Reliance Industries, a leading private sector enterprise with businesses in the energy and materials value chain, said Monday it is proposing to sell 32.5 million shares of Network18 Media & Investments (NW18), representing 3.10% of the equity capital of NW18, to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities Contract Rules, 1957. 

In this regard, Shinano Retail, effectively 100% owned by Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL, a promoter group company of NW18, has issued a notice of Offer for Sale of 32.5 million shares of NW18 through the stock exchange mechanism in accordance with the SEBI circulars.

Shares of the company gained Rs 8.55, or 0.85%, to settle at Rs 1,015.30. The total volume of shares traded was 564,557 at the BSE (Monday).