RIL open offers for NW18 from July 21

New Delhi:  Reliance Industries said its open offers to acquire a controlling stake in media group Network18 and its subsidiaries will begin on July 21.  RIL proposes to acquire control over the media group through Independent Media Trust (IMT).  The open offers will close on August 4, RIL said in a regulatory filing.  On May 29, RIL’s board approved funding of up to Rs 4,000 crore to IMT, of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Ltd (NW18), including its subsidiary TV18 Broadcast Ltd (TV18).  An open offer is being made for the acquisition of up to 22,99,46,996 equity shares of Network18 Media & Investments, amounting to a 21.96 per cent stake, for Rs 943.70 crore.