In a recent announcement, Network18 Media & Investment has indicated about a possible sale of The Indian Film Company (TIFC), which is London based Films production company. The possible buyers are Roptonal Limited, Cyprus, a subsidiary of Viacom 18 Media Private Limited.
Network 18 has declared of accepting a purchase proposal for TIFC from Roptonal at a price of 115.56 pence. Network18 had made an open offer at 40 pence per share to up its stake to 80.4 per cent in TIFC.
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.
The latest move of Network18 is speculated to have been taken under the company’s strategy of consolidation of its entertainment businesses with Viacom18’s same ventures.
However, prior to this, in the month of July also, the company indicated towards the possible acquisition of TIFC.