TV18 to raise Rs55 crore for expansion through rights warrant conversion
27 Jun 2005
Mumbai: The TV18 board announced that it would consider a proposal to advance the date of outstanding warrants issued by the way of a rights issue in November, 2004. The warrants consist of two categories Series A and B, with conversion periods of 18 months and 36 months respectively. Each warrant will be converted into one ordinary share of TV18 at a discount of 25 per cent to the prevailing market price.
The TV18 Group has ambitious plans to emerge as the country's premier general news platform. To finance this expansion, the company is now recommending an early conversion of the warrants at the same terms as stated in the 'offer document'. The company expects to raise approximately Rs55 crore. from this conversion, based on current market price. The promoters also intend to convert their entire holdings of warrants.
The conversion of the warrants will allow the retail shareholders to get TV18 shares at a discount to the market price.
The company intends to use the cash to fund its expansion plans in the news space. TV18 has a presence in business and consumer programmes in English and Hindi. Between CNBC-TV18 and Awaaz, the group's recently launched Hindi language consumer channel, the group claims viewership of over 75 per cent and revenue of over 90 per cent of the business news market on television.
What is a Ponzi scheme?
By Aniket Gupta | 06 Dec 2023
Ponzi schemes have long captivated the public imagination, drawing unsuspecting investors into a web of illusion and deception.
The Rise and Rise of HDFC Bank
03 Jul 2023
HDFC, which surged ahead of global majors like HSBC Holdings Plc and Citigroup Inc and left Indian peers like State Bank of India and ICICI Bank in market capitalisation, now ranks fourth largest among the world’s most valuable banks, after JPMorgan Chase & Co, Industrial and Commercial Bank of China Ltd and Bank of America Corp
India’s Millet Revolution To Enrich Global Food Basket
02 Apr 2023
Millets, a healthier and cheaper substitute to wheat and rice, are indigenous to many parts of the world, especially in the semiarid tropics of Asia and Africa, and offers a big scope for expanding production and consumption in the foodgrain deficient African continent
Market predator Hindenburg preys on Adani stock
06 Mar 2023
Almost a month after the damning report of short-seller Hindenburg Research on the Adani Group that claimed that the seven stocks within the group were about 85 per cent overvalued, one of the group's stocks, Adani Total Gas, closed at Rs835 on the BSE, down nearly 79 per cent from its 24 January level, almost close to reaching that valuation