Movies

Network18 ups stake in AIM-listed Indian Film Company to 69%

MUMBAI: Network18 Holdings, the subsidiary of Raghav Bahl-promoted Network18 Media & Investments, has increased its stake in the AIM-listed Indian Film Company (IFC) to 69.2 per cent, mopping up additional equity through a mandatory offer.



Network18 has received another 19 per cent stake offer, taking its "total valid acceptance of the offer" to 33.2 per cent, or 18,239,930 shares.


Indiantelevision.com had earlier reported that Network18 had acquired 14.2 per cent equity, or 7.8 million shares, through the offer, increasing its stake in the movie company to 50.2 per cent.


The offer will remain open for acceptance and will lapse if the acquisition of IFC is referred to the competition commission before 7 September.


Network18 had recently increased its stake in IFC to 35.99 per cent, following which it had to make a mandatory offer for all the remaining shares not owned by it.

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