Television

TV18 promoters to up stake in firm via creeping acquisition

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MUMBAI: Television Eighteen India on Friday said its promoter group would increase stake in the company through a creeping acquisition instead of subscribing to warrants.

Network18 Media and Investments Ltd, a founder group firm, has already acquired 300,000 equity shares in TV18 since 15 February 2008 via purchases in the open market. TV18 owns and operates business news channels CNBC TV18 and Aawaz.

The fall in share prices could have triggered Network18's decision to buy in the open market. 

TV18 board had earlier approved the issue of 10 million warrants to allow Network18 India Holdings , a unit of Network18, to up its stake in the company.

"Network 18 India Holdings has decided not to subscribe to the preferential allotment of 10 million convertible warrants of TV18 that were approved for allotment," an official statement said.

Creeping acquisition is a process by which the promoters of a company holding less than majority stake increase their equity either by making an open offer to the shareholders or buying from the market.

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