Sun TV Network is trading lower by 2% at Rs 411, ahead of its promoter stake sale plan vide offer-for-sale (OFS) tomorrow to meet the Sebi minimum public shareholding norms.
Kalanithi Maran, the promoter which held 77% stake in the company, proposes to sell an aggregate of 7.88 million shares or 2% stake via OFS, Sun TV Network said in a statement.
The sale will take place on the separate window of the stock exchanges on May 29 at 9.15 a.m. and close on the same day at 3.30 p.m. The company will declare the floor price for sale on May 28 after trading closes, it added.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 415 and hit a low of Rs 410 on NSE. A combined around 300,103 shares have changed hands on the counter till noon deals on NSE and BSE.
Kalanithi Maran, the promoter which held 77% stake in the company, proposes to sell an aggregate of 7.88 million shares or 2% stake via OFS, Sun TV Network said in a statement.
The sale will take place on the separate window of the stock exchanges on May 29 at 9.15 a.m. and close on the same day at 3.30 p.m. The company will declare the floor price for sale on May 28 after trading closes, it added.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 415 and hit a low of Rs 410 on NSE. A combined around 300,103 shares have changed hands on the counter till noon deals on NSE and BSE.
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