Movies

Viacom18 acquires 94% of IFC; to cancel AIM-listing

MUMBAI: Viacom18, the joint venture company between media conglomerate Viacom Inc and IBN18 Broadcast, has acquired 51.68 million shares representing approximately 93.96 per cent of the AIM-listed The Indian Film Company (TIFC).


Viacom18, through its subsidiary Roptonal Ltd, had made the offer to acquire TIFC shares at a price of 115.56 pence apiece on 1 October. 


Roptonal said it owns (either acquired or has received valid acceptances) 93.96 per cent stake in TIFC and has declared the offer unconditional in all respects.


Roptonal also said it intends to "procure that an application be made to the London Stock Exchange" for the cancellation of admission to trading on AIM of TIFC shares.


As per AIM rules, Roptonal has given 20 (business) days notice for cancellation, which will take place at 7 am on 19 November. The cancellation will take place without the approval of TIFC shareholders.

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