MUMBAI: The South Indian television major Sun TV Network is examining a buyback of its equity shares and has formed a committee to examine the proposal.

In a BSE filing, Sun TV Network said that its Board of Directors met on 5 November, 2015 to evaluate the proposal for buyback of equity shares of the company.

“After detailed deliberations, the Board has constituted a committee to examine the buyback proposal as well as other options and recommend suitably,” the company further added.

Sun TV promoters hold 75 per cent stake in the company, while the rest 25 per cent is with the public as of the quarter ended 30 September, 2015. Of the shares held by the public, Foreign Institutional Investors (FIIs) hold 16.61 per cent, whereas domestic financial institutions hold 2.64 per cent.

The company had, in an earlier notice informed the bourses, that the board would meet on 5 November to consider if it thought fit to approve a proposal to buy-back the fully paid-up equity shares of the company.