Financial Daily from THE HINDU group of publications
Friday, Jul 25, 2003
Financial Daily from THE HINDU group of publications Friday, Jul 25, 2003 |
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Foreign Institutional Investors Corporate - Mergers & Acquisitions Zee promoters sell 3% stake to FIIs Our Bureau
Mumbai , July 24 PROMOTERS of the Subhash Chandra-lead Essel Group offloaded three per cent of their equity holding in Zee Telefilms, placing 1.23 crore shares in block deals with foreign institutional investors on the Bombay Stock Exchange today. The proceeds will be used to pay all dues owed to Zee Telefilms (ZTL) and Essel Propack, a news release from the Essel Group of Companies said. According to market information, the shares may have been sold at around Rs 120 in two block deals aggregating to around Rs 150 crore. According to National Stock Exchange information on ZTL's shareholding pattern of June 30, 2003, the promoters held a combined stake of 50.49 per cent (Indian promoters: 23.51 per cent; foreign promoters: 26.98) while FIIs had 29.43 per cent. Zee Telefilms ended the day at Rs 117, lower by Rs 2.25 from the previous close. Volumes were 1.74 crore shares on the BSE. Essel Propack, on the other hand, closed Rs 9.15 higher at Rs 182 on the BSE.
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