The company, which had last year acquired majority holding in Network18 Media and Investments for Rs 4,000 crore through Independent Media Trust (IMT), said the move was to comply with SEBI requirement of keeping promoter holding at 75 percent.

In a BSE filing Reliance Industries said, "...It is proposing to sell 3.25 crore shares of Network18 Media and Investments Ltd (representing 3.10 percent of the equity capital) to bring down the aggregate shareholding of the promoter and promoter group to 75 percent."

Promoter shareholding in the company as on March 31, 2015, stood at 78.10 percent. It further said it will offload shares to 'increase public shareholding in the company to 25 percent as mandated by Clause 40A of the listing agreement pursuant to Securities  Contract (Regulation) Rules, 1967."

Elaborating, it said, in this regard, promoter group firm Shinano Retail Pvt Ltd has issued a Offer for Sales of 3.25 crore shares of Network18. Offer for sale will open July 8, however, the company did not share the price at which it will offload the stake. Based on today's closing price, the deal is expected to value just over Rs 200 crore.

In a separate filing, TV18 Broadcast Ltd said that Hari S. Bhartia, non executive and independent director, has resigned from the directorship of the company effective from June 30, 2015.

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