TV18’s arm to raise $10 mn by allotting shares

TV18’s arm to raise $10 mn by allotting shares

Mumbai: Television Eighteen India on Thursday said it will raise $10 million (nearly Rs47.7 crore) by allotting preferred stock of its subsidiary to global investor Nokia Growth Partners (NGP) II Mauritius.

The company has approved to issue preferred stock of Web18 Holdings to NGP II Mauritius, Television Eighteen (TV18) said in a filing to the Bombay Stock Exchange.

Preferred shareholders have priority over common stockholders on earnings and assets in the event of liquidation and they have a fixed dividend.

Web18, the Internet arm of TV18 is raising $10 million as strategic growth capital from NGP II Mauritius, the filing added.

TV18 would obtain necessary approvals regarding the strategic investment, it said.

Nokia Growth Partners focuses its direct investment activities on information and communication technology companies serving mobile industry, it added.

Shares of Television Eighteen India were trading at Rs97.30 on the BSE, up 0.62% from previous close.