Television

ETC share buyback programme: SEBI exempts Zee from making open offer

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2016/06/13/Untitled-1_5.jpg?itok=aK1pOUbz

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

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/16/BARC.jpg?itok=E_WBkCzr
BARC week 45: Santoor Beauty Soap claims top spot among brands

The Broadcast Audience Research Council (BARC) India has released its data for top advertisers and brands for the period between 2 November and 8 November 2019. The data reflects the top 10 advertisers and brands across genre on Indian television, including OOH screen, (U+R): 2+, Individuals NCCS...

Television TV Channels Viewership
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/16/Viacom-18.jpg?itok=-kXvoirS
Viacom tops earning estimates in Q4; reports revenues of $3.43 billion

Viacom Inc topped earnings estimates in its fourth quarter earnings reporting revenues of $3.43 billion. The company adjusted earnings of 79 cents per share in the quarter. Revenues of the company surpassed Zacks Consensus Estimate by 0.4 per cent and earnings per share beat the Zacks Consensus...

Television TV Channels GECs
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/flix.jpg?itok=eeMkU6nq
&flix to premiere Slender Man on Nov17

MUMBAI: &flix, home for the biggest Hollywood hits, brings a spooky story of a group of college students who face the exasperation of a demon summoned by them. “Flix First Premiere” is back with Slender Man on November 17, 2019, at 1PM and 9PM. Directed by Sylvain White, the movie stars...

Television TV Channels English Entertainment
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/tata.jpg?itok=6uqAZbWe
Tata Aia Life insurance & republic media network partner for “Rakshakaran Hero” initiative

MUMBAI: More than 950 million people do not have Life Insurance. Further for every Rs. 100 of protection/insurance required only Rs. 8 has been invested, thus, leading to a “protection gap” of 92%. With Protection as the main purpose Tata AIA Life Insurance has launched Rakshakaran Hero initiative...

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/b4u.jpg?itok=6mtPxkzl
B4U Bhojpuri’s “Aashirwad Chhathi Maiya Ke” WTP receives a grand opening

MUMBAI: B4U Bhojpuri’s “Aashirwad Chhathi Maiya Ke”World Television Premiere receives an overwhelming response. Based on Chhathi Mata, the movie was conceptualized and produced by B4U’s team &had the World Television Premiere on 2nd November, 2019. This was on the occasion of Chhath, a popular...

Television TV Channels Regional
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/cnbc18.jpg?itok=1_HMd6h3
CNBC-TV18 celebrates 20th anniversary

MUMBAI: CNBC-TV18 is set to mark a milestone by completing 20 years as an overarching business news specialist in the country. In the past two decades, the brand has been at the forefront consistently by delivering incisive, and accurate information of the business and financial sector. Since its...

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/all.jpg?itok=xW0FDV_o
Peppa Pig's first-ever performance 'Peppa Pig Musical' rolled-out in Mumbai on Children's Day

They have been winning millions of hearts across the globe with their ‘Oink Oink’ and cuteness quotient. And now the loveable, cheeky little piggy, Peppa Pig, one of the most charming animated characters, is all set to take over India with their first ever musical on the occasion of Children’s Day.

Television TV Channels Viewership
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/Balaji-Telefilms.jpg?itok=uslHFPeq
Production rakes in numbers for Balaji Telefilms; Alt Balaji numbers up

One of the most successful television content production houses in India, the Shobha Kapoor and Ektaa Kapoor-led Balaji Telefilms Ltd (Balaji) reported more than double standalone profit after tax or PAT (up 117.6 percent) y-o-y for the quarter ended 30 September 2019 (Q2 2019, quarter or period...

Television Production House Fiction
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/11/15/barc.jpg?itok=_U4jurfV
BARC week 45: No changes in South GEC space

In week 45 of BARC India ratings, no changes were observed in Malayalam, Kannada, Telugu and Tamil. In Bangla, Bhojpuri, Gujarati and Marathi genres. But the pecking order of the top five channel has seen slight changes.

Television TV Channels Viewership

Sign up for our Newsletter

subscribe for latest stories