INDIA’S NETWORK18 BUYS 53 PERCENT OF PUBLISHING COMPANY INFOMEDIA
December 13th 2007 11:28
Television Eighteen India Ltd, recently renamed Network18, has acquired a 53 percent stake in Infomedia India Ltd, a publication company, from an ICICI Venture managed fund. The stake will be purchased in a phased manner - 40 percent immediately, followed by an open offer for 20 percent of Infomedia’s equity.
Exchange4media reported that in the event that the open offer does not garner enough response, then the company has the right to purchase such number of shares from the ICICI Venture managed fund so as to augment Network 18’s stake to at least 53 percent.
Renuka Ramnath, managing director and ceo of ICICI Venture said that Infomedia’s publication business has been expanding at over 30 percent, and they’ve added 10 titles in the last 2-3 years.
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