Zee open offer for ETC opens

Zee Telefilms’ open offer for 20 per cent additional stake in ETC Networks at Rs. 31.52 per share opens today.

This follows the Zee’s acquisition in February of a 48.38 per cent of ETC promoters’ stake. In its offer letter Zee had said: “The acquisition of majority stake in ETC Networks will enable Zee Telefilms to have undisputed market leadership in the music and Punjabi segments besides providing access to the ETC library.”

Meanwhile, the Subhash Chandra broadcaster clarified yesterday that its recent offer to acquire a major stake in Telugu animation major Padmalaya Telefilms would remain at Rs. 148.50 per share. Zee said that it would not increase the offer price for acquiring 20 per cent in Padamalaya Telefilms. Zee’s clarification came in response to queries raised after PTL’s ruling price reportedly touched Rs. 153.25 on Monday. The scrip is currently trading at Rs 149. 

Zee’s open offer for 20 per cent more of PTL is expected to open on 5 May. The offers comes on the heels of newly acquired Zee subsidiary Padmalaya Enterprises acquiring a 34 per cent stake in PTL.