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Reliance to sell 3.1% stake in Network18

Network18
Network18

Reliance Industries Ltd has confirmed it is planning to sell a 3.1 per cent stake in Network18 to comply with rules mandating public ownership in listed firms.

According to Economic Times, the stake worth $32 million would go on sales on Wednesday and would help it meet the minimum 25 per cent public ownership rule.

Reliance, controlled by billionaire Mukesh Ambani, bought a majority stake in the media group last year.