Network18 has inducted Deepak S Parekh and Adil Zainulbhai on its Board as Independent Directors. Meanwhile, Raghav Bahl will continue to be on the Board of Network18 as a Non-Executive Director.
The development follows the completion of acquisition of Network18 Media and Investments and TV18 Broadcast by Independent Media Trust (IMT), of which Reliance Industries is the sole beneficiary.
It may be recalled that in May 2014, Reliance Industries had stated that its Board has approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT) 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.
With the completion of this transaction, IMT and RIL have become promoters of Network18 and TV18.
The open offers to the public shareholders for acquisition of equity shares of Network18, TV18 and Infomedia Press, as announced on May 29, 2014 by IMT are in process and the Draft letter of offer has been filed with SEBI for its comments.