Independent Media Trust, recently set up by Mukesh Ambani-led Reliance Industries group, on Wednesday purchased 27.14 lakh shares worth about 11 crore shares in Network18 Media and Investments.
RB Holdings, one of the promoter of Network18 Media and Investments, sold 27.14 lakh shares of the media company to Independent Media Trust, according to block deal data available on the stock exchanges.
Independent Media Trust bought 27,14,720 shares of Network18 Media for Rs 40.05 apiece, valuing the transaction at Rs 10.87 crore.
RB Holdings held 46,246,057 equities or 32.37% stake in Network18 Media as of December quarter.
Last month, RIL had entered the media and entertainment sector by making a major investment in the Raghav Bahl-controlled Network18 Group.
RIL, through a newly-created vehicle, Independent Media Trust, is infusing funds in the form of loan (or optionally convertible debentures, which is a kind of a loan that can be converted into equity depending on the conditions agreed upon by the parties concerned) into Network18 Media and Investments Ltd (NMIL), the group's holding company, and TV18 Broadcast Ltd, the flagship company.
Shares of Network18 Media closed at Rs 39.85 a piece on the BSE, down 0.5% from the previous close.