Tv18 Broadcast Ltd

Reliance Industries on Thursday said its open offers to acquire a controlling stake in media group Network18 and its subsidiaries will begin on July 21.

Reliance Industries will spend about $680 million (Rs 4003.5 crore at $1 = 58.8750 rupees) to buy a majority stake in Network18 Media and Investments, it said on Thursday, as a potential content provider for its planned 4G internet services.

The company has also approved an issue price of Rs 20 per share for the rights issue of its group company TV 18 Broadcast .

RIL, through a newly-created vehicle Independent Media Trust, is infusing funds through optionally convertible debentures into Network18 Media and Investments Ltd (NMIL), the group's holding company, and TV18 Broadcast Ltd.

Reliance Industries on Thursday said its open offers to acquire a controlling stake in media group Network18 and its subsidiaries will begin on July 21.

Reliance Industries will spend about $680 million (Rs 4003.5 crore at $1 = 58.8750 rupees) to buy a majority stake in Network18 Media and Investments, it said on Thursday, as a potential content provider for its planned 4G internet services.

The company has also approved an issue price of Rs 20 per share for the rights issue of its group company TV 18 Broadcast .

RIL, through a newly-created vehicle Independent Media Trust, is infusing funds through optionally convertible debentures into Network18 Media and Investments Ltd (NMIL), the group's holding company, and TV18 Broadcast Ltd.