Network18 Media & Investments Limited — Important, 26-12-2024: Updates

The Audit Committee and Independent Directors of Network18 Media & Investments Limited have certified that the proceeds from the sale of fractional entitlements have been appropriately distributed to eligible shareholders according to the Composite Scheme of Arrangement between e-Eighteen.com, TV18 Broadcast Limited, and Network18. Following the approval of this scheme by the NCLT, effective October 3, 2024, eligible TV18 and E18 shareholders received shares of Network18 in a specified exchange ratio, with fractional entitlements consolidated and sold in the market.

A total of 2,54,110 shares were sold on December 17, resulting in net proceeds of Rs. 1,87,34,681.92. After deductions, Rs. 1,89,85,671 was distributed to 5,31,772 shareholders on December 20. This confirms compliance with the distribution requirements stipulated in the SEBI Master Circular and ensures all eligible shareholders received their respective shares in a fair manner. Positive implications for shareholder engagement and trust are expected as the company continues to adhere to regulatory standards.