Reliance Capital announces Open Offer to the Shareholders of TV Today Network Ltd

Reliance Capital Ltd has announced that the Company presently holds approximately 12% stake in TV Today Network Ltd ("TV Today").

TV Today is one of India's leading media Companies, which, inter alia, runs 24 hours news and current affairs channels, namely Aaj Tak, Tez and Dilli Aaj Tak in Hindi, and Headlines Today in English.

The Company has strong confidence in the future prospects and growth potential of TV Today, and wishes to increase its stake beyond the threshold of 15% specified under the SEBI Takeover Regulations. Accordingly, to meet the procedural requirements under the Regulations, the Company will make an open offer to facilitate the increase in shareholding beyond the aforesaid 15% level. This will not result in any change in the management and / or control of TV Today.

The Open Offer will be made for acquisition of the mandatory 20% share capital of TV Today from the existing shareholders, at a price of Rs 130.50 per share, amounting to approximately Rs 150 crore. The Offer Price of Rs 130.50 reflects an approximately 7% discount to the last closing market price of TV Today of Rs 140.20.

The stock was trading at Rs.150.20, up by Rs.10.05 or 7.17%. The stock hit an intraday high of Rs.154.15 and low of Rs.142.50. The total traded quantity was 502214 compared to 2 week average of 327169.

Source : Equity Bulls

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