WWIL fixes price of Rs 4.5 bn rights issue at Rs 19 per share

MUMBAI: Wire & Wireless (India) Ltd, Zee‘s demerged cable TV distribution company, has fixed the price of its rights issue at Rs 19 per equity share.

The company will issue 236.77 million equity shares, aggregating to Rs 4.5 billion.

The rights issue price includes a premium of Rs 18 per equity share. The issue of shares on rights basis will be in the ratio of 109 equity shares for every 100 shares.

Subscribers to the rights issue will pay in two tranches. While Rs 9 will be paid on application, the balance amount will become payable after six months but within a period of 12 months from the date of allotment.

"Enam Securities is the lead manager. We hope to come out with the rights issue in September," a source in the company says. had reported first that WWIL would be coming out with a Rs 4.5 billion rights issue, out of which Rs 2 billion would be used for repaying loans and Rs 346.7 million for acquiring cable TV networks.

WWIL would also set aside Rs 1.18 billion to fund its working capital requirement while Rs 119.6 million would be used for setting up the information technology infrastructure

The company has a gross debt of Rs 4.97 billion, including the recently issued 192 secured redeemable non-convertible debentures of Rs 1 million each amounting to Rs 1.92 billion

"The bank debt is Rs 1.05 billion. WWIL also owes Rs 2 billion to the Zee group companies," the source says.

The shares of WWIL rose 1.26 per cent to close Tuesday at Rs 20.15 on the BSE.

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