07/07/2015 8:58 AM IST | Updated 15/07/2016 8:25 AM IST

Reliance To Sell $32 Million Stake In Unit Network18

RAVEENDRAN via Getty Images
Chairman and Managing Director of India's Reliance Industries Ltd, Mukhesh Ambani smiles as he attends a session at The India Today Conclave - 'Leadership for the 21st Century' in New Delhi on March 14, 2008. During the inaugural keynote address for the conclave via satellite on March 13, former US President Bill Clinton indicated that any future administration would 'honour' the Indo-US nuclear deal after forthcoming US presidential elections amid speculation about the fate of the agreement which is yet to be ratified. Key US senators and top officials have stepped up pressure on New Delhi to speed up steps so the pact can get final approval from the US Congress, where it has bipartisan support, before the US presidential polls in November 2008. AFP PHOTO/RAVEENDRAN (Photo credit should read RAVEENDRAN/AFP/Getty Images)

India's Reliance Industries Ltd plans to sell a 3.1 percent stake, worth $32 million at the current market price, in unit Network18 Media & Investments Ltd to comply with rules mandating public ownership in listed firms.

Reliance said in a statement that the selldown of 32.5 million shares on Wednesday would help it meet the minimum 25 percent public ownership rule.

Conglomerate Reliance, controlled by billionaire Mukesh Ambani, last year bought a majority stake in the media group that runs business news channels, a news portal and other news and e-commerce websites.

At the stock's Monday close, the stake is valued at 2.03 billion rupees ($32 million). A unit of Reliance, which owns the stake, will sell it through stock exchanges.

($1 = 63.4324 Indian rupees)

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