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The Board of Reliance Industries Ltd (RIL) today approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary for acquisition of control in Network18 Media & Investment Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18) and the open offers to be made consequent to the acquisition.
NW18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content.
IMT would use the funds to acquire control over Network18 and TV18, resulting in ownership of about 78% in Network18 and 9 per cent in TV18, and to acquire shares tendered in the open offer. IMT would be making open offers to the public shareholders for the acquisition of equity shares of NW18, TV18 and Infomedia Press Limited. IMT would be simultaneously making the public announcement under takeover regulations, RIL would be the person acting in concert to the open offer.
RIL approves acquisition of control in Network18 | Best Media Info, News and Analysis on Indian Advertising, Marketing and Media Industry.