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IBN18: To Raise $90 M; IBN-Lokmat To Divest 13%; Regional Paper Deferred

IBN18 Broadcast has informed the BSE of plans to raise Rs 400 crore ($90.25 million), though they’re keeping their options open about whether it will be through either a public issue, FCCB issue, private placement basis or a QIB placement. They’ll need shareholder approval for this, and have called for an Extra-ordinary General Meeting October 1st for shareholders approval.

Meanwhile, IBN-Lokmat, the Marathi TV channel JV between IBN18 and the Lokmat Group has received FIPB approval to divest 13 percent stake. Another JV (TV18 sure does have many to juggle) – IBN and the Jagran Prakashan group have decided to defer the launch of their regional language paper business paper, given the prevailing market conditions

Disclosure: I own an inconsequential number of shares of Network18

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