Television

TV18 plans early conversion of warrants

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MUMBAI: TV18 is considering a proposal to advance the conversion of warrants which would fetch around Rs 550 million, based on the current market price.

Issued by the way of a rights issue in November 2004, the warrants consist of two categories (Series A and B) with conversion periods of 18 months and 36 months respectively. Each warrant will get converted into one ordinary share of TV18 at a discount of 25 per cent to the prevailing market price.

TV18 intends to use the cash raised via this exercise to fund its expansion plans in the news space, the company said in a release on Saturady. TV18 runs two business news channels - CNBC TV18 (English) and CNBC Awaaz (Hindi). The Group is now ready to embark upon its next phase of growth, the release added.

TV18 is planning to launch an English and a Hindi language general news channel. The company expects its first channel to launch before the end of the year.

To finance this expansion, the company is now recommending an early conversion of the warrants at the same terms as stated in the Offer Document. The company expects to raise approximately Rs 550 million from this conversion (based on current market price). The promoters also intend to convert their entire holdings of warrants. The conversion of the warrants will allow the retail shareholders to get TV18 shares at a discount to the market price and is an attractive opportunity to participate in the growth of the company, the release said.

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