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.