Webl8 Holdings raises USD 10 Million

The Board of television Eighteen India Ltd today approved the Agreement for Issuance of Preferred Stock of Web18 Holdings, Cayman Ltd (Web18), a company incorporated under Cayman Island and a subsidiary of TV18, to NGP II Mauritius.

Web18, the internet arm of TV18 is raising USD 10 Million as strategic growth capital from NGP II Mauritius. TV18 will obtain necessary approvals, if any, in relation to the aforesaid strategic investment. Nokia is the world leader in mobility, driving transformation and growth of the converging internet and communications industries.

Nokia Growth Partners focuses its direct investment activities on information and communications technology companies serving the mobile industry, ranging from the network layer and handset components to software applications, services and media. BMR Advisors acted as the transaction advisors to TV18 for the fund raise.

The stock was trading at Rs.96.80, up by Rs.0.10 or 0.10%. The stock hit an intraday high of Rs.98 and low of Rs.96.05.

The total traded quantity was 75020 compared to 2 week average of 354019.

Source : Equity Bulls

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