Sun TV Network today said that over 1 crore of its shares that were pledged by its promoter Kalanithi Maran have been released.
In a disclosure to the BSE, Sun TV informed the exchange of the release of 1,08,68,693 shares, which were pledged by its promoter Kalanithi Maran, on March 13.
For the quarter ended December 31, 2012, Maran, who is Chairman of the Sun Group, holds 30,34,45,157 shares in Sun TV Network, which is 77% of the stake in the company.
In October, the Chennai-based company won the Hyderabad franchise of the Indian Premier League for an amount of Rs 85.05 crore per year.
Sun TV Network scrip declined 1.83% to settle at Rs 437.10 apiece from its previous close.