Independent Media Trust entered into an share purchase agreement to acquire 19.3% stake in TV18 Broadcast Limited (BSE:532800) from Watermark Infratech Private Ltd, Network18 Media & Investments Limited (BSE:532798) and other shareholders for INR 20.9 billion in cash on May 29, 2014. Under the terms of the agreement, Independent Media Trust will acquire economic ownership over approximately 693 million shares of TV18 Broadcast Limited at INR 30.18 per share. Reliance Industries Limited (BSE:500325) is providing a funding of INR 40 billion for the deal by investing in shares of Independent Media Trust.

Independent Media Trust completed the acquisition of 19.3% stake in TV18 Broadcast Limited (BSE:532800) from Watermark Infratech Private Ltd, Network18 Media & Investments Limited (BSE:532798) and other shareholders July 7, 2014.