Mumbai: Media and entertainment company Television Eighteen India on Wednesday said it will raise Rs510 crore through rights issue which will be used primarily for re-paying debt.
“The Board of Television Eighteen India has approved a rights issue of Rs510 crore. The cash raised in this issue will primarily be used to re-pay debt,” the company said in a filing to the Bombay Stock Exchange.
The filing added that the promoters of the company along with its promoter group entities have committed to subscribe to the unsubscribed portion of the rights issue.
“A straight equity instrument is proposed to be offered in this rights issue. Other terms, including record date, entitlement ratio and price per equity share, will be finalised closer to the date of the opening of the issue,” the company said.
ICICI Securities has been appointed as the lead manager to the issue, it added.
Shares of Television Eighteen India were trading at Rs102.50, up 3.02% on the BSE.