Network 18 Media & Investments allots 9202650 shares

Network 18 Media & Investments Ltd has announced that the Allotment Committee of the Board of Directors of the Company at its meeting held on October 20, 2009, inter alia, has considered and approved the allotment of 9,202,650 equity shares of the Company at a price of Rs. 130/- per share to SAIF III Mauritius Company Ltd., pursuant to approval of shareholders at the Extraordinary General Meeting of the Company held on July 02, 2009.

The Board also approved conversion of 9,000,000 Secured Optionally Fully Convertible Debentures ('SOFCD') into 9,000,000 equity shares of the Company which were allotted by Allotment Committee Meeting of Board of Directors of the Company held on April 11, 2009 to RB Holdings Pvt. Ltd., a Company owned 100% by Mr. Raghav Bahl and other promoters.

The stock closed the day at Rs.93.40, down by Rs.0.25 or 0.27%. The stock hit an intraday high of Rs.98 and low of Rs.92.65.

The total traded quantity was 141584 compared to 2 week average of 48420.

Source : Equity Bulls

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