RCL acquires 5% stake in Network 18

  • PTI, Mumbai
  • |
  • Updated: May 14, 2007 11:18 IST

Anil Dhirubhai Ambani Group firm Reliance Capital on Monday said it has acquired a 5 per cent stake in Network 18, the group holding company of broadcasters TV18 and GBN.

Reliance Capital acquired 25.55 lakh shares, representing 5.02 per cent stake in Network 18 Fincap Ltd through open market transaction on May 10, RCL informed the Bombay Stock Exchange.

When contacted, an RCL spokesperson approved of the deal.

The transaction comes on the heels of RCL's open offer for acquiring 20 per cent stake in television broadcaster TV Today Network Ltd, which runs Hindi news channel Aaj Tak and English news channel Headlines Today.

Earlier, the company had announced that the open offer would be made at a price of Rs 130.50 per share, amounting to approximately Rs 150 crore.

On May 3, RCL had acquired 13.52 lakh equity shares of Network 18 Fincap at a price of Rs 399.22 in a bulk deal on the Bombay Stock Exchange.

The shares of RCL were trading at Rs 807.60, up 2.29 per cent on the Bombay Stock Exchange.

 

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