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Broadcast Worldwide raising Rs 25 crs through private placement

18-January-2002
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Broadcast Worldwide raising Rs 25 crs through private placement

Broadcast Worldwide, plans to raise Rs 25 crores as part of its third round of funding. The company is talking to domestic private investors for this.

The funds would be required for running the existing four — Bengali, Marathi, Gujarati, and Punjabi — channels. It will also look at launching new channels once the market improves.

According to initial plans, the new channel may not be a language channel in particular. The third round of funding is likely to be closed before the end of the current financial year.

Meanwhile, the company had gone back on its earlier plan of entering Internet-related business and launch portals.

Earlier, the company had raised Rs 18 crores in the first round. Three financial institutions, namely the Unit Trust of India (UTI), Industrial Development bank of India (IDBI) and Gujarat Venture Finance Ltd(GVFL) had brought in a total of Rs 45 crores in the second round.

Currently, Ratikant Basu & Associates hold one third stake in the company, which include the five per cent stake held by Rupert Murdoch; Sterling Infotech holds one third stake while the remaining is held jointly by the three FIs.

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