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Promoters to hike stake to 51% in Padamalaya Telefilms

25-September-2002
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Promoters to hike stake to 51% in Padamalaya Telefilms

The promoters of Padmalaya Telefilms Ltd, the Hyderabad-based infotainment solutions provider, plans to up their stake to 51 per cent from the present 49 per cent consequent to their strategic tie-up with Zee Telefilms Ltd.

They had adopted this route to consolidate their holdings by transferring 22.50 lakh equity shares of the company to Padmalaya Enterprises Pvt Ltd earlier this year.

Further, to achieve 51 per cent stake in the paid-up capital, Padmalaya Enterprises Pvt Ltd is planning to acquire the balance shares through creeping acquisitions.

To effectively manage and control the company's functioning, the promoters and Zee Telefilms constituted Padmalaya Enterprises as holding company of Padmalaya Telefilms.

Padmalaya Telefilms is eyeing the exhibitor line as a new business stream wherein the company will acquire theatres on long lease.

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