Reliance Capital, a part of the Reliance group and sponsor of the Reliance Mutual Fund, has increased its shareholding in the Raghav Bahl-promoted Television Eighteen by a shade over one per cent.
The latest shareholding pattern of TV 18 shows that Reliance Capital, through its two schemes, held a 6.22 per cent stake on December 31, 2004.
Reliance Capital has purchased an additional 175,000 shares of TV 18, representing a 1.03 per cent stake, for nearly Rs 3.85 crore (RS 38.5 million) last week. The average cost of acquisition was Rs 220.50 per share.
Templeton Mutual Fund had sold 162,000 shares of TV 18 on the day Reliance Capital purchased the shares, according to data available with the stock exchanges. Templeton, through two schemes, held 788,395 shares of TV 18, representing a 3.69 per cent stake, on December 31, 2004.
Meanwhile, the TV 18 Group has decided to be a strategic investor in Broadcast News, to be launched by Rajdeep Sardesai, former managing editor of New Delhi Television, and Sameer Manchanda, former chief financial officer of NDTV. The exact stake that TV 18 would pick up in the new venture is not known.
Broadcast News is open to several ideas including providing content to news channel. The company may even consider launching a sports channel.