NDTV to raise Rs 400 cr for structural changes

Mumbai, May 23 (UNI) NDTV proposes to usher in a host of structural changes for which the channel will raise an additional capital of Rs 400 crore from various sources.

The capital will be raised by way of preferential issues and rights issue through a combination of equity shares, convertible debentures, convertible preference shares, warrants, foreign currency convertible bonds and global depositary receipts.

The channel is also looking for acquisitions and strategic tie-ups in India and abroad to benchmark its operations with global peers to enhance shareholder value.

The NDTV director board, which met here today, recommended a dividend of 20 per cent of the share face value to unit holders that will come at Re 0.80 per share, the channel informed the Bombay stock exchange (BSE).

The proceeds of issue will be mainly pumped in to facilitate growth in editorial segment and will execute new recruitments.

The approval of shareholders in fund raising will be sought through postal ballot.

UNI