Kurjibhai Rupareliya acquires 59.12% stake in Sri Adhikari Brothers Television Network
After the transaction is completed, Rupareliya will have control over the company, and the existing directors and promoters of Ruani Media Service will no longer hold their positions.
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Promoters of media company Sri Adhikari Brothers Television Network sold 1.5 crore of equity shares to Kurjibhai Rupareliya. According to a stock exchange filing, Ruani Media Service Limited, the promoter group of the company, sold 1,50,00,000 equity shares, representing approximately 59.12% of the Existing Equity Share Capital to Rupareliya.
"This is to inform you that as per the letter received from M/s Ruani Media Service Limited (Ruani Media), Promoter Group of the Company, they have entered in an agreement with Kurjibhai Rupareliya for sale of 1,50,00,000 equity shares, representing approximately 59.12% of the Existing Equity Share Capital of the Company to Mr. Kurjibhai Rupareliya," Sri Adhikari Brothers Television Network said in a stock exchange filing.
Rupareliya is not related to promoters or directors of the company.
After the transaction is completed, Rupareliya will have control over the company, and the existing directors and promoters of Ruani Media Service will no longer hold their positions.
Ruparaliya on Monday announced an open offer for acquisition up to 53,46,238 fully paid-up equity shares of face value of Rs 10 each, representing 13.24% of the emerging voting share capital of Sri Adhikari Brothers Television Network on a fully diluted basis.
