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RIL announces to sell $32 mn stake in unit Network18

| | Jul 07, 2015, at 02:25 am
Mumbai, July 6 (IBNS): Reliance Industries Limited (RIL) on Monday announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited (NW18) NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.

"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 a statement.

Reliance Industries Limited (RIL) is a private sector company, with a consolidated turnover of Rs. 3,88,494 crore (US$ 62.2 billion), cash profit of Rs. 36,291 crore (US$ 5.8 billion) and net profit of Rs. 23,566 crore (US$ 3.8 billion) for the year ended March 31, 2015.

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