Television Eighteen seeks EGM approval for warrants issue

Television Eighteen India Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on February 08, 2008, inter alia, to create, offer, issue and allot 10,000,000 (One Crore) Convertible Warrants, entitling the warrant holder(s) from time to time to apply for equity shares of the Company in one or more tranches, to Network18 India Holdings Pvt Ltd, a wholly owned subsidiary of Network18 Media & Investments Ltd (Formerly known as Network18 Fincap Ltd) on preferential placement basis through offer letter and / or circular and / or information memorandum and / or private placement memorandum and / or such other documents / writings, in such form, manner and upon such terms and conditions as may be determined by the Board in its absolute discretion, provided that the aggregate number of resultant equity shares of the Company to be issued against such warrants shall not exceed 10,000,000 (One Crore) fully paid up equity shares of the face value of Rs 5/- each at a premium of Rs 518/- against the Convertible Warrant of Rs 523/- each being not less than the price calculated in accordance with the subsisting Securities and Exchange Board of India (Disclosures and Investor Protection) Guidelines, 2000 (hereinafter referred to as SEBI DIP Guidelines), in this behalf, subject to necessary provisions & approvals.

Source : Equity Bulls

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