The Subrata Roy-promoted Sahara India Mass Communications may exit the production company K Sera Sera. The company has sold 5.74 per cent stake in K Sera Sera via block deals in the last two trading sessions.
SIMCL sold 1,33,900 at Rs 72.49 -- nearly 20 per cent discount on Friday's closing price of Rs 88.5. Combined, the company sold 733,000 shares amounting to around Rs 7 crore (Rs 70 million). SIMCL held a 10.24 per cent stake in K Sera Sera as on March 31, 2005.
Kacon Sethi, chief executive officer, K Sera Sera Productions, said, "Why they have chosen to exit K Sera Sera is a question that can be best answered by the Sahara group."
However, an official comment from Sahara India Mass Communication was not available.
K Sera Sera had formed a joint venture with Sahara Motion Pictures for producing 10 movies. The company also produced television content for Sahara One television channel.
K Sera Sera has been witnessing heavy activity in the last three trading sessions. Manprit Trading, one of the larger shareholder in K Sera Sera, today sold 120,000 shares at Rs 74. Excel Infotech and WG Share Broking were other sellers in K Sera Sera.
While Excel Infotech sold 100,000 shares at Rs 81.06, WG Share Broking sold 350,000 shares at Rs 75.85 per shares in a block deal executed on the BSE. Goldman Sachs had brought 100,000 shares of the entertainment at Rs 80 per shares on Tuesday.
On Monday, Sonata Investments Ltd had bought 8,17,900 shares of K Sera Sera at Rs 71.25 per share. The shares were sold by Manprit Trading (1,00,000 shares) at Rs 75.17, Sahara India Mass Communication (1,33,900 shares) at Rs 72.49, Sital Motwani (2,49,000 shares) at Rs 71.44 and BNP Paribas AC (7,51,000 shares) at Rs 72.05.
On Friday, three block deals were struck on the counter aggregating 6.11 lakh shares at an average price of Rs 82.5 per share.
