India’s Reliance Cap offers to up TV Today stake

India’s Reliance Cap offers to up TV Today stake
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First Published: Wed, Apr 18 2007. 10 46 AM IST
Updated: Wed, Apr 18 2007. 10 46 AM IST
Reuters
India’s Reliance Capital Ltd. on 18 April announced an open offer worth up to Rs1.51 billion ($36 million) to increase its stake in TV Today Network Ltd. by up to 20 %.
Reliance Capital said in an advertisement in the Financial Express that as its stake in the broadcaster was likely to cross 15%, it would make an offer to buy up to 20% more from shareholders as required by Indian law.
The offer for up to 11.6 million 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, Reliance Capital said.
Reliance Capital, a financial services firm controlled by the Anil Dhirubhai Ambani Group, said it would fund the offer through internal accruals and domestic borrowings.TV Today operates Hindi and English news and current affairs channels.
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First Published: Wed, Apr 18 2007. 10 46 AM IST
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