Hindi
Network18 plans to delist AIM-listed Indian Film Company
MUMBAI: The plan is to delist the Indian Film Company (IFC) as Network18 Holdings, the subsidiary of Raghav Bahl-promoted Network18 Media & Investments, ramps up its stake in the movie company.
Network18 said it is open to cancel IFC’s quotation on AIM, once it acquires 90 per cent or more of the existing issued ordinary share capital of the company.
At present, Network18 has received acceptance for increasing its stake in the AIM-listed movie company to 69.2 per cent. After increasing its stake in IFC to 35.99 per cent, Network18 had to make a mandatory offer for all the remaining shares not owned by it, as per UK takeover code.
Network18 was responding to the independent directors’ query, for its (Network18’s) intentions regarding the future of the IFC.
Network18 said, “The only circumstance in which Network18 envisages cancelling the Indian Film Company‘s quotation on AIM as a result of the outcome of the offer would be if Network18 receives valid acceptances under the offer in respect of, and/or otherwise acquires, 90 per cent or more of the existing issued ordinary share capital of the IFC to which the offer relates such that Network18 may exercise its rights to acquire compulsorily the remaining IFC shares.”
However, Network18 will not delist IFC from AIM even if it completes 75 per cent acquisition. “It is Network18‘s current intention to retain the company‘s AIM quotation even if the level of acceptances in respect of the offer increases the Network18 parties shareholding to 75 per cent or more of the existing issued ordinary share capital of the company.”
Network18 reserves the right to review its position depending on the level of acceptances when the offer closes, which is on 7 September 2009.
There are obvious benefits to IFC if it gets consolidated as a Network18 group company. It can provide IFC with the “ability to leverage from the Network18 brand name, its management, advisers and contacts in all aspects of the business operations.” This includes “better access to capital on the strength of Network18 Group‘s track record with the financial community.”
In the response note, the company also mentioned that if shareholders do not accept the offer in respect of their own shareholding, they will be minority shareholders in a controlled company with a reduced number of shares that are held in public hands as a result of Network18‘s current level of shareholding. This may have a significant adverse impact on the liquidity and marketability of their shares in the future, the company added.
“It is also important for shareholders to consider that, if the IFC’s quotation is cancelled at some future date, it may not be possible for shareholders to realise as much as 40 pence per IFC share, should they so wish, before the quotation is cancelled and shareholders might find themselves as minority shareholders in an unquoted company,” the note said.
Hindi
Dhurandhar the revenge storms past Rs 1,000 crore in a week, rewrites box office records
Aditya Dhar’s spy thriller sets fastest run to Rs 1,000 crore with record-breaking weekday hold
MUMBAI: The box office has a new juggernaut—and it is moving at breakneck speed. Dhurandhar the revenge has smashed past the Rs 1,000 crore mark worldwide in just a week, clocking a staggering Rs 1,088 crore and resetting the rules of the blockbuster game.
Backed by Jio Studios and B62 Studios, and directed by Aditya Dhar, the spy action sequel opened to the biggest weekend ever for an Indian film globally—and then refused to slow down. Unlike typical tentpole releases that taper off after Sunday, this one powered through the weekdays with rare muscle, posting Rs 64 crore on Monday, Rs 58 crore on Tuesday, Rs 49 crore on Wednesday and Rs 53 crore on Thursday.
The numbers stack up to a formidable first-week haul. India collections stand at Rs 690 crore nett and Rs 814 crore gross, while overseas markets have chipped in Rs 274 crore, taking the worldwide total to Rs 1,088 crore in just eight days.
The film’s opening weekend alone delivered Rs 466 crore, laying the foundation for what is now being billed as the fastest climb to the Rs 1,000 crore club in Indian cinema. Every single day of its first week has set fresh benchmarks, from the highest opening weekend to the strongest weekday hold—metrics that typically separate hits from phenomena.
A sequel to the earlier hit Dhurandhar, the film has not just built on its predecessor’s momentum but obliterated previous records, emerging as the biggest global blockbuster run by an Indian film to date.
At this pace, the film is not merely riding a wave—it is creating one.
