• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai , June 26

TELEVISION Eighteen India Ltd (TV18) is offering a rights issue of Rs 20 crore in the ratio of one rights share for every 12 held. The price band for the proposed right issue will be Rs 150-180.

The money will be used to finance the company's plans to expand its broadcast operations.

The promoters of TV18 have committed to underwrite the issue by offering to subscribe to the entire unsubscribed portion.

Each rights share would also entitle the holder to two detachable warrants. Each detachable warrant will be convertible into one equity share - the first detachable warrant would be converted at the end of 18 months and the second detachable warrant would be converted at the end of 36 months. Both these detachable warrants will be converted at a discount of 25 per cent to the average share price prevailing at the time of conversion. "Such a unique warrant structure may allow the company to raise cash at much better valuations over the next three years and will ensure that the company is not required to issue any further public equity," TV18 said in a news release.

The phase-1 of a 40,000 square feet broadcast facility is coming up at Mumbai. The company said it expects to launch its new, expanded broadcast operations in the last quarter of the current year.

More Stories on : Rights Issue | Radio/TV

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Natco Pharma unveils new drug

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line