Media aggregate Network18 must support to raise Rs 1,000 crore amid the organization’s yearly broad meeting held a week ago. The organization educated the Bombay Stock Exchange that it would raise the trusts by means of issuance of non-convertible debentures (NCDs), remote money convertible securities and/or security with offer warrants in one or more tranches.
The organization, in any case, did not say how the stores will be used for or give a time period when the tranches will be issued. It’s likewise important that Network18’s proprietor, Reliance Industries Limited (RIL), said that it is hoping to offer 3.25 crore shares of the organization which speaks to 3.10% of the value capital. The deal would cut down RIL’s shareholding to 75% and build open shareholding to 25%, as ordered by Clause 40A of the Securities Contract (Regulation) Rules. Shinano Retail Private Limited, a completely claimed backup of RIL, which is the promoter gathering organization of Network18, would offer the shares through the stock trade.
The organization reported lost Rs 1.15 crore for the quarter finished June 30, 2015. It had reported a net benefit of Rs 10.58 crore in the former quarter, and lost Rs 1021.87 crore in the same quarter a year ago. The organization’s aggregate operational income remained at Rs 79.36 crore for the quarter, down 90.5% from Rs 841.4 crore in the former quarter and Rs 70.83 crores in the same quarter a year ago.