Zee issues open offer to acquire 20% additional stake in ETC

The open offer was ultimately higher than the Rs 70 million that Zee Telefilms had earlier declared it would be shelling out for a further stake in ETC Networks. Rs 73.75 million to be more accurate.

Zee Telefilms today announced its open offer to acquire 20 per cent equity stake of ETC Networks at Rs 31.52 per share. The open share offer to acquire up to 2,339,900 fully paid up shares for Rs 10 each is being managed by SSKI Corporate Finance.

Zee had earlier acquired 5,660,795 equity shares representing 48.32 per cent of the issued subscribed share capital of ETC Networks Ltd for a total consideration of Rs 178.4 million - at around Rs 31 per share. The specified date for the transaction to be completed is 25 February.

With this announcement, Zee is now looking at acquiring a whopping 68.32 per cent stake in ETC.