Network18 Media & Investments today said it has accepted an offer from a subsidiary of Viacom 18 Media Private Ltd to buy the entire shareholding of London-listed The Indian Film Company (TIFC) at a price of 115.56 pence.
The board of directors of Roptonal Limited, Cyprus, a subsidiary of Viacom 18 Media Private Ltd, has made an offer for the issued share capital of TIFC, Network18 Media said in a filing to the Bombay Stock Exchange.
Network18 Media & Investments Limited, which together with certain affiliates owns 80.4 per cent of the voting shares in TIFC, has considered this offer beneficial to its shareholders and has given an irrevocable undertaking to accept the offer, the filing said.
Viacom18 is a 50:50 joint venture between IBN18 Broadcast Limited and Viacom Group. IBN18 is a subsidiary of Network18.
This is in line with the company's planned expansion in the entertainment space and acquisition of synergistic content.
Shares of Network 18 Media & Investments were trading at Rs 153 in early trade on the BSE today, up 1.83 per cent from the previous close.