Zee Telefilms promoters on Friday sold 25 lakh shares at an undisclosed price to a foreign institutional investor (FII) to repay funds borrowed from the company for acquiring shares of B4U and AB Corp.
Market sources said that this block deal of 25 lakh shares was done on the National Stock Exchange (NSE) at a price of Rs 106.50 per share, amounting to around Rs 26.62 crores.
Zee also did not mention the FII who purchased these shares. The proceeds of the sale of 25 lakh shares would be paid back to Zee Telefilms upon settlement, further reducing the promoters liabilities.
The promoters owed Rs 110 crores, after returning to Zee Telefilms in two tranches of Rs 60 crores and Rs 50 crores by placing 50 lakh shares. The balance amount out of a total liability of Rs 220 crores will be paid soon.
With the placement of 25 lakh shares, Zee’s promoters stake has gone down by 0.6 per cent, from the current holding of 59 per cent stake in the company. The FII holding stands at 22 per cent.
On Friday, the Zee counter witnessed huge trading volumes on both the NSE and The Stock Exchange, Mumbai (BSE).