In a release issued on May 29, 2014, Reliance Industries has stated that its Board has approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which Reliance is the sole beneficiary, for acquisition of control in Network18 Media and Investments, including its subsidiary, TV18 Broadcast, and the open offers to be made consequent to the acquisition.
Independent Media Trust would use the funds to acquire control over Network18 and TV18 resulting in ownership of about 78 per cent stake in Network18 and 9 per cent in TV18 and to acquire shares tendered in the open offers.
Further, in terms of SEBI (Substantial Acquisition and Takeover Regulations) 2011, Independent Media Trust would be making open offers to public shareholders for acquisition of equity shares of Network18, TV18 and Infomedia. Independent Media Trust would be simultaneously making the public announcement under Takeover Regulations. Reliance Industries would be a person acting in concert to the open offers.