Reliance Industries Ltd plans to sell a 3.1 per cent stake, worth $32 million at the current market price, in unit Network18 Media & Investments.
All the existing microfinance businesses of the company and clients will be transferred to the bank
The shareholders will also get one redeemable preference share in Vedanta Ltd
RIL has been talking to groups including Gionee, Huawei and Xiaomi
RIL has faced protests from local authorities, activists and residents across India campaigning against masts and roadworks.
Spectrum auction ends, brings Rs 1.09 tln to govt kitty.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
The deal will provide Suzlon with much needed liquidity.
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