MUMBAI (Reuters) - India’s Reliance Industries Ltd plans to sell a 3.1 percent stake, worth $32 million at the current market price, in unit Network18 Media & Investments Ltd to comply with rules mandating public ownership in listed firms.
Reliance said in a statement on Monday that the selldown of 32.5 million shares on Wednesday would help it meet the minimum 25 percent public ownership rule.
Conglomerate Reliance, controlled by billionaire Mukesh Ambani, last year bought a majority stake in the media group that runs business news channels, a news portal and other news and e-commerce websites.
At the stock’s Monday close, the stake is valued at 2.03 billion rupees ($32 million). A unit of Reliance, which owns the stake, will sell it through stock exchanges.
($1 = 63.4324 Indian rupees)
Reporting by Aman Shah in Mumbai; Editing by Sunil Nair