Media firm Infomedia 18 today said it has received its board's approval for issuing shares worth Rs 100 crore on rights basis, fuelling an increase of over 3 per cent in its share price on the BSE.
The board of directors has approved the rights issue of equity shares aggregating Rs 100 crore, Infomedia 18 said in a filing to the Bombay Stock Exchange.
The pricing, ratio, timings and other terms of the rights issue would be decided by a committee of the board in consultation with lead managers, it added.
Besides, the board has also approved an increase in the authorised capital of the company to Rs 100 crore from present Rs 60 crore, the company added.
Controlling stake in the company is held by Television 18 India. The business areas of Infomedia 18 include business directories, magazine publishing, printing services and publishing outsourcing. The company also deals in yellow pages.
Shares of Infomedia 18 were trading at Rs 72.20, up 3.44 per cent in the morning trade on the BSE.
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