MUMBAI: After announcing its open offer to acquire Network18 group’s public shareholding last week, Reliance Industries (RIL) has announced the schedule for the entire offer that will run between June and August.
12 June has been fixed for filing the Network18, TV18 and Infomedia draft letters with the securities and exchange board of India (SEBI) while 26 June has been fixed as the last date for competitive offer. Unless SEBI asks for additional information, it will give in its observations on the letters by 3 July. The identified date has been kept as 7 July.
The public shareholders should receive the letters of offer by 14 July which can be revised till 15 July. The committee of independent directors of the three companies shall give their recommendation to shareholders of target company by 17 July. 18 July is when the offer of opening public announcement will be published in newspapers. Tendering period opens on 21 July and ends on 4 August.
The last date for communicating the rejection/acceptance and completion of payment of consideration or refund of equity shares to the shareholders of the company is 20 August while the last date for publication of post-offer public announcement in the newspapers is 27 August.
A content licence agreement, dated 27 February 2012 was signed between Network18 and its subsidiary TV18 and Reliance Jio Infocomm, RIL’s subsidiary for content transmission through its 4G broadband network. Reliance Jio Infocomm shall have preferential access to its content on a first right basis.