Reliance Industries Ltd (RIL) has decided to reduce 3.10 per cent stake in Network18 Media & Investment (NW18) by selling 3.25 crore shares of NW18 to bring down the aggregate shareholding of the promoter and promoter group in the company to 75 per cent as per SEBI rule.
Public shareholding upThis will help in the increase of public shareholding to 25 per cent as mandated by the listing agreement, RIL said.
“In this regard, Shinano Retail Private Ltd., (effectively 100 per cent owned by Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL), a promoter group company of NW18, has issued a notice of Offer for Sale of 3.25 crore shares of NW18 through the stock exchange mechanism in accordance with the SEBI circulars,” RIL said in a filing to the stock exchanges.
In mid-2014, RIL, through its Independent Media Trust, had acquired 78 per cent stake in Network18 and nine per cent stake in TV18 for Rs.4,000 crore.
Network18 shares on Monday closed at Rs.62.60, up 2.62 per cent on the BSE.
At this price RIL’s Shinano Reail will fetch Rs.203.45 crore.
