Network 18 wants Indian Film Co.

Broadcaster wants to buy remaining shares of film invest co.

Indian Film Co. Ltd. shareholder Network 18 Holdings said it made a cash offer to buy shares of the film investment company it does not already own for 40 pence each.

The offer represents a premium of about 1.2 percent to Indian Film Co's Wednesday closing price of 39.5 pence, and values the company at 22 million pounds ($36.28 million). Network 18 currently owns 36% of Indian Film Co, after it bought about 8 million shares on Thursday at 39.75 pence per share.

Indian Film Co.'s shares rose 0.25 pence to 39.75 pence on Thursday on the London Stock Exchange.