Reliance Industries will offload 3.1 per cent stake in media and entertainment firm Network18 Media and Investments Ltd for an estimated Rs 200 crore to bring down its shareholding to permitted level of 75 per cent. Mukesh Ambani-led Reliance Industries, which had last year acquired majority holding in Network18 for Rs 4,000 crore through Independent Media Trust (IMT), said the move was to comply with Sebi's requirement of keeping promoter holding at a maximum of 75 per cent. The floor price for the Offer For Sale, which would take place on July 8, will be decided after close of market hours tomorrow. At the current price, the share sale could be worth over Rs 200 crore.
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