Meanwhile, the S&P BSE Sensex was down 27.12 points, or 0.13%, to 20,133.70.
On BSE, 1.12 lakh shares were traded in the counter as against an average daily volume of 1.35 lakh shares in the past one quarter.
The stock hit a high of Rs 428.65 and a low of Rs 409 so far during the day. The stock had hit a 52-week high of Rs 493.90 on 4 February 2013. The stock had hit a 52-week low of Rs 176.75 on 27 July 2012.
The stock had underperformed the market over the past one month till 28 May 2013, falling 1.97% compared with the Sensex's 4.53% rise. The scrip had also underperformed the market in past one quarter, sliding 0.47% as against Sensex's 6.89% rise.
The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
Kalanithi Maran, the promoter of Sun TV Network, has offered to sell 78.81 lakh shares, or 2% of the total equity of the company, through offer-for-sale (OFS) route on stock exchanges today, 29 May 2013.
Promoter fixed a floor price of Rs 403 per share, which is 1.97% discount to the stock's closing price of Rs 411.10 on Tuesday, 28 May 2013. The floor price is 4.50% discount to the ruling market price.
Sun TV Network's OFS got bids for 5.65 lakh shares compared to 78.81 lakh shares on offer as of 10:05 IST. The OFS was subscribed 7.18% at an indicative bid price of Rs 408 per share.
As on 31 March 2013, Kalanithi Maran held 30.34 crore shares, or 77% stake, in Sun TV Network. The OFS is launched to meet market regulator Sebi's norm on minimum public shareholding.
According to the Sebi norm, all private sector companies need to have minimum 25% public shareholding by 30 June 2013.
Sun TV Network's net profit rose 12% to Rs 177.50 crore on 11% growth in revenue to Rs 472.67 crore in Q4 March 2013 over Q4 March 2012.
Sun TV Network offers satellite television channels across four languages of Tamil, Telugu, Kannada, Malayalam. It also airs FM radio stations across India.
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