Network 18 Media to raise Rs 204.92 crore

Network 18 Media & Investments Ltd has announced with reference to the issue of equity shares of Rs 5/- each of Network 18 Media & Investments Ltd (the 'Company') to Qualified Institutional Buyers under Qualified Institutional Placement in terms of Chapter XIIA of SEBI (DIP) Guidelines, 2000, that the duly authorised QIP Committee of the Board of Directors of the Company at its meeting he1d on June 11, 2009, has decided to close the Bid period and approved the Issue of 1,57,62,889 equity shares of Rs 5/- each at an Issue Price of Rs 130/- per equity share of Rs 5/- each, of the Company, aggregating to an Issue size of Rs 204.92 Crores.

As communicated earlier, the floor price in respect of the aforesaid Qualified Institutions Placement, based on the pricing formula as prescribed under Clause 13A.3.1 of Chapter XIII-A of SEBI DIP Guidelines is Rs 125.93/- per Equity Share, and the relevant date for this purpose, in terms of Clause 13A.3.1(a) of Chapter XIII-A of SEBI DIP Guidelines is June 03, 2009.

The stock was trading at Rs.147, down by Rs.3.70 or 2.46%. The stock hit an intraday high of Rs.155.10 and low of Rs.145.

The total traded quantity was 90319 compared to 2 week average of 144323.

Source : Equity Bulls

Keywords