Times Group taking up stake in IOL Broadband

MUMBAI: Bennett Coleman & Co Ltd (BCCL), which is the holding company of the Times Group, is picking up a small stake in IOL Broadband for Rs 50 million.

IOL, which has a content delivery affiliation contract with MTNL for IPTV in Mumbai, will make a preferential allotment of 500,000 equity shares of Rs 10 each to BCCL. "We will be making the allotment to BCCL at around Rs 100 per share," says IOL Broadband director Oberai.

IOL is also making a preferential allotment of 700,000 warrants to Maula Trading Company for Rs 70 million. "We will be in raising additional funds to expand our rollout. We plan to launch IPTV also in Bangalore with BSNL," adds Oberai.

IOL Broadband has already signed an IPTV deal with the Star network and is offering 24 channels. "We are in talks with other broadcasters. We are offering video on demand (VoD) services and are planning to ramp up our movie library. We currently have rights for 50 movies," says Oberai.

IOL is planning to increase the authorised share capital from Rs 500 million to Rs 70 million, divided into 70 million equity shares of Rs 10 each. The company also plans to increase the limit for foreign institutional investors to 49 per cent of its paid up equity share capital.

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