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Network18
Media and Investments Ltd, a founder group firm, has already acquired
300,000 equity shares in TV18 since 15 February 2008 via purchases
in the open market. TV18 owns and operates business news channels
CNBC TV18 and Aawaz.
The
fall in share prices could have triggered Network18's decision
to buy in the open market.
TV18 board had earlier approved the issue of 10 million warrants
to allow Network18 India Holdings , a unit of Network18, to up
its stake in the company.
"Network
18 India Holdings has decided not to subscribe to the preferential
allotment of 10 million convertible warrants of TV18 that were
approved for allotment," an official statement said.
Creeping
acquisition is a process by which the promoters of a company holding
less than majority stake increase their equity either by making
an open offer to the shareholders or buying from the market.
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