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MUMBAI:
TV18 is set to increase its stake in IBN18 Broadcast Ltd (IBN18)
to 20.77 per cent.
TV18
informed BSE on Thursday that the company will do so by subscribing
to 15 million warrants of IBN18, which are to be allotted
on preferential basis and would be convertible into equity
shares of IBN18 at Rs 102 per share.
TV18
will make this subscription via RVT Investments, a wholly
owned subsidiary, which currently holds 23,454,495 equity
shares of IBN18.
With
the latest move, RVT Investment's holding in IBN18 will be
20.77 per cent on a fully diluted basis. This will enable
TV18 to consolidate IBN18's financial results with itself.
"TV18
believes this strategic initiative is extremely beneficial
for its shareholders, since IBN18's bouquet of TV channels
is entirely synergistic with TV18's business news channels
and Web18's family of internet portals," the company
said in the statement.
This
equity stake will also allow TV18 to get strategic ownership
in strong bouquet of TV channels, including TV18's two business
news channels (CNBC-TV18 and CNBC Awaaz) and IBN18's seven
channels (Colors, CNN-IBN, IBN7, IBN Lokmat, MTV, Nickelodean
and VH1), the company said.
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