Television

Reliance picks up 7.98% in TV18

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MUMBAI: Reliance Capital Asset Management Limited has acquired 7.98 per cent of the total paid up capital of Television Eighteen Limited.

 

According to a notice put out on the National Stock Exchange today, the company said that Reliance Vision Fund and Reliance Growth Fund, Schemes of Reliance Capital Mutual Fund, have purchased 9,70,000 shares representing 7.98% of the total paid up capital of Television Eighteen Limited. The date of acquisition has been given as November 7, 2003.



The mode of acquisition is Open Market Purchase. After acquisition, the acquirer holds 11,45,000 shares representing 9.43% of the paid up capital of the target company, the notice says.



The Raghav Bahl promoted TV18, which went public in 1999, is now contemplating foraying into feature filmmaking. The company, which has created a range of business news features, game shows, talk shows and music programmes for several television channels include sister company CNBC India, is toying with three film scripts as of now, according to CNBC TV18 executive director Vandana Malik. While one of the films is expected to be a big budget film, one will be a low budget experimental film, and teh third is scheduled as a medium budget film, Malik said recently.

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