TV Today Network Limited, the India Today Group's television division, is planning a further 10 per cent equity dilution by March 15. This is the second time that the company will dilute its stake to a financial institution. It also plans to mop up funds from the market through an initial public offering in 2003.
The group, which started a 24-hour Hindi news channel on December 31, 2000, is planning similar channels in English, Bengali, Punjabi and two other regional languages. The group also plans to launch a 24-hour business channel by 2002.
TV Today Network will launch the Bengali channel in early 2002, followed by a 24-hour English news channel and then a Punjabi channel. The 24-hour business channel will be launched in 2003.
The company's policy on the commercial front is guided by a simple rationale- low rates and high mileage. The 10-second spot rates on prime time is Rs 1,800 and Rs 500 on the non-prime slot.