Television Eighteen promoters decides against preferential issue

Television Eighteen India Ltd has received the information from the Promoter Group entities that they are not planning to subscribe for preferential issue of warrants.

Network 18 India Holdings Pvt Ltd, a part of the Promoter Group of Television Eighteen India Ltd (TV18) has decided not to subscribe to the preferential allotment of 10,000,000 (One Crore) Convertible Warrants of the Company (TV18) that were approved for allotment vide a Special Resolution passed by the shareholders of the Company (TV18) at their Extra-ordinary General Meeting held on February 08, 2008. Instead the Promoter Group has decided to use the creeping acquisition method to increase its stake.

In accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulation, 1997 and other applicable guidelines, rules or regulations of SEBI, Network18 Media and Investments Ltd has already acquired 3,00,000 equity shares of the Company (TV18) since February 15, 2008 via purchases in the open market.

The stock was trading at Rs.402, down by Rs.17.45 or 4.16%. The stock hit an intraday high of Rs.420 and low of Rs.400.20.

The total traded quantity was 7534 compared to 2 week average of 139952.

Source : Equity Bulls

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