Network18 gets acceptance to hike its stake to 69.2 pct in TIFC

Written by Agencies | Mumbai | Updated: Aug 25 2009, 21:41pm hrs
Media conglomerate Network 18 Media & Investments said its subsidiary has received 'valid acceptance' to acquire 33.2 per cent stake in The Indian Film Company which will take its total holding to 69.2 per cent in the company.

Network 18 Holdings, a subsidiary of the company "has received valid acceptance of the offer for 33.2 per cent shares of The Indian Film Company (TIFC), which will take shareholding of the Network 18 group to 69.2 per cent," Network 18 Media said in a filing to the Bombay Stock Exchange (BSE).

The company had already acquired 14.39 per cent shareholding in the company, the filing added.

Shares of Network 18 Media & Investments closed at Rs 95.10 on the BSE, down 0.73 per cent from previous close.