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MUMBAI:
In a tight credit market, Sun TV Network promoter Kalanithi
Maran has pledged 16.5 million shares, representing 4.19 per
cent stake in the company.
Though
the company has not disclosed the exact amount Maran raised,
the pledged shares would have fetched Rs 2.67 billion to the
promoter based on the calculation of the closing price of
27 February on the BSE.
Maran
said Monday that the shares were pledged on 27 February. He
holds 303.45 million shares of the company.
The
promoters of major media companies have pledged their shares
to raise money as they have been speeding up their expansion
plans over the last few years.
Shares
of Sun TV ended Monday at Rs 146 on the BSE, 6.26 per cent
down from the previous close.
Also
Read:
TV18
promoters pledge 34.6% stake
Media
company promoters pledge shares to fund expansion
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