Mumbai: Broadcaster company Sun TV said on 5 April its board of directors has recommended the sub-division of equity shares so that a shareholder with one share of Rs10 (face value) would be entitled to two shares of Rs5 each.
The board has also recommended hiking the authorised share capital of the company to Rs225 crore, from existing Rs100 crore to accommodate the fresh issue of shares consequent to the merger, Sun TV said in a filing to the BSE.
Sun TV had recently merged Gemini TV and Udaya TV with itself.
Gemini TV owns Gemini TV, Teja TV, Gemini News, Gemini Music and Gemini Cable Vision while Udaya TV owns four television channels — Udaya TV, Udaya Movies, Udaya Varthegalu and Udaya TV II.
Meanwhile, certain proposals to increase the limit to borrow and invest funds were also approved at the 5 April meeting.
The consent of Sun TV shareholders on the board’s recommendations would be taken by way of a postal ballot, the company said.