Shares of Network18 Group companies TV18 Broadcast and Network18 Media and Investments are trading higher by 3% each on report that the market regulator the Securities and Exchange Board of India (Sebi) has cleared the twin rights issues of these companies.
“The two rights issues, expected to raise about Rs 5,000 crore, would be vital to funding the acquisition of the key channels of Andhra-based Eenadu TV Network and repaying the group’s debt,” the report suggests.
Among the individual stocks, TV18 Broadcast has rallied up to 17% at Rs 23.65 and Network18 Media and Investments by 4.3% at Rs 31.80 on the National Stock Exchange.
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