Network 18 Media to issue 9202650 shares to SAIF Partners at Rs 130

Network 18 Media & Investments Ltd has announced that the Board of Directors of the Company at its meeting held on June 03, 2009, inter alia, has considered and approved the issue of up to 92,02,650 equity shares (or an equity linked convertible instrument) at a price of Rs 130 per equity share on a preferential basis to SAIF Partners.

The Board also approved convening an Extraordinary General Meeting of the Shareholders of the Company on July 02, 2009 to approve the preferential issue and Constitution of Committee to manage all aspects of Qualified Institutional Placement of up to 2.5 cr equity shares which was earlier approved by the Board.

The stock closed the day at Rs.155.20, up by Rs.22.05 or 16.56%. The stock hit an intraday high of Rs.160 and low of Rs.135.

The total traded quantity was 432041 compared to 2 week average of 152975.

Source : Equity Bulls

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