New Delhi: Shareholders of leading media firm TV Today Network have spurned an open offer from Anil Ambani Group Company Reliance Capital.
The offer could garner only 200 shares as against a proposal to buy up to 1.16 crore shares.
Reliance Capital had on April 20 made an open offer to shareholders of TV Today for acquiring 1.16 crore-equity shares of Rs 5 each, representing 20 per cent stake in the media firm for a total consideration of over Rs 151 crore.
RCL on Friday informed the Bombay Stock Exchange that only 200 shares were tendered in the open offer.
The open offer was made at a price of Rs 130.50, a discount of 24.52 per cent to today's closing of TV Today scrip at Rs 162.50 on the BSE.
Reliance Capital had announced the offer to the shareholders of TV Today on April 20, when the offer price had been at a discount of nine per cent. The open offer had begun on June 27 and closed July 16.
RCL at present holds about 12 per cent stake in TV Today Network, which runs news and current affairs channels Aaj Tak, Tez and Dilli Aaj Tak in Hindi and Headlines Today in English.
Shares of Reliance Capital closed at Rs 1,156.90, up 3.41 per cent, while scrip of TV Today ended the day at Rs 162.50, up 2.95 per cent on BSE.
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