SSI to acquire Telephoto Entertainments

Televisionpoint.com Team
SSI Ltd proposes to acquire management control of the Chennai-based Telephoto Entertainments subject to the applicable provision of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulation, 1997 as may be applicable and necessary.

SSI has now picked up 11% equity stake in Telephoto Entertainment. A mix of preferential offer and warrants will see the stake going up well over 54%. SSI is keen to increase the stake by another 20% through an open offer, taking its total stake in the content company to close to about 76%. SSI acquired 3.5-lakh equity shares at Rs 15.25 per share from Suresh Menon.

The preferential offer is proposed to be made to SSI Ltd, subject to necessary approval from shareholders, and will be made at a price arrived at in terms of the SEBI.