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MUMBAI: Raghav Bahl will have a new stint at the very group which he had founded and which is now part of Mukesh Ambani’s Reliance Industries Ltd (RIL), this time as a non-executive director.
On Monday, RIL also announced that Independent Media Trust (IMT) has completed the acquisition of control of both Network18 Media and Investments Ltd and TV18 along with the subsidiaries. At its first board meeting under IMT, Network18 announced several changes.
While Bahl will continue to be on the board of Network18 as a non-executive director, two IMT representatives, namely Rohit Bansal and Vijay Chhajlani, have also been inducted as non-executive directors. HDFC Bank chairman Deepak S Parekh and McKinsey India senior advisor Adil Zainulbhai have been inducted as independent directors on the board of Network18.
“With the completion of this transaction, IMT and RIL have become promoters of Network18 and TV18. Other companies included in promoters group are RB Mediasoft, RB Media Holdings, RRB Mediasoft, Colorful Media, Adventure Marketing, Watermark Infratech and RB Holdings,” the RIL communiqué said.
The board was reconstituted after Bahl relinquished all executive powers the very next day of IMT deciding to take over Network18. Bahl and Senthil Chengalvarayan have also resigned from the board of directors of Infomedia Press, a Network18 group company, following the completion of the takeover formalities. In May 2014, IMT, of which RIL is the sole beneficiary, had acquired controlling stake in Network18, including its subsidiary TV18 Broadcast Ltd, through zero coupon warrants conversion.
On 29 May 2014, IMT made an open offer to the public shareholders for acquisition of equity shares of Network18, TV18 and Infomedia Press Ltd. It has also filed the draft of offer letter with SEBI for its comments. IMT, along with RIL and Reliance Industrial Investment and Holdings (RIIHL), have offered to buy 23 crore (230 million) equity shares from public shareholders at Rs 41.04 a share.
Furthermore, the new promoters will be buying 44.65 crore (446.5 million) equity shares held by public shareholders at Rs 30.18 apiece. Collectively, IMT, along with persons acting in concert, will be spending close to Rs 2,300 crore (Rs 23 billion) towards acquisition of share as mandated by SEBI.
RIL has earmarked Rs 4,000 crore (Rs 40 billion) for acquisition of Network18 and TV18 Broadcast.
Read more at: RIL completes acquisition of control of Network18; Bahl returns as non-executive director | TelevisionPost.com | TelevisionPost.com
On Monday, RIL also announced that Independent Media Trust (IMT) has completed the acquisition of control of both Network18 Media and Investments Ltd and TV18 along with the subsidiaries. At its first board meeting under IMT, Network18 announced several changes.
While Bahl will continue to be on the board of Network18 as a non-executive director, two IMT representatives, namely Rohit Bansal and Vijay Chhajlani, have also been inducted as non-executive directors. HDFC Bank chairman Deepak S Parekh and McKinsey India senior advisor Adil Zainulbhai have been inducted as independent directors on the board of Network18.
“With the completion of this transaction, IMT and RIL have become promoters of Network18 and TV18. Other companies included in promoters group are RB Mediasoft, RB Media Holdings, RRB Mediasoft, Colorful Media, Adventure Marketing, Watermark Infratech and RB Holdings,” the RIL communiqué said.
The board was reconstituted after Bahl relinquished all executive powers the very next day of IMT deciding to take over Network18. Bahl and Senthil Chengalvarayan have also resigned from the board of directors of Infomedia Press, a Network18 group company, following the completion of the takeover formalities. In May 2014, IMT, of which RIL is the sole beneficiary, had acquired controlling stake in Network18, including its subsidiary TV18 Broadcast Ltd, through zero coupon warrants conversion.
On 29 May 2014, IMT made an open offer to the public shareholders for acquisition of equity shares of Network18, TV18 and Infomedia Press Ltd. It has also filed the draft of offer letter with SEBI for its comments. IMT, along with RIL and Reliance Industrial Investment and Holdings (RIIHL), have offered to buy 23 crore (230 million) equity shares from public shareholders at Rs 41.04 a share.
Furthermore, the new promoters will be buying 44.65 crore (446.5 million) equity shares held by public shareholders at Rs 30.18 apiece. Collectively, IMT, along with persons acting in concert, will be spending close to Rs 2,300 crore (Rs 23 billion) towards acquisition of share as mandated by SEBI.
RIL has earmarked Rs 4,000 crore (Rs 40 billion) for acquisition of Network18 and TV18 Broadcast.
Read more at: RIL completes acquisition of control of Network18; Bahl returns as non-executive director | TelevisionPost.com | TelevisionPost.com
