Reliance Industries declined 0.5% to Rs 998.40 at 12:25 IST on BSE after the offer for sale of shares in NW18 by promoter group company of NW18, Shinano Retail received poor response from investors.
Shares of Network 18 Media & Investments slumped 5.32% to Rs 57.85.
Meanwhile, the S&P BSE Sensex was down 497.09 points or 1.76% at 27,674.60.
On BSE, so far 1.88 lakh shares were traded in the counter as against average daily volume of 4.54 lakh shares in the past one quarter.
The large-cap stock hit a high of Rs 1,008.20 and a low of Rs 994.50 so far during the day. The stock hit a 52-week high of Rs 1,049.90 on 9 September 2014. The stock hit a 52-week low of Rs 796.75 on 30 March 2015.
The offer for sale (OFS) of shares in Network 18 Media & Investments (NW18) by Shinano Retail, a promoter group company of NW18 received bids for 10.4 lakh shares or 3% of offer size of 3.24 crore shares, data on NSE as at 11:55 showed.
Network 18 Media & Investments (NW18) after trading hours yesterday, 7 July 2015, fixed the floor price for the proposed OFS of its shares by Shinano Retail at Rs 53.40 per share.
Shinano Retail (effectively 100% owned by Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL), a promoter group company of NW18, had issued a notice of OFS of 3.25 crore shares of NW18 through the stock exchange mechanism.
RIL had announced after market hours on Monday, 6 July 2015, that it is proposing to sell 3.25 crore shares of NW18, (representing 3.1% of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.
The OFS is taking place today, 8 July 2015, exclusively through Shinano Retail's broker through a sale on the separate window provided by the BSE and NSE for this purpose. The OFS was opened at 9:15 IST and will close at 15:30 IST today, 8 July 2015.
On consolidated basis, Reliance Industries' net profit rose 8.5% to Rs 6381 crore on 34% decline in total income to Rs 69642 crore in Q4 March 2015 over Q4 March 2014.
RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.
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