Hindi
Network18 snaps up majority in AIM-listed Indian Film Company
MUMBAI: Network18 Holdings, a subsidiary of Raghav Bahl-promoted Network18 Media & Investments, has taken a majority stake in the AIM-listed Indian Film Company (IFC).
Network18 has acquired 14.2 per cent equity, or 7.8 million shares, through an offer that it made to shareholders
Post offer, Network18 holds 50.2 per cent stake, or 27.6 million shares, in the movie company.
Network18 had recently increased its stake in IFC to 35.99 per cent, following which it had to make a mandatory offer for all the remaining shares not owned by it.
Network18 said Wednesday the condition to the mandatory offer has now been satisfied and the offer has become unconditional to acceptances.
The offer will remain open for acceptance and will lapse if the acquisition of IFC is referred to the competition commission before 24 August.
“The offer will remain open for acceptance until further notice. IFC shareholders who wish to accept the offer but have not yet done so are urged to submit their acceptance as soon as possible,” IFC said.
