Reliance Capital is making an open offer for 20 per cent equity in TV Today, the company that runs a clutch of TV channels including Aaj Tak, Headlines Today and Tez.

The Reliance Anil Dhirubhai Ambani group (R-ADAG) company has offered to buy the shares at Rs 130.50 (approximately Rs 150 crore in all), a 7 per cent discount on today's market price of Rs 140.20

Reliance Capital has already increased it stake in the TV company from 12 to 15 per cent through secondary market operations. Under Securities and Exchange Board of India guidelines, any party that buys more than 15 per cent in a company has to make an open offer.

Confirming the development, an R-ADAG spokesperson said, "We see this as an investment and it would not affect the management or control of the company."

However, Anil Mehra, director, TV Today, said, "We have not heard that Reliance Capital has increased its stake from about 12 per cent to 15 per cent, so we cannot comment. They should make their intent clear. If it's only an investment, we have no problems." Living Media, which also owns the India Today group of publications, controls 55.69 per cent of the TV company.

TV Today has a market capitalisation of only Rs 812.87 crore, against Rs 3,729.94 crore for TV18 (which runs CNBC) and Rs 2,037 crore for NDTV.

Reliance Capital has equity in a clutch of media and entertainment entities which include TV18, NDTV, GBN, Zee Telefilms and even the Deccan Chronicle.

It made its big entry in the entertainment sector by acquiring a majority stake in Adlabs, which makes films, and has a bevy of multiplexes across the country.

It also recently picked up a majority equity stake in Synergy Communications, a TV production house which makes the popular game show Kaun Banega Crorepati 3.