Reliance Capital offers to raise TV Today stake by 20 per cent
19 April 2007Mumbai: Anil-Dhirubhai Ambani Group (ADAG) company Reliance Capital Ltd has made an open offer of up to Rs151 crore ($36 million) for an additional 20 per cent stake in TV Today Network Ltd.
Reliance Capital said in an advertisement that as its stake in the broadcaster was likely to cross 15 per cent, it would make an offer to buy up to 20 per cent more from shareholders as required by law.
The offer for up to 1.16 crore shares at Rs130.50 per share was not subject to a minimum level of acceptance and would be open from 6 June to 25 June, it said.
Reliance Capital currently holds around 14-per cent stake in TV Today along with Reliance Capital Trustee.
Reliance Capital, a financial services firm, said it would fund the offer through internal accruals and domestic borrowings.
TV Today operates Hindi and English news and current affairs channels. It runs the popular Hindi news channel Aaj Tak and English news service Headlines Today. TV Today also runs Tez and Dilli Aaj Tak in Hindi.
Part of the Arun Poorie-promoted Living Media Group, TV Today has interests in both print and electronic media .
The move comes barely less than two years after the group announced its intention to acquire Adlabs Films Ltd. Reliance Capital is now looking to grab a share of the highly competitive news and current affairs space.
The acquisition, however, will not result in any change in the management and / or control of TV Today