Just a few months after NDTVs promoters made an open offer for stake in NDTV Ltd., the promoter group of TV18 is looking to increase its holding in the company, the company has informed the BSE. The promoter group has chosen not to subscribe to a preferential allotment of 1 crore shares, instead choosing to use “the creeping acquisition method” to increase its stake. Network18 Media and Investments has already acquired 3 lakh shares since Feb 15th, from the open market. Reuters (NSDQ: RTRSY) quotes an unnamed analyst who says that the move was triggered by a fall in share price. More here. Earlier, last month, NDTV promoters bought 7,73 percent stake in their co, and made an open offer of $140 million for 20 percent more.
Disclosure: I own an inconsequential number of shares of Network18
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