MUMBAI: Raghav Bahl-promoted Network18 Media & Investments’ subsidiary company Network18 Holdings has upped its stake in the AIM-listed Indian Film Company (IFC) to 69.2 per cent.
The company has received an additional 19 per cent stake offer, taking its total valid acceptance of the offer to 33.2 per cent (18,239,930 shares), which will take shareholding of the Network 18 group to 69.2 per cent.
As was reported by Businessofcinema.com, the mandatory cash offer by Network 18 for the Indian Film Company became unconditional as to acceptances with Network 18 having received valid acceptances in respect of 7,810,232 Indian Film Company shares, representing approximately 14.2 per cent of the existing issued ordinary share capital of the company. Network 18 parties received valid acceptances in respect of a total of 27,623,732 Indian Film Company shares representing approximately 50.2 per cent. of the existing issued ordinary share capital of the company.
The offer will remain open for acceptance and will lapse if the acquisition of IFC is referred to the competition commission before 7 September.
Share price of The Indian Film Company were down 7.14 per cent on AIM today.