Network 18 Media to issue SOFCD to Raghav Bahl and Promoters

Network 18 Media & Investments Ltd has announced that the Board of Directors of the Company at its meeting held on March 02, 2009, inter alia, has considered and approved the issue of 18,181,818 Secured Optional Fully Convertible Debentures (SOFCD) at a price of Rs 110/- per SOFCD on preferential basis, to RB Holdings Pvt. Ltd, a Company owned 100% by Raghav Bahl and other Promoters. Once RB Holding Pvt. Ltd converts the current Issue of SOFCD, its holding in Nerwork18 will be 18,181,818 shares i.e. 20.13% on a fully diluted basis.

For issuing of 25,000,000 (Two Crore Fifty Lac) equity shares or other convertible instruments of the Company via one or a combination of measures, including a preferential allotment, QIP, FCCBs, ADRs, GDRs or any other equity related instruments.

The Board approved re-organisation of the Authorised Capital of the Company by converting 15 Lac Preference Shares of Rs 200/- each aggregating to Rs 30 Crores into 6 Crore equity shares of Rs 5/- each aggregating to Rs 30 Crores.

The Board approved increase in the Foreign Investments limit in the Company upto 49%, which will come into effect subject to complying with applicable regulatory processes.

To convene an Extra-ordinary General Meeting of the Shareholders of the Company on March 31, 2009.

The Stock was trading at Rs.73, up by Rs.2.90 or 4.14%. The stock hit an intraday high of Rs.75.30 and low of Rs.71.

The total traded quantity was 7391 compared to 2 week average of 5053.

Source : Equity Bulls

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