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#1
29-11-2008, 01:42 AM
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TV18 to up stake in IBN18 to 21%
TV18 to up stake in IBN18 to 21%
MUMBAI: TV18 is set to increase its stake in IBN18 Broadcast Ltd (IBN18) to 20.77 per cent. TV18 informed BSE on Thursday that the company will do so by subscribing to 15 million warrants of IBN18, which are to be allotted on preferential basis and would be convertible into equity shares of IBN18 at Rs 102 per share. TV18 will make this subscription via RVT Investments, a wholly owned subsidiary, which currently holds 23,454,495 equity shares of IBN18. With the latest move, RVT Investment's holding in IBN18 will be 20.77 per cent on a fully diluted basis. This will enable TV18 to consolidate IBN18's financial results with itself. "TV18 believes this strategic initiative is extremely beneficial for its shareholders, since IBN18's bouquet of TV channels is entirely synergistic with TV18's business news channels and Web18's family of internet portals," the company said in the statement. This equity stake will also allow TV18 to get strategic ownership in strong bouquet of TV channels, including TV18's two business news channels (CNBC-TV18 and CNBC Awaaz) and IBN18's seven channels (Colors, CNN-IBN, IBN7, IBN Lokmat, MTV, Nickelodean and VH1), the company said.
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ABDUL-AZIZ 
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