The media-tycoon Kalanithi Maran has pledged shares worth around Rs 94 crore in Sun TV Network Ltd, the media company which is promoted by Maran.
“The pledging comes as a top up to an earlier pledging of around 7% shares from the company as security to a consortium of banks for loan extended to a group company, Sun DTH, the DTH arm of Sun TV," according to company's senior official.
The additional pledge was around 1.38% or 41.72 lakh shares, taking the total stake pledged to around 8.71%. Maran has a 77% share in the company, which has now come down to 68.29%.
A company official said that, Maran earlier pledged his shares as security for the loan extended to Sun DTH by banks, since the share price has started falling, the additional pledging is to compensate the fall, according to the value of loan.
The additional pledged shares might be depledged once the value of shares start to climb up again, said company sources.
The share price of Sun TV Network's saw a monthly high of Rs 310 and a monthly low of Rs 220 per share, in Bombay Stock Exchange.
Company's shares were trading at Rs 224.90 a share on Monday evening.