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March 01, 2007 14:28 IST
The Anil Ambani Group has acquired additional one per cent stake in media house, TV Today Network to increase its holding to nearly 12 per cent in a transaction worth around Rs 7.8 crore (Rs 78 million).
ADA Group company, Reliance Capital bought around 5.83 lakh shares, taking its total to 69.18 lakh shares in TV Today.
This represents a shareholding of 11.93 per cent, TV Today informed the Bombay Stock Exchange on Thursday.
The shares in the media company, which runs the Aaj Tak and Headlines Today news channels, were acquired in an open market transaction on February 28.
Going by the closing price of TV Today at Rs 134.85 on February 28, Reliance Capital could have bought the shares for about Rs 7.86 crore (Rs 78.6 million). On February 12, Sonata Investments a Reliance Capital subsidiary bought 0.96 per cent stake in TV Today for around Rs 6.50 crore (Rs 65 million), taking its stake to above 10 per cent in the company.
Anil Ambani Group has been actively purchasing stakes in media companies for sometime now. Recently, it had acquired over six per cent in Global Broadcast News (GBN), which runs the IBN7 and CNN-IBN news channels, for Rs 87 crore (Rs 870 million) through Reliance Capital.
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