Network18, TV18 approve rights issue

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Network18, TV18 approve rights issue
TV18 Broadcast: Quotes, News
BSE 45.35BSE Quote0.25 (0.55%)
NSE 45.45NSE Quote0.2 (0.44%)
The board of Network18 and TV18 Broadcast approved a price of Rs 30 and Rs 20 per share for its right issue, respectively.

Network18 board has approved a rights issue ratio of 307 shares for every 50 shares. Also, TV18's rights issue ratio will be 41 shares for every 11 shares.

For Equity Shares being offered on a rights basis under this Issue, the fractional entitlement of such Equity Shareholders shall be ignored for computation of the Rights Entitlements, the companies said in the filing.

However, Equity Shareholders whose fractional entitlements are being ignored will be given preference in the allotment of one additional Equity Share each, if such Equity Shareholders have applied for additional Equity Shares over and above their Rights Entitlement, added further.

Earlier on Thursday, shares of TV 18 Broadcast and Network 18 Media & Investments jumped level ranging from 2-8% after Sebi's approval for their rights issues.

Network 18 is promoter and majority shareholder of TV 18.

The shares of the Network 18 on Friday closed at Rs 32.00 higher by 1.59% on BSE. While, TV18 closed at Rs 21.50 lower by 2.05% on BSE.

Read more about: tv18, network18
Story first published: Saturday, September 1, 2012, 12:29 [IST]
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