NDTV to raise Rs 400cr, Q4 revenues up

New Delhi, May 23 (UNI) New Delhi Television Ltd (NDTV) today said its board has approved raising of funds up to Rs 400 crore, even as its revenues moved up 27.5 per cent at Rs 67.60 crore during Q4FY07 as compared to Rs 53.03 crore a year ago.

''The company's board has decided to explore structural changes in NDTV Ltd to position the news and business segments for their next phase of growth with the objective of encouraging entrepreneurship within the company, while also continuing to attract the best external talent,'' the broadcast major said in a statement.

The proposed structure will allow growth opportunities through acquisitions and/or strategic tie-ups in India and abroad. The change will also unlock shareholders value and enable raising funds for expansion, it said.

NDTV's board also recommended a dividend of 20 per cent of the face value of shares of Rs 4 each.

The Board of Directors has approved the proposal to raise funds by way of a preferential issue/Qualified Institutional Placement/ Follow on/ Rights issue through a combination of equity shares, convertible debentures, convertible preference shares, warrants, FCCBs/GDRs or any other instrument.

The amount to be raised in one or more tranches, at the option of the security holders, may be converted into equity shares of the company such that the total dilution does not exceed 10 per cent of present paid up capital, the BoD stated.

EBIDTA during the said quarter stood at Rs 11 crore against Rs 6.51 crore in the corresponding quarter last year, a jump of 69 per cent.

Operating profits during Q4FY07 more than doubled to Rs 5.47 crore against Rs 2.50 crore during Q4FY06.

The company stated that the consolidated results are not comparable to last year as they include costs incurred in setting up new businesses in NDTV Network Plc.

UNI