Network18 Media to raise Rs 119.63 cr

Agencies
Posted: Wednesday, Jun 10, 2009 at 1646 hrs IST
Updated: Wednesday, Jun 10, 2009 at 1646 hrs IST

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Mumbai: Media firm Network 18 Media & Investments said it will raise Rs 119.63 crore in one or more tranches by issuing shares on the preferential basis to SAIF III Mauritius Company Ltd, for funding its various businesses.

The company would issue 92.02 lakh shares at Rs 130 to SAIF III Mauritius Company Ltd, Network 18 Media & Investments said in a filing to the Bombay Stock Exchange.

The proceeds from the proposed preferential issue would be utilised to meet the capital needs of its businesses, repay some of the outstanding debt, funds its affiliate entities and for general corporate purposes, it added.

Shareholders of the company (Extra-ordinary General Meeting) would meet on July 2, in order to consider and approve the said proposal, the filing added.

Shares of Network 18 Media & Investments were trading at Rs 145.15, down 3.91 per cent on the BSE.

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