Television Eighteen approves stake sale in Web 18 Holding

Television Eighteen India Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2009 has approved the Agreement for issuance of Preferred Stock of Web 18 Holding, Cayman Ltd. (Web18), a Company incorporated under Cayman Island and a subsidiary of TV 18, to NGP II Mauritius, a fund set up by Nokia to infuse USD 10 Million into Web 18 Holding.

The stock was trading at Rs.91.90, up by Rs.1.90 or 2.11%. The stock hit an intraday high of Rs.93.50 and low of Rs.90.05.

The total traded quantity was 169633 compared to 2 week average of 284532.

Source : Equity Bulls

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