Zee Entertainment to buyback its shares worth up to Rs 700 crore

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Zee Entertainment to buyback its shares
Zee Entertainment Enterprises, an Essel Group Company has announced a buyback programme up to Rs 700 Crore.

Enam Securities Pvt. Ltd is the Manager to the buyback and has issued the public announcement to the equity shareholders of the Zee Entertainment. The company has filed a statement to Bombay Stock Exchange (BSE) about its buyback programme.

In its filing, the company said that buyback of its fully paid-up equity shares of Re 1 face value each will be at a price not exceeding Rs 126 per equity share.

The company proposes to buyback a minimum of 1.26 crore equity shares from existing shareholders other than the promoters, it said.

As per the filing, the maximum number of equity shares that the Company can buyback in any financial year shall not exceed 25% of the total paid-up equity capital of the Company.

The buyback offer will open on July 27, 2011, and close on March 23, 2012. "Last date for the buyback is March 23, 2012, or when the company completes the buyback to the extent of Rs 700 crore, whichever is earlier," it said.

The company did not disclose the purpose of the buyback in the filing.

OneIndia Money

Read more about: shares, bse, stock, zee
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