Kalanithi Maran reduces holding in Sun TV Network to 75%

Sun TV Network Ltd today said its promoter Kalanithi Maran has sold two percent stake in the company, bringing down his holding in the firm to 75 percent. Maran has sold 78,81,700 equity shares of Sun TV, which is two percent of its total equity share, the company said in a filing to the BSE.

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Before the sale, Maran had held 77 percent stake in the company. The sale has been transacted through offer for sale (OFS) mechanism, it added.

As per the Securities and Exchange Board of India minimum public shareholding norms, all private sector listed companies need to have at least 25 percent public shareholding and promoters have been asked to lower their stake to 75 percent or below by June, 2013.

To help companies comply with the new public shareholding norms, Sebi in 2012 created two new routes - offer for sale (OFS) and institutional placement programme (IPP).

Shares of Sun TV today closed at Rs 415.40 per scrip in the afternoon trade, down 1.35 percent from the previous close on the BSE.