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Reliance Industries fixes floor price for sale of 3.1% stake in Network18
MUMBAI: Mukesh Ambani-promoted Reliance Industries Ltd (RIL), which is going to offload a 3.1 per cent stake in Network18 Media and Investments Ltd (Network18), will earn at least Rs 173.1 crore (Rs 1.73 billion) for the shares it is going to part ways with.
The floor price for the sale of over 3.25 crore (32.5 million) shares is kept at Rs 53.40 apiece and the sale will be conducted within market hours on Wednesday.
However, it is pertinent to note that the floor price is lower than the current share price of Network18.
On Tuesday, Network18 scrip closed at Rs 61.10, down 2.40 per cent from its previous close on the BSE.
Last year, RIL had acquired majority holding in Raghav Bahlk-founded Network18 for Rs 4,000 crore (Rs 40 billion) through Independent Media Trust (IMT). The company is taking up this exercise in order to comply with the Securities and Exchange Board of India’s (SEBI) rule of minimum 25 per cent public shareholding in a listed company.
Shinano Retail Pvt Ltd, which is indirectly owned by RIL, will be offloading the shares.