This Article is From Sep 03, 2012

Network18 fixes rights issue price at Rs 30

Network18 fixes rights issue price at Rs 30

 

Network18 Media & Investments Ltd has priced its rights issue at Rs 30 per share, according to a statement to the exchange late on Friday.
 
The company has also approved an issue price of Rs 20 per share for the rights issue of its group company TV 18 Broadcast .
 
Network18 Group, through its subsidiary TV18 Broadcast Ltd operates news channels - CNBC-TV18, CNBC Awaaz, CNBC-TV18 Prime HD, CNN-IBN, IBN7 and IBN-Lokmat Network 18's board approved a rights issue ratio of 307 shares for every 50 shares for itself and a ratio of 41 shares for every 11 shares for TV 18.
 
The companies had announced their rights issue, of up to Rs 2,700 crore each in January 2012.
 
This fund raising was announced alongside a complex deal the group signed with Reliance Industries , which marked a major foray into the media sector by the energy-focused conglomerate.
 
Copyright @Thomson Reuters 2012