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TV-18 GETS CASH INFUSION
Production house TV-18, which is a content
provider to CNBC Asia Business News, apart from a host of
other Indian and foreign channels, has attracted equity investment
from venture capital firm ICICI Venture. ICICI has picked
up a 20% stake in the cash-strapped TV-18 at a cost of Rs
60 million. With this, promoter Raghav Behl's stake in the
company has come down to 36%. Other investors in TV-18 are
AIA Capital Corporation and Morgan Stanley, both of which
own 18% in the company. Individual shareholders own 14% of
TV-18's equity. The firm had laid off around 40 staffers last
year in the midst of a massive cash crunch.
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