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Is
it the precursor to a parting of the ways? Maybe, maybe
not. Raghav Bahl's Television Eighteen India Ltd declared
today that henceforth it would be managing the sales of
advertisement time (free commercial time) of CNBC India
business news channel.
Ad sales has been managed from the beginning of the channel's
launch in India by Sony Entertainment Television (SET).
TV 18 has set up the initial marketing infrastructure, which
is being further strengthened for handling ad sales, the
company has said.
Queried about the fate of the distribution alliance that
TV 18 has with SET for CNBC India, chief executive Haresh
Chawla said he could only confirm that the arrangement would
continue in its present form till March 2003. After that
everything was open, Chawla admitted.
The announcement was tied into TV 18's finally closing the
chapter on an on again off again courting that has gone
on for over two years. The company declared today that it
had has informed the Bombay Stock Exchange that it planned
to retain its 49 per cent equity stake in CNBC India and
would not be divesting any equity in CNBC India in favour
of SET.
TV 18 holds 49 per cent in CNBC India through Television
Eighteen Mauritius Ltd. The remaining 51 per cent is held
by CNBC Asia. Earlier the board of directors of the company
had decided to give up 20 per cent stake out of the 49 per
cent in favour of SET Satellite (Singapore) Pvt Ltd. Market
sources had pegged the value of the deal at Rs 200 million.
TV 18 BOARD APPROVES ALLOTMENT OF EQUITY SHARES:
At the meeting of the board of directors of TV 18 held today,
it was decided that:
1. Allotment of 7,00,000 equity shares of Rs 10 each issued
at a premium of Rs 78 per share aggregating to Rs 88 per
share as preferential allotment pursuant to the approval
of the board meeting dated 7 December, 2001 and the EGM
dated 2 January, 2002.
2. Issue of secured partly convertible debentures (SPCD)
of Rs 150 each, to be issued to the existing shareholders
on rights basis in the ratio of one SPCD for every 13 equity
shares held. The detailed terms and conditions will be worked
out in consultation with the lead managers to the rights
issue.
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