GECs
Chandra offloads 2.5 million shares for Rs 270 million
A little over a month after media baron Subhash Chandra’s Zee Telefilms Ltd, announced its promoters had placed 5 million shares with a U.S.-based institutional investor, another 2.5 million shares were offloaded yesterday with an FII.
Though Zee officials did not divulge the price, the placement will raise about Rs 270 million, according to merchant banking sources. The Financial Express, quoting market sources, said the deal was done on the National Stock Exchange (NSE) at a price of Rs 106.50 per share, amounting to around Rs 266.2 million. The transaction represents about 0.6 per cent of ZTL’s paid-up capital and further lowers the promoters’ stake to around 58.3 per cent.
According to a company release, the proceeds from the placement will be paid back to ZTL upon settlement of the transaction. The group promoters had earlier borrowed Rs 2200 million from ZTL for the Essel group. They had announced that the entire amount would be returned by June 30. However, the Essel group has since then managed to pay back Rs 1100 million in two tranches. An initial payment of RS 600 million was paid and last month’s transaction raised another RS 500 million. CIBC Oppenheimer was the investor in last month’s deal and paid slightly less than Rs 100 a share for its stock holding.
AC Saha, president, corporate finance and strategy, Essel Group of companies, said: “Placement of these shares reinforces the promoters’ commitment to fulfil their obligations, despite the share price of Zee Telefilms LTD not being very attractive at this stage.
The figure of RS 2200 million is what the Zee Network had reportedly advanced to Essel group investment companies, which was subsequently transferred to cornered bull Ketan Parekh’s investment companies.
The announcement comes amidst a spurt in activity around the scrip over the last few days. The speculative activity is apparently linked to reports that Chandra may be willing to lower his personal stake to half the present equity which would effectively deprive him of management control of the company.
GECs
Samsung TV Plus launches Kings of Comedy channel
New free FAST channel brings iconic Hindi comedy shows to millions of Samsung Smart TV owners.
MUMBAI: Samsung TV Plus has just turned up the laughter volume and it’s completely free. The leading free ad-supported streaming television (FAST) service in India has launched Kings of Comedy, a premium comedy channel featuring some of the country’s most beloved primetime shows. Available exclusively on Samsung TV Plus, the channel delivers back-to-back hits including Comedy Nights with Kapil, Khatra Khatra Khatra, and Comedy Nights Bachao, with no login or subscription required.
The launch marks a milestone for free streaming in India, offering audiences a dedicated comedy destination directly from their Samsung TV home screen. It arrives as Samsung TV Plus India celebrates its 5th anniversary, during which the service has grown its monthly active users by 42 per cent and more than doubled its total viewing hours. The platform now offers over 180 free channels across 14 languages.
Samsung TV Plus India general manager and head of business development Kunal Mehta said, “Comedy is the heartbeat of Hindi entertainment, and Kings of Comedy brings together the shows Indians already love, completely free on their Samsung TV. Our focus remains the same take the content people know and make it effortless to access.”
Globally, Samsung TV Plus has surpassed 100 million monthly active users across more than 4,500 channels, solidifying its position as one of the world’s leading free streaming services.
Kings of Comedy is now available on all compatible Samsung Smart TVs. For viewers seeking non-stop laughter without any cost, this new channel delivers a royal treat proving that sometimes the best entertainment really does come with no strings (or subscriptions) attached.
