RIL makes open offer

RIL makes open offer

JM Financial Institutional Securities, on behalf of Independent Media Trust, represented by its trustee Sanchar Content Private Ltd, together with Reliance Industries Ltd (RIL) and Reliance Industrial Investments and Holdings, has made an offer for the acquisition of up to 22.99 crore equity shares of Network18 Media & Investments Ltd, constituting the remaining 21.96 per cent at a price of Rs.41.04 a share aggregating to Rs.943.70 crore. Similarly, JM Financial on behalf of the same acquirers has made an open offer for acquisition of up to 44.65 crore equity shares of TV18 Broadcast, constituting 26 per cent at a price of Rs.30.18 per share aggregating to Rs.1,347.57 crore. On behalf of the acquirers, JM Financial has also made an open offer for acquisition of up to 1.31 crore equity shares of Infomedia Press Ltd., constituting 26 per cent at a price of Rs.3 per share, aggregating to Rs.3.92 crore.