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Reliance Cap cuts stake in TV Today
MUMBAI: Reliance Capital Ltd, the investment arm of Reliance Anil Dhirubhai Ambani Group (RADAG), has lowered its stake in leading news channel broadcast TV Today.
The company has offloaded 2.6% stake in TV Today in the open market. With this, Reliance Capital’s holding in TV Today has fallen to 11.02% from 13.62%.
The shares were sold on an average price of about Rs 119.00 per share, valuing the transaction anything upwards of Rs 15 crore ( Rs 150 million). Reliance Capital sold 1.55 million shares in tranches, starting from 5 December.
Prior to the sale, Reliance Capital held 8.1 million shares of TV Today, amounting to 13.62% of TV Today’s total equity capital.
Share price of TV Today has climbed, coinciding with Reliance Capital’s sale transaction in the market. During the selling period, TV Today’s share price scaled to a high of Rs 128.80 and a low of Rs 107.80. Average daily volume during the period aggregated to about 4.10 lakh shares (410,000 shares)
TV Today’s total equity capital stands at Rs 59.45 crore ( Rs 594.5 million) comprising 5,94,56,615 shares of Rs 10 each.
TV Today runs news channels Aaj Tak, Headlines Today and Delhi Aaj Tak. It also operates FM radio business under the ‘Oye FM’ brand.
For the fiscal second quarter ended 30 September, TV Today reported 36% increase in revenue from the earlier year to Rs 91.45 crore ( Rs. 914.54 million). Net profit stood at Rs 12.83 crore ( Rs 128.34 million) as against net loss of Rs 9.15 crore ( Rs 91.54 million) a year ago.