Reliance Industries to sell 3.1% stake in Network 18

MUMBAI: In a move to bring down its shareholding to permitted levels, Mukesh Ambani led Reliance Industries Limited (RIL) is looking at offloading 3.25 crore shares from its recently acquired Network 18 Media & Investments Limited (NW18). Pegged at around Rs 200 crore, the company will sell 3.10 per cent of the equity capital of NW18.  

The decision has been taken to bring down the aggregate shareholding of the promoter and promoter group to 75 per cent and increase the public shareholding to 25 per cent as mandated by Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.

In this regard, Shinano Retail, which is a wholly owned subsidiary of RIL, has issued a notice of offer for sale of 3.25 crore shares of NW18 through the stock exchange mechanism in accordance with the SEBI circulars.

It can be noted that RIL acquired Network18 and TV18 Broadcast for an estimated sum of Rs 4000 crore through its arm Independent Media Trust (IMT) on 29 May, 2014. 

RIL is one of India's largest private sector company, with a consolidated turnover of Rs 3,88,494 crore (US$ 62.2 billion), cash profit of Rs 36,291crore (US$ 5.8 billion) and net profit of Rs 23,566 crore (US$ 3.8 billion) for the year ended 31 March, 2015.

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