IPTV company IOL Netcom, which also has a franchise agreement with MTNL for CDMA services, has reported a net profit for the second quarter running - of Rs. 10.1 million, as compared to a loss of Rs. 144.84 million for the corresponding quarter last year. For the quarter ending December 31st 2009, the company has reported net sales of Rs. 128.5 Million, up from Rs. 36.08 million for the same quarter last fiscal. Interestingly, the IOL Netcom board has decided to issue fully convertible debentures to HT Media, amounting to Rs. 75 million. Is this an ads for equity deal? On Jan 6th, the day following this announcement, IOL Netcom alotted 7,500,000 Equity Share warrants to the following companies - Avni Corporate Services Pvt Ltd (10,00,000), Anahita Trading Company Pvt Ltd (12,00,000), Trivikrama Solutions Pvt Ltd (12,00,000), Celso Engineers Pvt Ltd (10,00,000), Astra pro-foods Pvt Ltd (12,00,000) Fiona Metals Pvt Ltd (10,00,000), Gemma Art Jewellery Pvt Ltd (9,00,000). Last week, HT Media had announced that in Q3, they invested around Rs. 170 crores using the "Partnership for Growth" model. Remember that the Times of India Group owns 500,000 shares of IOL Netcom by virtue of a private treaties deal, while Videocon owns 14% of the company - 12.26% through Shree Dhoot Trading & Agencies Ltd. and 1.83% through Videocon Realty and Infrastructure Ltd. Lehman Brothers has also invested in IOL Netcom. We've requested Hemang Dave, CFO of IOL Netcom for a clarification on the ads for equity deal, and also inputs on how this…
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Q309: IPTV Company IOL Netcom To Issue Rs. 7.5 Crore FCDs To HT Media; Reports Rs. 10.1 Million Profit
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