Bioscope Cinemas to acquire up to 29,157,417 shares of Siti Cable

Bioscope Cinemas has proposed to acquire up to 29,157,417 shares of Siti Cable Network on June 27, 2016 or any day thereafter within a period of 90 days by way of on-market inter-se transfer of shares amongst the promoter group.

The shares are to be acquired from Essel Media Ventures (up to 14,171,245 equity shares) and Essel International (up to 14,986,172 equity shares).

After the proposed transaction, Bioscope Cinemas’ total share capital of TC will go up to 12.85 per cent from the current 9.17 per cent.

Meanwhile, post the proposed transaction, the total share capital of TC of Essel Media Ventures will go down from 12.59 per cent to 10.81 per cent, while that of Essel International will move from 7.81 per cent to 5.92 per cent.