ITV

Tag: CCPS

  • Reliance Industries: a subsidiary change

    Reliance Industries: a subsidiary change

    MUMBAI: Network18 Media & Investments informed the Bombay stock exchange on the evening of 31 December that Viacom18 India had ceased to be its subsidiary on 30 December and become a direct offshoot of Reliance Industries Ltd (RIL).

    This, it said,  happened when RIL converted 24,61,33,682 compulsorily convertible preference shares (CCPS) held by it in Viacom18 into 24,61,33,682 equity shares. Post this conversion, RIL’s equity holding in Viacom18 went up to 83.88 per cent and 70.49 per cent on a fully diluted basis. Network18 ended up with 16.12 per cent of Viacom18’s  total equity share capital and 13.54 per cent on a fully diluted basis. On 14 November, RIL had informed  the exchange that its stake in Viacom18 was at 70.49 pr cent on a fully diluted basis following its acquisition of Paramount’s 13.01 per cent stake (on a fully diluted basis) in it for Rs 4,286 crore. 

    AS per the BSE regulatory filing, Viacom18 was a material subsidiary of Network18 with nil turnover and a net worth of Rs 26,928.17 crore (representing 90.39 per cent, of the annual consolidated net worth of  Network18) for the financial year 2023-24.

    Network18    received     intimation     from     Viacom18     on 30 December at 7:46 p.m. regarding the allotment of equity shares to RIL pursuant to conversion of CCPS.

    The shareholders of Network18 had earlier approved this change of ownership.

    With this transition, Viacom18 will now operate under RIL control.

  • Television Eighteen declares 20 % interim dividend

    Television Eighteen declares 20 % interim dividend

    MUMBAI: Raghav Bahl’s Television Eighteen India Ltd has informed the BSE that its board has declared an interim dividend of 40 per cent or Rs 2 per equity share of Rs 5 each.
    Meanwhile, TV18 holding company Network 18 announced today that it has okayed the rights issue of partly convertible cumulative preferential shares (CCPS).
    Network 18 shareholders will get one CCPS of Rs 200 face value for every five shares held.

  • Network 18 to raise 2 billion via rights issue

    Network 18 to raise 2 billion via rights issue

    MUMBAI: Network 18 will be raising around Rs 2 billion through a rights issue to fund the film business, pay back debt and enter into other media opportunities.

    The company, which holds TV 18 Group, also houses Studio 18 and Shop 18. While Studio 18 is engaged in film business, Shop 18 is a television network dedicated to home shopping.
    “We will be using the money to fund our movie business and also retire some debt. We are also looking at opportnities in entering into new lines of media business,” says a source in the company.

    Network 18 board today also approved the rights issue of partly convertible cumulative preference shares (CCPS) of Rs 200 (face value) each in the ratio of 1:5.

    A detailed structure and other terms of the issue will be decided later. The rights issue committee of the Network 18 board will work in consultation with the lead managers to the issue.

    Director Sanjay Ray Chaudhuri shall be excluded from the promoter category of the company. “In any future correspondence with the Stock Exchanges / shareholders etc., name of Chaudhuri shall not be included in the Promoter / Promoter Group of the company,” Network 18 said in a statement.

    Meanwhile, TV 18’s board has declared an interim dividend of 40 per cent or Rs 2 per equity share of Rs 5 each.

    Network 18 fell 6.2 per cent on the BSE to close the day at Rs 322.25 even as its board approved a rights issue. TV 18, on the other hand, slipped 5.42 per cent to end at Rs 525.20.