Kalanithi Maran promoted Sun TV, which entered the stock market on April 20, 2006, closed at Rs 1,466.05 per share at the BSE, way above its issue price of Rs 875 per share. It opened at Rs 1,111 on the BSE, while in NSE, the stock opened at Rs 1,000 and closed at Rs 1,466.65.
Sun TV’s IPO hit the market on April 3, 2006, and was oversubscribed 47 times before the issue closed on April 7. The price of the issue was decided through a book building process within a price band of Rs 730 to Rs 875, for a share of Rs 10.
The company is raising funds for capitalisation of subsidiaries, launch of new TV channels, construction of corporate office and studio facilities, purchase of new equipment and upgradation of equipment and general corporate purposes.
It is currently running four television channels in Tamil Nadu – Sun TV, Sun News, Sun Music and KTV. In Kerala, it runs Surya TV and Kiran TV.
It has also been operating three Tamil FM radio stations in Chennai, Coimbatore and Tirunelveli in the name Suryan FM since 2003. It has won 45 licenses under the FM Phase II expansion under the subsidiaries of South Asia FM and Kal Radio.