Kalanithi Maran pledges 16.84pc stake in Sun TV
Sunday, 27 June 2010
MUMBAI, June 26 (Agencies): Sun TV Network today said its Chairman and Managing Director, Kalanidhi Maran, has pledged 60.63 million shares, representing a 16.84-per cent stake in the media company. In a filing to the Bombay Stock Exchange, the Chennai-headquartered company said its promoter, Maran, had pledged a total of 60.63 million shares out of the 300.34 million shares he holds in Sun TV.
The shares pledged by him account for 21.87 per cent of his personal stake in the company, it added. The development comes at a time when Maran had agreed to buy a 37.7-per cent in budget airline SpiceJet for an estimated Rs 7.50 billion, thus becoming its single largest stakeholder. On June 14, Maran launched an open offer to acquire an additional 20 per cent stake in the no-frills airline for an estimated Rs 4.79.29 billion.
The shares pledged by him account for 21.87 per cent of his personal stake in the company, it added. The development comes at a time when Maran had agreed to buy a 37.7-per cent in budget airline SpiceJet for an estimated Rs 7.50 billion, thus becoming its single largest stakeholder. On June 14, Maran launched an open offer to acquire an additional 20 per cent stake in the no-frills airline for an estimated Rs 4.79.29 billion.