Network18 Group shares – Network18 Media and Investments (NMIL) and TV18 Broadcast – have rallied more than 17% each ahead of their board meetings today.
The company’s board will review the growth plans of the companies and to discuss raising of further resources from the existing shareholders of the company on a rights basis to finance growth plans and repay existing debts.
According to market buzz, Raghav Bahl-controlled Network18 Group is expected to announce a mega deal today on its efforts to raise funds to pare its debt and fund a merger with one of the country’s largest regional television networks, Hyderabad-based Eenadu TV.
Mukesh Ambani, the promoter of Reliance Industries Ltd is in talks to buy stake in Network 18, the television and internet company. NMIL’s debt stood at Rs 1,430 crore as of September 2011.
Among the individual stocks, TV18 Broadcast has rallied 20% to Rs 33.70 and NMIL by 17.3% to Rs 45.40 on the Bombay Stock Exchange.
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