TV18 to raise Rs 200 million for expansion

MUMBAI: Television Eighteen Ltd's annual general meeting (AGM) held on 25 June proves to be an interesting proposition. The key issue addressed at the forum was the approval of the authorised share capital of the company by Rs 200 million.     

The Rs 200 million jump came in terms of the increase in preference shares from Rs 50 million comprising 5,00,000 preference shares of Rs 100 each to Rs 250 million comprising 25,00,000 preference shares of Rs 100 each.

The consequent effect would be given in the MOA (memorandum of association) of the company.

What would the approval of this additional Rs 200 million mean for TV Eighteen?

Industry sources say the company is gearing up for the launch of its much- awaited Hindi business channel, all set to be on air by the end of this year. Also, a significant upgradation of the English business service will be witnessed in the coming months in terms of infrastructure as well as human resource.

Speaking to Television 18 Ltd CEO Haresh Chawla elaborated, "It is a feel good time for TV18 as the channel is doing extremely well in terms of business reportage as well as on the ad sales front. We are also keenly exploring the Hindi speaking market and are gearing ourselves to make an entry into the Hindi arena."

The AGM also approved the issue of an amount not exceeding Rs 500 million equity share or preference shares or debts and / or securities convertible into equity shares in one or more phases from time to time.

The other issue addressed at the forum was the stratification of ESOPs (employee stock option plan) in terms of TV 18 Employees Stock Purchase Plan 2004, TV 18 Senior Employee Stock Option Plan 2004 and TV18 Employee Stock Purchase Plan 2004 of the company. When questioned as to why the stratification was being done, Chawla commented, "The company has different people at different levels and hence this is an endeavour to ensure different customised retention plans."

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