Media conglomerate Television Eighteen Friday said it will acquire warrants worth Rs 153 crore of IBN18 Broadcast, thereby increasing its stake in the company to 21 per cent
MUMBAI: Media conglomerate Television Eighteen Friday said it will acquire warrants worth Rs 153 crore of IBN18 Broadcast, thereby increasing its stake in the company to 21 per cent upon conversion into equity shares.
In a filing to the Bombay Stock Exchange, TV18 said it would subscribe to 1.50 crore warrants of IBN 18 at a price of Rs 102 a piece.
TV18 would make this subscription via RVT Investments, a 100 per cent subsidiary of TV18, which currently holds over 2.34 crore equity shares, representing 17 per cent stake in IBN18, it added.
Pursuant to conversion of warrants to equities, the holding of RVT Investments would go up to 3.84 crore shares, representing 20.77 per cent stake in IBN18.
"This equity stake will also allow TV18 to get strategic ownership in what is arguably the strongest bouquet of TV channels in the country, including TV18's two business news channels and IBN18's seven general interest channels," the filing added.
Further, the IBN18 board has also approved the raising of Rs 400 crore from domestic and international markets through Qualified Institutional Placement.
Network18 t hrough its holding in IBN18, operates in the general news and entertainment space with leading general news channels CNN-IBN and IBN7 and has launched IBN Lokmat, a Marathi news channel in partnership with the Lokmat group.
Further, IBN18 also operates a joint venture with Viacom, called Viacom18, which houses MTV, VH1 and Nickelodeon channels in India, and also Studio18, the Group's filmed entertainment operation and has launched 'Colors', a Hindi general entertainment channel.
Shares of TV18 were trading at Rs 60, down 4.53 per cent on the BSE.
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