Reliance Industries to sell 3.25 crore shares of Network18 Media & Investments

The shares represent 3.10 per cent of the equity capital of NW18.

Mukesh Ambani-led Reliance Industries Limited (RIL) has announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited (NW18), the company it recently bought over from Raghav Bahl.

The shares represent 3.10 per cent of the equity capital of NW18. The idea is 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 Private Limited (effectively 100 percent owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of RIL), a promoter group company of NW18, 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.

For the record, Reliance Industries Limited (RIL) is a private sector company with a consolidated turnover of Rs 3, 88, 494 crore (US$ 62.2 billion), cash profit of Rs 36,291 crore (US$ 5.8 billion) and net profit of Rs 23,566 crore (US$ 3.8 billion) for the year that ended on March 31, 2015.