RB Holdings pledges 2.4% in Network 18 Media & Investments

NEW DELHI: Network 18 Media & Investments on Monday said its promoter group firm RB Holdings has pledged 2.4 per cent stake in the company in favour of Religare Finvest and Aditya Birla Finance, raising an estimated Rs 10.8 crore.

In a BSE filing, Network 18 Media & Investments said RB Holdings has pledged a total of 36 lakh shares in three tranches on June 5. Out of these, 7.5 lakh shares were pledged in favour of Religare Finvest, representing 0.52 per cent stake.

RB Holdings also pledged a total of 28.5 lakh shares in two tranches to Aditya Birla Finance, representing a total of 1.88 per cent stake in Network 18 Media & Investments. Post this transactions, RB Holdings stake in the company has come down to 9.79 per cent.

Although the company did not share financial details, going by the closing share price of Rs 30 apiece on the day of transaction, RB Holdings is estimated to have raised a total of Rs 10.8 crore.

Shares of Network 18 Media & Investments today closed 1.60 per cent up at Rs 34.90 apiece on the BSE.