Financial Daily from THE HINDU group of publications
Saturday, Dec 31, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 31, 2005 |
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Corporate
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Announcements Markets - Stocks TV18 promoter to transfer over 10 pc stake in Network 18 Our Bureau
Mumbai , Dec. 30 THE promoter of Television Eighteen Ltd, Mr Raghav Behl, has announced that he would voluntarily relinquish over 10 per cent stake in Network 18 (the new holding company), in favour of a trust for the benefit of TV18. A press release issued by the company said the trust would hold 10.56 (52,69,533 shares) per cent stake in Network 18. This will bring down Mr Behl's shareholding to 51 per cent in Network 18. The release said the trust would, subject to receipt of all regulatory approvals, make a sale of these shares after Network 18 is listed, leading to an efficient price discovery. "The cash so raised is then intended to be made available to TV18. Accordingly, plans for an IPO at the Network 18 level have been dropped," said the release. The company has further decided that Network 18 will divest 2.07 per cent of its shareholding in TV18 in the open market. This will bring its holding in TV18 down to 51 per cent. The release said the cash raised by this sale would also be made available to TV18.
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