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The shares represent 3.10 per cent of the equity capital of NW18.
Mukesh Ambani-led Reliance Industries Limited (RIL) has announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited (NW18), the company it recently bought over from Raghav Bahl.
In this regard, Shinano Retail Private Limited (effectively 100 percent owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of RIL), a promoter group company of NW18, has issued a notice of Offer for Sale of 3.25 crore shares of NW18 through the stock exchange mechanism in accordance with the SEBI circulars.
For the record, Reliance Industries Limited (RIL) is a private sector company with a consolidated turnover of Rs 3, 88, 494 crore (US$ 62.2 billion), cash profit of Rs 36,291 crore (US$ 5.8 billion) and net profit of Rs 23,566 crore (US$ 3.8 billion) for the year that ended on March 31, 2015.