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Padmalaya Telefilms offers 15 lakhs shares to SET

04-January-2002
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Padmalaya Telefilms offers 15 lakhs shares to SET

Padmalaya Telefilms Ltd (PTL) is in talks with Sony Entertainment Television (SET) India Pvt Ltd to offer 15 lakhs shares (12.5 per cent stake) by way of private placement.

The company is also in talks with Walt Disney to offer a strategic stake in its wholly-owned subsidiary, Padmalaya Telefilms Inc, US.

Padmalaya Telefilms, which is into television software, films, distribution and animation, is planning to hive off its animation division to its wholly-owned subsidiary, Padmalaya Telefilms Inc, US.

The share price (face value Rs 10) will be decided on the basis of Securities and Exchange Board of India (SEBI) regulations. Analysts expect the placement of these shares to be at a premium to the current market price.

The share price of PTL has been on an upward course during the last couple of months on expectation of a foreign media company acquiring a strategic stake in it. In the recent rally, it rose from Rs 60 to Rs 140, before profit-taking brought it down.

Post-private placement, PTL's equity base will increase to Rs 12 crores from Rs 10.5 crores. Currently, the promoters hold 38 per cent stake in the company and the public 20-22 per cent. The holdings of financial institutions and non-resident Indians are quite small.

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