Reliance Capital, a Anil Dhirubhai Ambani Group firm, has acquired 5% stake in Network 18, the group holding company of broadcasters TV18 and GBN.
According to a release issued by Reliance Capital to the BSE today, the company has acquired 25.55 lakh shares, representing 5.02% stake in Network 18 Fincap, through open market transactions on May 10.When contacted, an RCL spokesperson confirmed the deal.
The transaction comes on the heels of RCL's open offer for acquiring 20 % stake in television broadcaster TV Today Network, which runs Hindi news channel Aaj Tak and English news channel Headlines Today.
The company had announced an open offer would be made at a price of Rs 130.50 per share amounting to approximately Rs 150 crore.
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