Network18 Media & Investments Ltd, the group holding company for Network18’s non-TV business, will receive investmens of Rs 300 crore from the promoter group of the company. According to a statement from Network18, its board today approved a preferential issue of 18691585 “secured optionally fully convertible debentures carrying a coupon of 10% up to redemption/conversion worth Rs 300 crore, to one or more entities belonging to the Promoter Group.”
The debentures will have the option to convert into 18691585 equity shares of Network18 at Rs. 160.50 per share within 18 months of allotment.
MediaNama readers should also note that, effective April 1st 2011, Network18 had amalgamated all of its non-TV businesses – classified as ’emerging’, into itself, and merged the TV businesses into TV18.
This means that all digital business owned by Web18, including in.com, cricketnext.com, ibnlive.com, biztech2.com, indiwo.com, josh18.com, tech2.com, buzz18.com, and the yellow pages business of Infomedia18, including Burrp and AskMe.in, are now a part of Network18. Perhaps some of the funds will be used to build those properties.
Note that we’re not certain if MoneyControl has been transferred to Network18: last we checked (in January), there was a court case, and e-eighteen.com Ltd, which owns PowerYourTrade.com and Moneycontrol.com is, at present, was not being merged into Network18. More details in the stories below:
P.s.: Thanks Atul, for pointing out that the post had been published incomplete.