Independent Media Trust discloses substantial acquisition in Network18 under SEBI Takeover Code

M&A / JV 22 Jun 2026 · Filed / open· ✓ Verified

Independent Media Trust submitted a Regulation 31(4) disclosure to NSE on 22 June 2026, reporting a substantial acquisition in Network18. Under SEBI's Takeover Code, acquisition of 25% or more triggers a mandatory open offer; acquisition of 5% or more requires public disclosure. The filing is the first formal notice to the market of IMT's shareholding movement, and will be followed by a detailed disclosure statement (if open offer is triggered) or a standstill undertaking (if exempt). This is a key regulatory gate for media sector consolidation in India.

Why it mattersThe filing signals entry into-or crossing of-a statutory threshold (likely 25% for open offer trigger or 5% for disclosure) under SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011; counsel must track whether an open offer is mandated and what escape clauses (e.g. exemption under Regulation 10) apply.
Counsel—
SectorMedia & Broadcasting
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