MUMBAI: Television Eighteen India Ltd has finalised the scheme
for consolidating its media businesses, the preliminary details
of which were approved by its board on 12 October.
Existing shareholders of TV18, holding 10 shares of face value
Rs 10 each, would now be allotted 12 shares with a face value of
Rs 5 each in Network 18 and 14 shares of Rs 5 each in TV18. This
is based on the share swaps recommended by the experts. KPMG India
Pvt Ltd provided valuation guidance for the scheme of restructuring,
while BMR & Associates acted as transaction and financial advisors.
Business news operations (including 'Awaaz' and 'CNBC-TV18') is
being consolidated in TV18, whereas Network 18 India Holdings Ltd
(Network 18 - proposed name of the listed holding company) will
hold majority stakes in TV18 and in the channel 'CNN-IBN'. TV18
would also hold a portfolio investment stake in CNN-IBN, whose value
could be realised at an opportune time. The restructuring would
enable the Group to comply with the uplinking guidelines of the