Network18 to sell the Indian Film Company to Roptonal

Network18 to sell the Indian Film Company to RoptonalNetwork18 Media & Investments announced today of its acceptance of an offer by a subsidiary of the company Viacom 18 Media Private Ltd., called Roptonal Limited in Cyprus. It will buy all the shareholding of London-listed The Indian Film Company (TIFC) for 115.56 pence.

The directors of Roptonal Limited proposed the order for the published share capital of TIFC, according to what the Network18 Media said to the Bombay Stock Exchange.

Network18 Media & Investments Limited along with some affiliates possesses 80.4 percent of the total voting shares in TIFC, has accepted the offer as it feels it will benefit its shareholders. In fact, it has given an irrevocable undertaking and accepted the offer.

Viacom18 is a venture jointly and equally divided between IBN18 Broadcast Limited and Viacom Group, and IBN18 is a subsidiary group of Network18.

This is in accordance with the plans the company of expanding its venues in the entertainment industry and of acquiring synergistic content.

The stocks and shares of Network 18 Media & Investments traded at Rs 153 in initial trade on the Bombay Stock Exchange today, and gained 1.83 per cent from the last close.