Network 18 Media to raise funds via public deposits

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    Network 18 Media to raise funds via public deposits
    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
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more