The Board of Directors of the Television Eighteen India Ltd has approved in principle investments to the tune of Rs 250 crore in new ventures and potential acquisitions.
“The majority of these projects are intended to be in the television, Internet and ‘triple convergence’ areas. It is planned that while some of these investments will create greenfield projects, others are likely to result in acquisitions of operating companies. A significant amount of this investment shall be raised by the sale of strategic stakes in some of these downstream subsidiary companies to globally reputed investors,” the company said in a statement.
The Board also authorised the management to seek shareholders approval for raising Rs 300 crore in equity funds over a period of time.
“At present, the management is seeking only an enabling approval from its shareholders. The management does not expect to issue any immediate equity under this approval,” the company further stated.
Without revealing specific details, Haresh Chawla, CEO, TV18, said, “We have very aggressive plans and we will make significant investments in the coming days.”