Anil Ambani group ups TV Today stake to 12 per cent; ups media holding to Rs1,060 crore
Our Corporate Bureau
20 February 2007
Sonata Investments, a subsidiary of group company Reliance Capital, acquired 5.83 lakh shares, taking the total group holding in the media house to 69.20 lakh shares. This represents 11.93 per cent equity in TV Today, according to a filing with the stock exchanges.
The acquisition of shares in TV Today, which runs the Aaj Tak and Headlines Today news channels, were made in an open market transaction on February 19.
With TV Today shares trading at an intra-day high of Rs137.75 on February 19, Sonata might have bought the shares for about Rs8.03 crore.
Sonata had on February 12 bought a 0.96 per cent stake for around Rs6.50 crore, taking its stake to above 10 per cent in TV Today.
The TV Today scrip has shot up nearly 25 per cent since ADAG started picking up shares from the beginning of the month. The scrip, which closed at Rs100.75 on January 31, is currently trading at Rs126.51.
ADAG has been actively buying into media stocks for sometime now. The group had acquired over six per cent in Global Broadcast News (GBN), which runs the IBN7 and CNN-IBN news channels, for Rs87 crore through Reliance Capital.