Bharti to divest 6% in TV Today

Strategic investors see IPO as exit route

The entry of Aroon Purie-controlled TV Today Network in the primary market will see its strategic investor, Bharti Systel, a Bharti group firm, divest 5.86 per cent stake of its 10 per cent stake.

GE Capital Mauritius Equity Investment, which holds 7.5 per cent equity, will offload 1.3 per cent of its stake. Anika International, which holds 1.7 per cent, will dilute its holding to 1 per cent.

The initial public offering by TV Today is being used as an exit route by strategic investors in the company.

Post IPO, the promoter's holding in the company will stand diluted to 55.7 per cent from 70.8 per cent, while public holding will be 25 per cent.

ICICI Trusteeship Services, which currently holds 10 per cent, would have its stake reduced to 8.3 per cent.

TV Today Network, which currently houses two channels Aaj Tak and Headlines today, is planning to create a bouquet of news-related channels.

While the theme of all the proposed channels will primarily be news and current affairs-related programming, each channel will cater to different genere.