MUMBAI: Television Eighteen India Ltd. is, in its qualified institutional placement (QIP) issue, allocating 3.08 million shares at a price of Rs 650 per equity share.
The company is raising Rs 1.99 billion through QIP, TV18 said in a statement. Indiantelevision had earlier reported that TV18 had mandated HSBC to raise this amount which would be used to fund the company’s expansion plans.
The QIP committee of the board of Television Eighteen India Ltd met on Thursday to approve the QIP proposal
MUMBAI: Television Eighteen India Ltd. board has approved a Rs 2.5 billion expansion plan in new ventures and potential acquisitions.
The majority of these projects are intended to be in the television, internet and “triple convergence” areas. “We are looking at expansion on the TV, internet and even at opportunities on the mobile space. For all these new ventures that we get into, we will not go alone but with globally reputed partners,” says TV18 CEO Haresh Chawla.
While some of the investments will create greenfield projects, others are likely to result in acquisitions of operating companies. “A significant amount of this investment shall be raised by the sale of strategic stakes in some of these downstream subsidiary companies to globally reputed investors. The company will seek shareholder approval for these investments in accordance with law, as the investment plans firm up,” the company informed the BSE.
The board also authorised the management to seek shareholders approval for raising Rs three billion in equity over a period of time. “At the present stage, the management is seeking only an enabling approval from its shareholders. The management does not expect to issue any immediate equity under this approval,” the company said.