Reliance Industries Limited (“RIL”) today announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited (“NW18”), (representing 3.10% of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.
In this regard, Shinano Retail Private Limited (effectively 100 percent owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of RIL), a promoter group company of NW18, has issued a notice of Offer for Sale of 3.25 crore shares of NW18 through the stock exchange mechanism in accordance with the SEBI circulars.
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