TV18 calls EGM to allot 10 million convertible warrants

MUMBAI: Television Eighteen India Ltd, part of Raghav Bahl’s media conglomerate Network 18, today informed the BSE that an Extra Ordinary General Meeting (EGM) will be held on 8 February to allot 10 million convertible warrants on preferential basis to Network18 India Holdings.

These warrants would be convertible into 10 million equity shares, of the face value of Rs 5 each at a premium of Rs 518 against the convertible warrant of Rs 523.

Network18 India Holdings is a wholly owned subsidiary of Network18 Media & Investments (formerly known as Network18 Fincap).

The proposal was approved by the board of directors during their meeting held today.

Network 18 through its holdings in TV18 operates business news channels — CNBC TV18 and CNBC Awaaz.