Network18 Holdings, a subsidiary of Raghav Bahl-promoted Network18 Media and Investments, will acquire a majority stake in The Indian Film Company (IFC), an AIM London-listed producer of blockbuster films such as Jab We Met and Ghajini.
"Network 18 Holdings has acquired 14.39 per cent worth of shares from a single shareholder from the market at a price of 39.75 pence per share, or Rs 31.8 (1 pound = Rs 80)," said a notification from the company to the Bombay Stock Exchange.
With this acquisition, Network 18 Group now holds 50.2 per cent stake in the company, as per the notification.
Under the UK Takeover Code, Network18 Holdings now has to make an open offer for all remaining shares not owned by the Network18 Group. The open offer will be made at 40 pence a share, the company said.
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