Maran redeems 50L Sun Net shares

Chennai: Kalanithi Maran, the promoter of the Sun Network with over 77% stake in the Rs 1,400-crore media house, has redeemed 50.27 lakh shares out of the total 6.13 crore shares of Sun Network he pledged with various banks and financial institutions.
According to market sources, in June last, Maran had pledged a total 6.63 crore shares, or 21.87% of his stake with various financial institutions to raise a war chest to buy a controlling 37.7% stake in the Gurgaon-based low-cost carrier (LCC) SpiceJet for Rs 739 crore.
Left with just Rs 66 crore out of the Rs 572 crore he raised through the initial public offering in Sun Network in 2009, Maran decided to finance the Rs 739-crore airline deal from his own pocket by pledging his stake.
31/08/10 Financial Express

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Categories: SpiceJet Aug 2010, Sun Airways Aug 2010