Date:19/04/2007 URL: http://www.thehindubusinessline.com/2007/04/19/stories/2007041904521500.htm

Back Reliance Capital to make open offer for TV Today shares

Our Bureau

Mumbai April 18 Reliance Capital will make an open offer to the shareholders of TV Today Network Ltd to increase its shareholding in the company from the present 12 per cent to over 15 per cent to abide by the SEBI Takeover Regulations, the company informed the BSE. It will not result in any change in the management and control of TV Today.

The open offer will be made for acquisition of the mandatory 20 per cent share capital of TV Today from the existing shareholders at a discounted price of Rs 130.50 per share, amounting to approximately Rs 150 crore. The stock of TVToday closed 4.99 per cent higher at Rs 147.15 on the BSE on Wednesday.

Reliance Capital said it has confidence in the future prospects and growth potential of TV Today, and wishes to increase its stake beyond the threshold of 15 per cent.

TV Today group runs 24 hours news and current affairs channels, namely Aaj Tak, Tez and Dilli Aaj Tak in Hindi, and Headlines Today in English.