Striving to expand its investment in media companies, the Anil Dhirubhai Ambani Group has accumulated stakes worth Rs 1,047.8 crore (Rs 10.48 billion) in two media companies -- TV Today Network and Global Broadcast Network.
TV Today Network, broadcaster of news channels Aaj Tak and Headlines Today has a market capitalisation of Rs 638 crore (Rs 6.38 billion) and ADA Group company Reliance Capital's subsidiary Sonata Investments has consolidated its holding to over 10 per cent in the company.
GBN, which operates the English news channel CNN-IBN and Hindi channel IBN7, is a recently listed company and has a market cap of about Rs 1,588 crore (Rs 15.88 billion) in which ADAG's Reliance Capital has consolidated its stake to 6.27 per cent, amounting to around Rs 984 crore (Rs 9.84 billion).
In an open market transaction that was carried out on February 12, Sonata Investments bought 557,000 shares, taking its shareholding in TV Today to 10.27 per cent representing 59.57 lakh (5.96 million) shares, a TV Today regulatory filing on the National Stock Exchange shows.
Going by the intra-day high of TV Today at Rs 116.85 on February 12, Sonata Investments could have bought the shares for approximately Rs 6.50 crore (Rs 65 million).
Sonata Investments previously held 54 lakh (5.4 millio) shares in TV Today, representing 9.31 per cent stake.
Early this week, Anil Ambani group company Reliance Capital had acquired over 6 per cent stake in Global Broadcast News, for an estimated Rs 87 crore (RS 870 million).
After the said transaction, Reliance Capital holds 6.27 per cent of the equity share capital of GBN.
Reliance Capital acquired 16.75 lakh (1.67 million) shares, representing 6.27 per cent stake of Global Broadcast News through an open market transaction on Bombay Stock Exchange.
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