Reliance Capital today offloaded nearly 4.8 lakh shares of TV Today Network for more than Rs 7 crore through an open market transaction.
The Anil Ambani group company sold a total of 4,79,153 shares of TV Today Network, information available with the stock exchanges showed.
TV Today Network's shares were sold at an average price of Rs 154.15 apiece amounting the transaction to Rs 7.38 crore.
At end of June quarter 2014, Reliance Capital held 46.17 lakh shares of TV Today Network representing 7.75 per cent stake in the media firm.
TV Today Network had reported over two-fold increase in standalone net profit at Rs 32.79 crore for the first quarter ended June 30, 2014.
The company had posted a standalone net profit of Rs 11.98 crore during the April-June quarter of the previous fiscal.
The firms revenues from TV broadcasting had increased 55.61 per cent to Rs 133.64 crore in the first quarter of FY 2014-15 as against Rs 85.88 in the same quarter of the previous fiscal.
Shares of TV Today Network today surged 19.64 per cent to settle at Rs 163.90 apiece on the BSE.