Apr 18, 2007

Rel Cap open offer for TV Today at Rs 130.50/shr

Reliance Capital is making an open offer to buy 20% equity from existing shareholders in TV Today - the company that runs a clutch of TV channels including Aaj Tak, Headlines Today and Tez.

The Reliance Anil Dhirubhai Ambani group company has offered to buy the shares at Rs 130.50, amounting to approximately Rs 150 crore, which is a 7% discount to today’s TV Today share price of Rs 140.20.

Reliance Capital has already increased it stake in the TV company from 12% to 15% through secondary market operations. Under Sebi guidelines, anyone who buys more than 15% in a company has to make an open offer under the guidelines. An Anil Ambani group spokesperson, when contacted, said: “Yes, we are making an open offer as per Sebi guidelines. However, we see it as an investment and it would not effect the management or control of the company”. TV Today executives, however, were not available for comments.

Living Media, which also owns the India Today group of publications, controls over 55.69% equity of TV Today.

STOCK OUTLOOK :

TV TODAY HAS BEEN A UNDER PERFORMER STOCK IN THE MARKET & HAS CONSOLIDATED FOR LONG TIME NOW TIME HAS COME TO REEDEM OUR INVESTMENT WITH THE OPEN OFFER AROUND THIS LEVEL INVESTOR WHO BOUGHT THE STOCK AT 80/90 LEVELS CAN START BOOKING PROFIT

IF WE SEE THE HISTORY ON TAKEOVER IT REMIND US ABOUT THE TAKE OVER OF ADLABS FILMS & HOW THE STOCK ROSE FROM 100 + LEVELS TO 300 + IN SHORT PERIOD.INVESTORS WHO CAN HOLD THIS STOCK FOR COMING 1 YEAR CAN EXPECT THE SAME FROM TV TODAY.

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