Television

TV18 fixes rights issue price at Rs 84 per share; issue to open on 29 September

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MUMBAI: Television 18 Ltd (TV18) has fixed the pricing of its rights issue at Rs 84 per share, hoping to mop up Rs 5.1 billion to primarily repay debt.

Every equity shareholder of two equity shares (of Rs 5 face value) is entitled to one share, the company said Wednesday.

The issue will open on 29 September and close on 13 October. The last date for request for split application forms will be 5 October.

As reported earlier, TV18 plans to raise close to Rs 5.1 billion through a rights issue. While Rs 3 billion will be used to retire debt, the company plans to use Rs 300 million from the proceeds of the issue towards commercialising the venture with Forbes Media. It will use Rs 450 million from the net proceeds to subscribe to the proposed rights issue of Infomedia.

TV18 houses the business news channels CNBC TV18 and CNBC Awaaz and financial and news terminal Newswire18. The scrip closed at Rs 109.8 on Wednesday, down 3.17 per cent from its previous close.

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