RIL to offload 3.1% stake in Network18
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Mukesh Ambani’s Reliance Industries Limited (RIL) announced a proposal to sell 32.5 million shares of Network18 Media & Investments Limited (NW18). This is close to 3.1 per cent of the equity capital of NW18. The offer-for-sale will open on Wednesday.
The sale is to bring down the aggregate shareholding of the promoter and promoter group to 75 per cent and increase the public shareholding to 25 per cent, in line with Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.
In a BSE filing, Reliance Industries said, “Shinano Retail Private Limited (fully owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of RIL), a promoter group company of NW18, has issued a notice of offer-for-sale of 32.5 million shares of NW18 through the stock exchange mechanism in line with market regulator’s circulars.”
The company did not share the price at which it will sell the stake. Based on Monday’s closing price, the sale is expected to be worth just over Rs 200 crore.
In a separate filing, TV18 Broadcast Ltd said Hari S Bhartia, non-executive and independent director, had resigned from the directorship from June 30.
On May 29 last year, in the biggest ever deal in India's media sector, Reliance Industries acquired control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000 crore.
Subsequently, the company made open offers to acquire a controlling stake in media group Network18 and its subsidiaries.
In January 2012, Network18 Group and Reliance Industries had joined hands for a multi-layered deal, under which the Mukesh Ambani-led corporate giant sold part of its interest in ETV channels and got access to content and distribution assets of the electronic media group.
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