Media firm Television Eighteen India today said its board has given nod to issue preferred stock worth $10 million (nearly Rs 46.7 crore) of its subsidiary to global investor Nokia Growth Partners (NGP) II Mauritius.
The company would issue preferred stocks of Web18 Holding to Nokia Growth Partners (NGP) II Mauritius, Television Eighteen India said in a filing to the Bombay Stock Exchange.
Preferred shareholders have priority over common stockholders on earnings and assets in the event of liquidation and they have a fixed dividend.
The board of directors, at their meeting on September 30, have approved the agreement for issuance, the company said.
