Network 18 to raise Rs 204.92cr via QIP issue
June 12th, 2009
Network 18 raises Rs 204.92 crore via a qualified institutional placement issue of 1.57 crore shares at Rs 130 per share.
Raghav Bahl, MD and Co-Founder, Network 18, said the company plans to hold Rs 700 crore cash. “This includes Rs 120 crore from SAIF Partners.”
The media major, he said, is fully capitalised to repay the short-term debt of Rs 600 crore. “We are looking to re-balance debt across the group.”