PremiumSun TV Network says its founder will sell the shares through the offer for sale route
Mumbai: Sun TV Network Ltd said Monday its founder Kalanithi Maran will sell 7.88 million shares through the offer for sale route through the stock exchanges starting 29 May.
According to BSE Ltd data, Maran holds 303.4 million shares or a 77% stake in the company. The norms stipulate that the public shareholding needs to be at least 25% before 4 June.
“The floor price shall be intimated on 28 May, 2013, after the close of trading hours of the stock exchanges and not later than 6pm," the company said in an exchange filing. Sun TV shares closed Rs417.20, up 1.52% on Monday, while the benchmark Sensex rose 1.66% to 20,030.77 points.
