TV Today Network Limited, a subsidiary of Living Media which publishes magazines like India Today and Business Today, has appointed Morgan Stanley to evaluate the company.
The company is planning to raise Rs 25 crore by March, 2001 by diluting 10 per cent equity. ICICI already holds 10 per cent stake in TV Today Network. TV Today Network is in talks with 10 financial institutions including—KPMG, DSP Merryll Lynch, ANZ Grindlays, Ernst and Young, as potential investors.
The funds thus raised will be used to upgrade the technology including buying of modern equipment and in expanding its bureaus. Aaj Tak is planning to come out with a public issue by 2003.