Network 18 Media to raise funds via public deposits

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Network 18 Media to raise funds via public deposits
Network 18 Media & Investments: Quotes, News
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Network 18 Media & Investments Ltd is planning to raise funds through public deposits to meet its short-term financial requirements.

In a public notice, the company has invited its shareholders, employees and the general public to deposit their savings with it.

The media giant can garner a maximum of Rs 1,197 crore through deposits including Rs 855 crore from public and the remaining Rs 342 crore from shareholders.

Besides, the company had an aggregate deposits of Rs 332 crore at the end of December 31, 2012.

However, it was not clear, how much funds it would garnered from the public deposits.

The company said it would accept deposits for a period of one-year at a rate of 11%. It said an additional 0.5% per annum would be given to the company's employees and senior citizens.

It also said that interest would be paid on quarterly basis.

Network 18 Media & Investments Ltd said that it has "no overdue deposits other than unclaimed deposits".

Last year, Network 18 Media & Investments Ltd had raised nearly Rs 2,700 crore through rights issue of for repayment of debts among others.

Network18 Group is a media conglomerate with interests in television, Internet, film entertainment, e-commerce, speciality magazines, mobile content and allied businesses.

PTI

Read more about: network 18
Story first published: Tuesday, April 16, 2013, 15:59 [IST]
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