(by Vikas SN and Nikhil Pahwa) Reliance Industries, today, announced plans to acquire the Network18 and TV18, initiate open offers for acquisition of shares. This follows resignations from Network18's group CEO, COO and CFO since yesterday. The process of acquisition of Network18 began in January 2012. An overview of significant events in Network18 over the last year or so, leading up to the RIL acquisition: (Note: we'll keep updating this post as fresh developments emerge). January & March 2012 In short: Independent Media Trust (IMT), a trust set up by Reliance Industries, agreed to fund the Promoters of Network18 and TV18, which allowed them to subscribe to a part of a proposed Rs 5400 crore Rights Issue announced by Network18 and TV18. Funds from this issue would partly be used to pay debt (Rs 2050 crore), and partly to buy stake held…
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