Reliance Industries Plans to sell 3.1 Per cent in Network18; Stock slips

Reliance Industries on Monday after market hours announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited.

Shares slipped after the news, the stock was seen trading at Rs 1010, lower by 0.44 per cent on BSE at 10.40 AM IST.

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%, Reliance Industries said in the press release.

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, the company said in the press release.

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