Independent Media Trust, which will hold considerable economic interest in the TV 18 group, will be managed by Nilrab Media Pvt Limited, who will be its trustee.
Nilrab is owned jointly by the media group's promoter Raghav Bahl and Ritu Kapur. The sole beneficiary of IMT is Reliance Industries, according to rights issue offer document filed today by the Network 18 and TV18.
IMT will subscribe to the shares of Network 18 and TV18 shares through Zero coupon convertible bonds in the rights issues and any shortfall for the acquisition. The investment agreements for issue of these bonds these were signed on February 27.
