At the current price, the share sale could be worth over Rs 200 crore
Reliance Industries will offload 3.1 per cent stake in media and entertainment firm Network18 Media and Investments Ltd for an estimated Rs 200 crore to bring down its shareholding to permitted level of 75 per cent.
New Delhi: Reliance Industries will offload 3.1 per cent stake in media and entertainment firm Network18 Media and Investments Ltd for an estimated Rs 200 crore to bring down its shareholding to permitted level of 75 per cent.
Mukesh Ambani-led Reliance Industries, which had last year acquired majority holding in Network18 for Rs 4,000 crore through Independent Media Trust (IMT), said the move was to comply with Sebi’s requirement of keeping promoter holding at a maximum of 75 per cent.
The floor price for the Offer For Sale, which would take place on July 8, will be decided after close of market hours on Tuesday. At the current price, the share sale could be worth over Rs 200 crore. In a BSE filing, Reliance Industries said it is “proposing to sell 3.25 crore shares of Network18 Media and Investments Ltd (representing 3.1 per cent of the equity capital) to bring down the aggregate shareholding of the promoter and promoter group to 75 per cent”.
Elaborating further, he company said that the promoter group firm Shinano Retail Pvt Ltd “has issued an Offer for Sales of 3.25 crore shares of Network18”.
( Source : PTI )
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