IndianMascot
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The minimum amount of Rs 9.96 billion that Reliance Industries Ltd’s (RIL) Independent Media Trust (IMT) will lend to ensure the currently open rights issues of Network18 Media and Investments and TV18 Broadcast sail through will translate into a 51 per cent stake in the promoter companies of Network18.
IMT will lend the money through investments in zero coupon optionally convertible debentures (ZOCDs) issued by the six promoter companies of Network18, which will be subscribing to promoters’ entitlement in the rights issues and in addition, to subscribing to the unsubscribed portion in the rights issues and to subscribe to additional equity shares.
The six promoter companies are RRB Mdiasoft, RB Mediasoft, RBI Media Holdings, Watermark Infratech, Colorful Media and Adventure Marketing, which together own 36.90 per cent of Network18. To subscriber to their entitlement, these companies require Rs 9.96 billion. To raise Rs 9.96 billion to subscriber to their entitlement, the promoter companies will have to issue a minimum of 99,630,000 ZOCDs.
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IMT will lend the money through investments in zero coupon optionally convertible debentures (ZOCDs) issued by the six promoter companies of Network18, which will be subscribing to promoters’ entitlement in the rights issues and in addition, to subscribing to the unsubscribed portion in the rights issues and to subscribe to additional equity shares.
The six promoter companies are RRB Mdiasoft, RB Mediasoft, RBI Media Holdings, Watermark Infratech, Colorful Media and Adventure Marketing, which together own 36.90 per cent of Network18. To subscriber to their entitlement, these companies require Rs 9.96 billion. To raise Rs 9.96 billion to subscriber to their entitlement, the promoter companies will have to issue a minimum of 99,630,000 ZOCDs.
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