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RiTV to dilute 30% stake, plans 2 new channels

11-April-2002
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RiTV to dilute 30% stake, plans 2 new channels

Reminiscent India Television Ltd (RiTV), which operates the Lashkara and the Gurjari regional language channels, has decided to dilute 30 per cent stake, for which it has given the mandate to consulting firm Ernst & Young. Ernst & Young has valued the company at Rs 54.3 crore.

RiTV plans to privately place equity at Rs 73 per share, based on this valuation. The company has given the mandate to Ernst & Young to raise around Rs 20 crore to fund its proposed expansion plans in launching two television channels, getting into regional language film production for TV audiences and upgrading the software for its two existing channels.

RiTV plans to utilise the funds to launch a Marathi and a Metro channel. The channel will produce 12 movies in Punjabi and six each in Gujarati and Marathi for television viewers annually.

RiTV has an estimated 3,500 hours of content, already produced and commissioned by the company. The Punjabi library has 1958.5 hours of content acquired at a cost of Rs 7.5 crore. It has 1,542 hours of Gujarati content, with the acquisition cost at Rs 1.2 crore, the Ernst & Young report said.

Source: Financial Express

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