Reliance Industries has said its open offers to acquire a controlling stake in media group Network18 and its subsidiaries will begin on July 21. RIl proposes to acquire control over the media group through Independent Media Trust (IMT).
The open offers will close on August 4, RIl said in a regulatory filing. On May 29, RIl’s board approved funding of up to Rs4,000 crore to IMT, of which RIl is the sole beneficiary, for acquisition of control in Network 18 Media & Investments ltd (NW18), including its subsidiary TV18 Broadcast ltd (TV18).“IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78 per cent in NW18 and 9 per cent in TV18 and to acquire shares tendered in the open offers,” the company had said in a statement.