Network 18 Media & Investments to advance warrants conversion

Network 18 Media & Investments Ltd has announced that the Board of Directors of the Company at its meeting held on December 11, 2008, inter alia, has decided to advance the conversion date of Detachable Warrants allotted pursuant to the Rights Issue of the Company as per the terms of Letter of Offer dated March 07, 2008 and has accordingly fixed the date of January 09, 2009 for convening a meeting of holders of Detachable Warrants for seeking an approval of warrant holders for the early conversion of warrants.

The Board recommends to modify the Warrant Exercise Period to any time after 3 months to 12 months from the date of allotment, instead of 24 months to 48 months from the date of allotment as originally stated in the Letter of Offer.

The stock was trading at Rs.99.50, up by Rs.2.60 or 2.68%. The stock hit an intraday high of Rs.101 and low of Rs.92.15.

The total traded quantity was 9603 compared to 2 week average of 14404.

Source : Equity Bulls

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