Mumbai, July 6 (IANS): Reliance Industries Limited (RIL) on Monday announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited (NW18), to bring down the aggregate shareholding of the promoter and promoter group to 75 percent and increase the public shareholding to 25 percent as mandated by the regulations.

"Reliance Industries Limited today announced that it is proposing to sell 3.25 crore shares of Network18 Media & Investments Limited, (representing 3.10 percent of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75 percent and increase the public shareholding to 25 percent as mandated by Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957," said a company statement.

In this regard, Shinano Retail Private Limited, a promoter group company of NW18, has issued a notice of Offer for Sale of 3.25 crore shares of NW18 through the stock exchange mechanism in accordance with the Securities and Exchange Board of India (SEBI) circulars.

Shinano Retail Private Limited is 100 percent owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of RIL.