The Sun TV promoter Kalanithi Maran will sell a 2 per cent stake in the television network, according to a notice issued by the company to the stock exchanges.
Maran has made a notice of offer-for-sale of 7.8 million shares of face value of Rs 5 each representing 2 per cent of the equity share capital in Sun TV Network Ltd.
The sales will be on the BSE and NSE in line with the guidelines of the Securities and Exchange Board of India — the SEBI OFS Guidelines, the announcement said.
The sale will take place on the separate window of the stock exchanges on May 29 at 9.15 a.m. and close on the same day at 3.30 p.m. The company will declare the floor price for sale on May 28 after trading closes.