Network18 completes acquisition of 80% in AIM-listed IFC

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 80.4 per cent.

Network18 has received another 11.2 per cent stake offer, taking its "total valid acceptance of the offer" for a total of 44.4 per cent, or 24.4 million IFC shares.

As reported earlier by, Network18 had increased its stake in the AIM-listed movie company by 19 per cent, through the offer, increasing its stake in the movie company to 69.2 per cent.

Meanwhile, Netwok18 also announced that the offer is closed now. “The offer was declared wholly unconditional on 24 August 2009 and 14 days notice was given of the closing of the offer. Such notice having now expired, the offer is now closed,” it said.

Network18 had also announced that it is open to cancel IFC’s quotation on AIM, once it acquires 90 per cent or more of the existing issued ordinary share capital of the company.

Network18 had also said that it would not delist IFC from AIM even if it completes 75 per cent acquisition. “It is Network18‘s current intention to retain the company‘s AIM quotation even if the level of acceptances in respect of the offer increases the Network18 parties shareholding to 75 per cent or more of the existing issued ordinary share capital of the company.”

However, it also mentioned that if shareholders do not accept the offer in respect of their own shareholding, they will be minority shareholders in a controlled company with a reduced number of shares that are held in public hands as a result of Network18‘s current level of shareholding. This may have a significant adverse impact on the liquidity and marketability of their shares in the future, the company added.

Network18 had 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, as per UK takeover code.

IFC stated that settlement of the consideration due under the offer in respect of valid acceptances, which were received complete in all respects on or before 24 August 2009, has already been dispatched. Also, settlement of the consideration in respect of further acceptances which are valid and complete in all respects and received prior to 7 September, will be dispatched within 14 days of receipt.

Latest Reads
Box Office: A disastrous week for film exhibitors

It has been another disastrous week at the cinema halls and the wait is now on for Diwali week releases. All the releases failed to find audiences and faced the no-audience-no-show situation. The films released a week earlier were faced with the similar fate as well.

Movies Hindi
Govt says 'no mushkil' to 'Ae Dil' even as Pak industry supports Indian content ban

NEW DELHI: Although Indian is almost completely banned in Pakistan now courtesy PEMRA, in India, it became a Catch-22: give in or give up. But, ultimately Karan Johar managed to get an assurance that ‘Ae Dil hai Mushkil’ would be released as scheduled on 28 October, after the Maharashtra chief...

Movies Hindi
Sony Pictures signs three-film deal with international producers

MUMBAI: Sony Pictures International Productions (SPIP) has inked a deal with Mexico and Los Angeles-based producers Eduardo Cisneros and Jason Shuman. With this multi-picture development, the producers will write and produce three new feature films with the studio.

Movies Hollywood
31st October: Genuine effort wasted

Rather late in the day, 31stOctober is a film about the Sikh genocide of 1984 in Delhi in the aftermath of assassination of the then prime minister of India Indira Gandhi. She was killed by her security guards, who happened to be Sikh. That assassination, again, is attributed to the anger of the...

Movies Hindi
TV premiere of Daniel Craig's 'Spectre' on 23 October

Movies Now is all geared up to air the television premiere of the Daniel Craig starrer James Bond movie Spectre. With Diwali round the corner, the movie will hit the TV screens on 23 October at 1 pm and a repeat telecast at 9 pm.

Movies Hollywood
Jio MAMI: Royal Stag Barrel joins Star to promote short films

The Jio MAMI 18th Mumbai Film Festival with Star has managed to involve Royal Stag Barrel Select Large Short Films to provide a platform within the short films category.

Movies Hindi
India against obstructing Fawad film; Maharashtra assures 'protection'

Even as PEMRA's ban on Indian content looms, the Indian Government has made it clear that it will not create any impediment for the release of producer-director Karan Johar’s 'Ae Dil Hai Mushkil’ starring popular Pakistani actor Fawad Khan, among others.

Movies Hindi
'Thithi' to open Dharmashala fest; to screen 45 features and shorts

A total of 45 features and shorts are to screened at the fifth Dharamshala International Film Festival (DIFF) to be held from 3 to 6 November.

Movies Hindi
New films: The business of a few lakhs

The dull pre-Diwali period has taken its toll. The films released recently as well as last Friday have fallen like nine pins. Some of these have been forced to commit hara-kiri as they would not be able to get playtime at the cinemas in peak period when the flow of star cast films is regular. The...

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories