itok=3WBlXY9Y
BTVI’s Financial Planner engages with audience on personal wealth creation

BTVI, India’s premiere English business news channel hosted the on-ground event ‘Financial Planner’ in Pune and Mumbai. The channel has introduced this on-ground interactive opportunity for its viewers where a financial expert helps them build a solid financial future.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/02/15/time-now.jpg?itok=qZBeAC2u
Ex-Times Now Anchor Shaheen Dawood joins iRealities as 'Lead Content Producer'

Former Times Now entertainment anchor Shaheen Dawood is now heading a large animation team at iRealities, one of the primeval and leading content production and marketing solutions company in Mumbai.

Television TV Channels News Broadcasting

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories