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Mumbai:
The promoters of major media companies have pledged their
shares to raise money, signaling a trend that has particularly
grown over the last few years in a market that stayed bullish
and has now turned volatile.
Zee
Group promoters today disclosed that they had pledged 11.5
per cent of their Zee Entertainment Enterprises Ltd (Zeel)
shares and 17.17 per cent of their Zee News Ltd (ZNL) shares
without revealing other details that the market regulator
Sebi (Securities and Exchange Board of India) has not yet
made mandatory.
The
promoters have pledged 50.09 shares of Zeel, which runs a
clutch of entertainment channels including Zee TV. In case
of ZNL, the promoters have pledged 41.1 million shares.
Two
of ETC Networks promoters have pledged 20.33 per cent stake
(over 1.9 million shares) of the company. Zee had bought out
ETC Networks in 2002.
The
long list includes Network18 Media & Investments' promoter
Raghav Bahl who has pledged 15.2 per cent stake (9.39 million
shares) with State Bank of India and Sicom for a loan of Rs
940 million. The 1.58 per cent stake with Sicom is for an
existing loan of Rs 190 million availed by Network18 due to
be repaid on or before 2 June, while the remaining 13.62 per
cent (8.35 million shares) was pledged with SBI for an existing
loan of Rs 750 million availed by TV18 India Ltd.
UTV
Software Communications Ltd said that three of its promoters
- Unilazer Hongkong, Unilazer Exports and Management Consultants,
and company MD Ronnie Screwvala - have pledged 7.78 million
shares, or 22.76 per cent of its equity. It did not, however,
say with whom the shares were pledged.
Screwvala,
who held 6.35 per cent in UTV, has pledged 5.89 per cent of
his holding, or 2.01 million shares, in the company.
Unilazer
Exports has pledged its entire holding of 9.45 per cent (3.23
million shares). shares. Unilazer Hongkong Ltd has pledged
2.53 million shares, out of its 7.5 per cent holding in the
company.
The
money raised by pledging the shares had mostly been used to
fund the two tranches of warrants into UTV.
Sahara
One Media & Entertainment said its promoters have pledged
1.5 million shares (6.97 per cent stake) as collateral securities
for loans availed by it with IDBI Bank.
Balaji
Telefilms promoter Jeetendra Kapoor has pledged 6.59 per cent
stake (4.3 million shares), out of his holding of over 4.39
million shares (6.74 per cent), with a bank. Chennai-based
production house Radaan Mediaworks, which produces shows for
Sun TV network, said that its promoter and chairman Radikaa
Sarathkumar had pledged 23.08 percent or 12.5 million shares
as collateral with Indian Overseas Bank for availing cash
credit.
Multiplex
chain operator PVR said that its promoter Priya Exhibitors
has pledged 500,000 shares (2.17 per cent) with Axis bank,
New Delhi. Among the others were Shree Ashtavinayak Cine Vision
promoters who pledged 1.02 million (9.71 per cent) shares,
Crest Animation Studios (0.89 per cent shares with State Bank
of India) and Prime Focus (14.93 per cent shares with Kotak
Mahindra).
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