ETC Networks Ltd has received a welcome cash infusion after its board yesterday approved the preferential allotment of slightly over 2.2 million equity shares to Subhash Chandra‘s Zee Telefilms Limited for about Rs 70 million.

This latest transaction takes Zee‘s stake in ETC to 73.35 per cent in the immediate term. The cash inflow is likely to be used to finance any further expansion plans that ETC may have.

A total of 2,220,812 shares were alloted at Rs 31.52 per Rs 10 share for just under Rs 70 million (Rs 69,999,994 to be exact) and ETC convened an extraordinary general body meeting (EGM) today to obtain shareholders‘ approval.

It was last Monday that Zee took a controlling stake in ETC by mopping up 48.32 per cent of the company‘s issued subscribed share capital for Rs 178.4 million. This was followed up last Wednesday by Zee announcing its open offer for 2,339,900 shares to acquire an additional 20 per cent equity stake of ETC Networks at Rs 31.52 per share.

In the end he was out almost before he had set foot inside. Satish Menon has left the still-up-in-the-air Manoranjan Aur Kya (Mak) TV and joined Sahara TV, industry sources revealed today.

Sources say Menon is likely to be heading ad sales and marketing at Sahara. When contacted Priya Raj, Sahara TV vice-president (publicity, promotions & PR), confirmed Menon‘s having joined Sahara but said details regarding his designation were still awaited.

Menon joined Mak from Zee TV where his last posting there was as president of Zee News. His has been just one of the high-profile departures from the Zee Group in the last few months.

Menon‘s leaving Mak just a couple of months after joining the network is likely to further fuel doubts about whether the network will finally see the light of day. Mak was originally scheduled to launch on 31 December as a six-channel bouquet. Then 26 January (Republic Day) was being talked off as a launch date but there is still no word available on what is happening there.