Anil Ambani raises stake in TV Today

The Anil Ambani Group has increased its stake in media house TV Today Network to nearly 12 per cent by acquiring an additional one per cent stake in a deal that could be estimated at about Rs 8 crore (Rs 80 million).

ADA Group company Reliance Capital's subsidiary Sonata Investments bought 5.83 lakh shares, taking its total to 69.20 lakh shares. This represents a shareholding to 11.93 per cent, TV Today informed the Bombay Stock Exchange.
The shares in the media company, which runs the 'Aaj Tak' and 'Headlines Today' news channels, were purchased in an open market transaction that was reported on February 19.

Going by the intra-day high of TV Today at Rs 137.75 on February 19, Sonata Investments could have bought the shares for about Rs 8.03 crore (Rs 80.3 million).

On February 12, Sonata Investments bought 0.96 per cent stake for around Rs 6.50 crore (Rs 65 million), taking its stake to above 10 per cent in TV Today. Prices of TV Today scrip have increased by nearly 25 per cent since the beginning of the month as ADAG has been picking up shares.

The scrip closed at Rs 100.75 on January 31 and currently it trades at Rs 126.51 per share. Anil Ambani Group has been actively purchasing stakes in media companies for sometime now.

Recently, it had acquired over six per cent in Global Broadcast News, which runs the IBN7 and CNN-IBN news channels, for Rs 87 crore (Rs 870 milllion) through Reliance Capital.