Television

TV18 earmarks Rs 3 bn for debt repayment and Rs 300 mn in Forbes project

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MUMBAI: Television 18 India Ltd (TV18) will be utilising Rs 3 billion out of the proposed Rs 5.1 billion rights issue for repayment of debt, while Rs 300 million will be towards commercialising the ventures with Forbes Media.

TV18, which houses the business news channels CNBC TV18 and CNBC Awaaz and financial and news terminal Newswire18, will also use Rs 450 million from the net proceeds to subscribe to the proposed rights issue of Infomedia. Having filed with Sebi, Infomedia aims to raise Rs 1 billion from the rights issue. TV18 has directly acquired a 3.63 per cent equity in Infomedia and its subsidiary I-Ven holds 62.05 stake of the paid-up equity capital of Infomedia. TV18 proposes to consolidate its interest and hold a direct stake of 43.38 per cent in Infomedia.

The company plans to put in Rs 350 million towards acquisitions and other strategic initiatives in the media and allied sector. TV18‘s growth plan involves expanding its product and service offerings, both organically and through strategic acquisitions.

A further Rs 750 million will be used towards general corporate purposes to drive its business growth. Since Rs 250 million has been earmarked towards the issue expenses, TV18 will be left with net proceeds of Rs 4.85 billion from its rights issue.

For the English business magazine project, group company digital18 Media Private Ltd has entered into a license agreement with Forbes Media LLC (dated 24 October 2008). Additionally, the company is seeking to enter into a separate 50:50 joint venture agreement with Forbes to operate an India specific business website using the Forbes brand name and content. The investments may include subscribing to share capital in entities operating the Forbes related business ventures, including digital18, capital expenditures, if any, and payment of royalties to Forbes.

TV18 will not use proceeds from the rights issue for meeting its working capital requirements.

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