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MUMBAI:
Network18 Media & Investment Ltd. is raising Rs 1.2 billion
from private equity firm Saif Partners through a preferential
allotment.Saif
partners already holds 35 per cent in Homeshop18, Network18's
home shopping television unit.
The
company is also planning to sell up to 25 million equity shares through a Qualified
Institutional Placement (QIP), for which it has formed a committee to manage all
aspects of the issue. Indiantelevision.com
had earlier reported that Network18 would be raising Rs 2.5 to Rs 3 billion through
a strategic or a financial stake sale and was also weighing options of a QIP. Network18,
the holding company for TV18 and IBN18, is alloting 92,02,650 shares to Saif Partners
on a preferential basis at a price of Rs 130 per share, at a discount of today's
closing price of Rs 155.2. The stock closed 16.56 per cent up on the BSE on a
day when the market stayed flat.
Network18
said it will have access to a cash pool in excess of Rs 6
billion. Promoter Raghav Bahl recently infused Rs 2.50 billion
into the company.
Also
Read :
TV18
to raise Rs 5.1 bn via rights issue; Network18 looks for strategic
stake sale
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