The SABeTV share price has been on an upward trend of late. The stock closed at Rs 166.50, up 1.65 per cent from its previous close on the BSE.
The rumours doing the rounds are that SABTNL is in talks with Zee to partly offload its equity stake. The counter has witnessed a movement of 3.67 per cent from Monday’s close of Rs 160.60.
The company, at its board meeting, approved the increase in the authorised capital from 10 million equity shares with a face value of Rs 10 each to 15 million equity shares. The board also cleared the issue of warrants to the core promoters, tallying up to 2.62 million equity shares on conversion.
According to Media analysts, the stock movements has been fairly positive. The logic behind increasing the authorised capital is to basically increase the promoters stake so as to able to offload the stake to a strategic investor.
Market rumours have been very strong that the promoters are looking to probably offload part stake up to at least 26 per cent. Rumours are also afloat that Zee is the company, which SABTNL is eyeing for offloading its stake.
Strategic reasons being, the company will get a good platform for its channel SABeTV by being a part of the Zee-Turner bouquet and for Zee the value lies in the vast pool of content that SABTNL has.
Source: Business Standard