Reliance Industries is going to sell 3.24 crore shares of its subsidiary Network18 Media and Investments to bring down its promoter holding to 75 per cent, keeping with listing regulations.
In a notification filed with stock exchanges on Monday, the petrochemicals and oil refining major said the shares up for sale represent 3.10 per cent of the equity capital of NW18. Shinano Retail Pvt Ltd (a wholly-owned subsidiary of Reliance Industries) will sell 3.24 crore equity shares of Rs.5 each through a separate window on the BSE and the NSE on Wednesday. At today’s closing price, the selling will fetch about Rs.200 crore to Reliance Industries.
According to Clause 40A of the Securities Contract (Regulation) Rules, 1957, aggregate shareholding of the promoter and promoter group should be not more than 75 per cent and public shareholding should be a minimum of 25 per cent.
RIL had last year acquired majority holding in Network18 Media and Investments for Rs.4,000 crore through Independent Media Trust. Subsequent mandatory open offer had lifted the company's stake in Network18 Media to 78.10 per cent.
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