Promoter Group to infuse Rs.300 Crores into Network 18 Media & Investments Limited

The Board of Network 18 Media & Investments Limited (Network18) approved a preferential issue of 18,691,585 Secured Optionally Fully Convertible Debentures (SOFCDs), carrying a coupon of 10% up to redemption/conversion, worth Rs.300 crores, to one or more entities belonging to the promoter group.

These SOFCDs shall have the option to convert into 18,691,585 equity shares of Network18 at Rs.160.50 per share within 18 months from the date of allotment. An EGM will be convened on June 3, 2011 at New Delhi to obtain shareholders approval for the preferential issue.

The stock closed the day at Rs.160.05. The stock hit an intraday high of Rs.161.70 and low of Rs.156.

The total traded quantity was 280 compared to 2 week average of 3216.

Source : Equity Bulls

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