NDTV may dilute up to 10 pc equity | business | Hindustan Times
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NDTV may dilute up to 10 pc equity

business Updated: May 23, 2007 19:08 IST

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Television broadcaster NDTV, which has announced plans to float lifestyle and entertainment channels, will raise Rs 400 crore through a mix of debt and equity.

The company's Board of Directors has approved the fund-raising scheme through preferential issue, Qualified Institutional Placement (QIP), follow-on issue, or rights issue constituting a combination of equity shares, convertible debentures, convertible preference shares and warrants etc.

NDTV, which had recently announced it would launch three channels under its new entertainment venture called NDTV Imagine, said it is open to dilution of up to 10 per cent of its present paid-up capital.

This, the company said, would be carried out at the option of the holders seeking conversion of securities into equity shares.

ENAM Financial Consultants, BSR and Co and KPMG have been appointed as advisors for the same, the company said.

The fund-raising proposal is subject to shareholders' approval through postal ballot, it added.

NDTV said the proposal is a result of the exploration of appropriate structural changes in the organisation.

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