Reliance will sell its stake in Network18

Reliance Industries will sell a 3.1% stake in Network18 Media pegged at $32 million. This is to comply with rules authorizing public ownership in listed firms.

Reliance said today that the sale of 32.5 million shares on Wednesday would help it meet the minimum 25% public ownership regulation.

Reliance bought a stake in the media group last year. The media group currently runs business news channels, a news portal and other news and e-commerce websites.

The stake is valued at $32 million. Reliance plans to sell its shares through stock exchanges.

(Image credit: Indiatimes)