| MUMBAI:
IBN18 Broadcast Ltd. is planning to raise Rs 1.50 billion through qualified institutional
placement (QIP) to complete its holding of 50 per cent stake in Viacom18, the
joint venture company with media conglomerate Viacom. IBN18,
which was to raise Rs 2.50 billion via QIP, could earlier manage only Rs 1.10
billion as the market turned adverse. "We are planning to raise Rs 1.50 billion.
Though the board is yet to approve the instrument, it is likely to be through
QIP," a source in the company says. IBN18
will have to give Rs 1.50 billion to sibling company TV18 for getting the Viacom18
shares transferred to itself. IBN18 will be acquiring the remaining shares of
Viacom18 Media from BK Holdings, a subsidiary of TV18, to keep its holding at
50 per cent. As
of end December 2008, IBN18 had acquired 6.6 per cent of Viacom18, the company
that runs channels such as MTV, Vh1, Nick, and Colors. For
the 50 per cent stake, the price is fixed at $62.5 million ($50.5 million for
the transfer and $12 million as option premium - inclusive of costs of funding). Meanwhile,
Network18 is planning to sell the printing and BPO assets of Infomedia18. "We
are looking for a buyer at the right price," says the source. In
2007, Network18 had acquired 40 per cent stake in special interest and business
categories publisher Infomedia for Rs 1.78 billion and subsequently made an open
offer. | 
