MUMBAI: Viacom18, the joint venture company between Viacom Inc and IBN18 Broadcast, has acquired 51.68 million shares representing approximately 93.96 per cent of the AIM-listed The Indian Film Company (TIFC).
Viacom18, through its subsidiary Roptonal Ltd, had made the offer to acquire TIFC shares at a price of 115.56 pence apiece on 1 October.
Roptonal owns 93.96 per cent stake (either acquired or has received valid acceptances) in TIFC and has declared the offer unconditional in all respects.
Roptonal also said it intends to "procure that an application be made to the London Stock Exchange" for the cancellation of admission to trading on AIM of TIFC shares.
As per AIM rules, Roptonal has given 20 (business) days notice for cancellation, which will take place at 7 am on 19 November. The cancellation will take place without the approval of TIFC shareholders.