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=FBQlulpA

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/2017/01/20/hul%20%281%29.jpg?itok=RZX0thii
Online, music cos.enter top 10 TV advertisers list in week 2 of 2017

The first week of 2017 saw an all FMCG hold over the top 10 television advertisers list in terms of ad insertions as per BARC data. The total number of television ad insertions by the top10 brands in week 1 of 2017 (Saturday, 31 December 2016 to Friday 6 January 2017) was 268,323 as per Broadcast...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/Sun%20TV%20%281%29.jpg?itok=PP6ytKhV
Sun TV to air Nandini on four GEC channels

Sun TV Network is set to launch its magnum opus fiction Nandini on all its four south Indian GEC channels, namely -- Sun TV, Gemini TV, Udaya TV and Surya TV from 23 January.

Television TV Channels Regional
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/vikas-khanchnadani%20%281%29.jpg?itok=x-8QnjSF
RBNL ex-CBO Khanchandani joins Arnab's Republic

Vikas Khanchandani former RBNL chief business officer has joined Republic as the chief executive officer. With over two decades of working across ad sales, digital, television and media technology, Khanchandani will play an integral role to grow Republic as an independent media tech company.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/zeel%20%281%29.jpg?itok=cqlzQ-tv
Broadcasters bat for parity with print medium under GST

The Indian Broadcasting Foundation (IBF) today urged the government to level the playing field under the proposed GST regime for “all mediums”, including electronic, radio and print, as businesses across sectors had taken a hit due to demonetisation of high value currency notes November last.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/alibaba.jpg?itok=l-4J-9ON
Alibaba starts Olympic run with a multi-billion $ sponsorship deal

Chinese e-commerce giant Alibaba Group yesterday started its Olympic run by signing a multi-billion dollar multi-year deal with the International Olympic Committee (IOC) to become the official `Cloud Services’ and `E-commerce Platform Services’ partner, as well as a Founding Partner of the Olympic...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/pesha-bajrao.jpg?itok=ciXGnCnZ
Sony Entertainment launches historical series 'Peshwa Bajirao'

MUMBAI: Sony Entertainment Television is bringing to television viewers the glorious life of India’s only undefeated warrior/commander -- Peshwa Bajirao, his unconventional ways, his principles in life, his passion and his ideologies.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/NP-SINGH-DANISH-KHAN-800x800.jpg?itok=X4ORURUi
Sony Entertainment TV plans to expand its early prime time to 6pm

MUMBAI: With the launch of its new offering Peshwa Bajirao, Sony Entertainment Television has entered the 7.30 pm time slot. The channel has expanded its prime time to 7.30pm, and plans to expand it further to 6pm time band in coming 12-18 months. Speaking to Indiantelevision.com, Sony Pictures...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/19/miss%20%281%29_1.jpg?itok=x_7NkjRo
Miss Universe 2016 to air on Zee Café live from Philippines

After the success of stunning events such as Miss World 2016 Live and Victoria’s Secret Fashion Show, Zee Café, the ultimate English GEC brings to its viewers yet another -global event, Miss Universe Live this January, 2017.

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/19/naagin%20%281%29.jpg?itok=dmJsHL_0
Colors leads BARC week 2 Hindi GEC (U+R) market

Naagin’s magic continued to make Colors the number one channel in Hindi GEC (U+R) even as Star Plus led the genre in the Urban Hindi GEC market. In Rural Hindi GEC market, Rishtey topped the chart again this week, according to the Broadcast Audience Research Council (BARC) all India data of week 2...

Television TV Channels Viewership

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories