wordpress blog stats
Connect with us

Hi, what are you looking for?

,

Network18 To Raise Rs 300 Crore From Promoter Group

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:

Web18 To Be Merged Into Network18; To Settle With Nokia Growth Partners
Network18 Consolidates Digital, Publishing Under NW18, TV Biz Under TV18

P.s.: Thanks Atul, for pointing out that the post had been published incomplete.

You May Also Like

News

Key takeaways Network18’s digital news revenue increased by 50% YoY for the second consecutive quarter Consolidated Net Profits grew 125% YoY Network18 Digital saw...

News

The Delhi High Court on Monday refused to stop Amazon from pushing regulators to stop the sale of the Future Group’s businesses to Reliance...

News

Pine Labs has raised around $100 million in fresh funds from Lone Pine Capital, a hedge fund based in the United States, at a...

News

Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ