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.

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