Sun TV Network has surged 5% to Rs 430 after the promoters' offer to sell around 8 million shares via offer-for-sale (OFS) is oversubscribe by 1.50 times till 1355 hours.
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 today to meet the Sebi norms on minimum public shareholding norms.
The promoters has received bids for 11.85 million shares at indicative price of Rs 408.65 per share against floor price of Rs 403 per share fixed for the offer, provisional data from BSE showed.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 409 and touched a high of Rs 434 on BSE. The counter has seen huge trading activity with a combined 2.78 million shares changing hands till noon deals against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
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 today to meet the Sebi norms on minimum public shareholding norms.
The promoters has received bids for 11.85 million shares at indicative price of Rs 408.65 per share against floor price of Rs 403 per share fixed for the offer, provisional data from BSE showed.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 409 and touched a high of Rs 434 on BSE. The counter has seen huge trading activity with a combined 2.78 million shares changing hands till noon deals against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
