Independent Media Trust made an offer to acquire 12.43% stake in TV18 Broadcast Limited for INR 13.5 billion.
The Board of Directors of TV18 has constituted a committee of Independent Directors, comprising of Manoj Mohanka and Hari S. Bhartia. As on June 5, 2014, the transaction was approved by the committee of Independent Directors. As on July 3, 2014, the Committee of Independent Directors of TV18 Broadcast gave its recommendation to accept the offer to its shareholders. The Committee of Independent Directors of TV18 Broadcast believes that the offer is fair and reasonable and is in line with the Securities and Exchange Board of India. As of November 27, 2014, the offer will commence on December 3, 2014 and will close on December 16, 2014. As on December 3, 2014, the offer period has commenced.
Lakshmi Lakshmanan of JM Financial Institutional Securities Private Limited acted as the financial advisor for Independent Media Trust. HDFC Bank Limited acted as escrow agent for Independent Media. M MurliKrishna and R Williams of Karvy Computershare Private Limited acted as registrar for Independent Media Trust. Price Waterhouse and Co., LLP acted as accountant for TV18 Broadcast Limited. Amit Chaturvedi of Chaturvedi & Shah Chartered acted as an accountant to Independent Media Trust.