Nalanda Capital buys 7 mn shares in Sun TV for Rs 1 bn

Singapore-based private equity firm Nalanda Capital has picked up seven million shares in Kalanithi Maran’s Sun TV Network for Rs 1.02 billion.

The transaction was through an open market bulk deal on the Bombay Stock Exchange.

The shares, constituting 1.78 per cent stake, have been picked up for Rs 145 per share.

 

The scrip of Sun TV is attracting investors as the value has declined from a high of Rs 390 in May this year to a low of Rs 125 in December. Trade pundits asses that the stock has the potential to head towards the target of Rs 225 levels.

Investors have also viewed with optimism the truce between the marans and DMK party chief and Tamil Nadu CM M Karunanidhi.

Sun recently launched a film production company, Sun Pictures, for movie production. The company has a plan to produce the movies in the four southern languages.

A South India based media conglomerate, Sun TV has around 20 TV channels, 43 FM radio stations, two daily newspapers and four magazines. Sun also has a presence in cable TV and direct-to-home.

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