Zee Entertainment Enterprises Ltd could mop up only 33.13 per cent through buyback window, which closed on Friday. The buyback commenced on July 27, 2011, for Rs 700 crore. But the company bought back only 1.93 crore shares at an aggregate amount of Rs 231.92 crore.
The company had a set a maximum price of Rs 126 a share. The stock today closed at Rs 127.55 on the BSE. The share price was moving between Rs 145.85 and Rs 109.85 during the period.
Enam Securities Pvt Ltd is managing the offer on behalf of Zee Entertainment.
Kale Consultants said that its buyback had fetched tenders for 56.2 per cent (5,31,543 shares for Rs 7.3 crore) as on March 22. The company had announced a buyback size of Rs 12.975 crore at a maximum price of Rs. 160 per share on February 2. The buyback represents 10 per cent of its paid-up capital and free reserves as on June 30, 2011.
The board had resolved to buy back a minimum of 2.5 lakh shares and a maximum of 10 lakh shares on the NSE and BSE.
The buyback opened on February 20 and will remain open until January 31, 2013.
Ambit Corporate Finance is the manager to the buyback offer.
> raghavendrarao.k@thehindu.co.in
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