IBN18 Broadcast Ltd has informed that the Board of Directors of the Company at its meeting held on November 27, 2008, has considered and approved allotment of 15,000,000 convertible warrants at a price of Rs 102/- per warrant on preferential basis, subject to the necessary approval of the Shareholders of the Company, to RVT Investments Pvt Ltd, a 100% subsidiary of Television Eighteen India Ltd (TVI8). RVT Investments currently holds 23,454,495 (17% approx).
shares of ibn18 Once RVT Investments Pvt Ltd converts the current issue of 15,000,000 warrants, its holding in ibn18 will be 38,454,495 shares (20.77%) on a fully diluted basis.Further the Company has informed that the Board has also considered and approved the raising of funds to the tune of Rs 400 Crores through Qualified Institutional Placement.
shares of ibn18 Once RVT Investments Pvt Ltd converts the current issue of 15,000,000 warrants, its holding in ibn18 will be 38,454,495 shares (20.77%) on a fully diluted basis.Further the Company has informed that the Board has also considered and approved the raising of funds to the tune of Rs 400 Crores through Qualified Institutional Placement.
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