Direct Media Solutions to hold majority stake in Siti Cable Network

Direct Media Solutions, a part of the promoter group company, is set to hold majority stake in Siti Cable Network. The company will acquire shares from Biscope Cinemas, another sister group company, to lift its stake to 53.13 per cent in Siti Cable. The acquisition of 22.17 per cent stake from Biscope Cinemas will be at not more than Rs. 17.09 per share. 

Direct Media Solutions is currently the largest shareholder in Siti Cable but it is below 51 per cent. As of 30 September 2013, Direct Media Solutions held 140,000,000 shares, equivalent to 30.96 per cent holding, of Siti Cable. The acquisition of shares, which commences from 22 November, will be priced at Rs. 17.09 per share in line with the SEBI guidelines of volume weighted average market price for a period of 60 trading days. It may be recalled that Direct Media Solutions has been increasing its stake in Siti Cable since November 2012 when it first acquired 132,972,840 shares or 29.4% stake.

During the fiscal 2011-12, Bioscope Cinemas became the holding company of Siti Cable (erstwhile Wire and Wireless (India) Limited) due to inter se transfer of equity shares amongst Essel Group. Bioscope Cinemas acquired 262,040,427 shares, or 57.95 per cent stake, of Siti Cable through inter se transfer of shares amongst promoters. 

Shares of Siti Cable today advanced 7.1 per cent to Rs. 18.05 amid huge volume growth on the BSE. As many as 940,000 shares changed hands, which is almost a thirteen fold increase over its daily averages.

Source: http://cablequest.org/news/cable-news/item/3638-direct-media-solutions-to-hold-majority-stake-in-siti-cable-network.htmlSource: http://cablequest.org/news/cable-news/item/3638-direct-media-solutions-to-hold-majority-stake-in-siti-cable-network.html