Network18 revises clause to set authorized share capital at Rs 4,173.52 crore

The authorized capital of the company now comprises 700 crore Equity Shares with a face value of Rs. 5 each and 67.35 crore Preference Shares with a face value of Rs. 10 each

by e4m Staff
Published: Oct 9, 2024 4:14 PM | 2 min read

In a strategic development aimed at fortifying its financial framework, Network18 Media and Investments Limited has announced a significant update to its Authorized Share Capital.

This change comes as part of the Composite Scheme of Arrangement involving e-Eighteen.com Limited, TV18 Broadcast Limited, and their respective shareholders and creditors.

The revised Authorized Share Capital Clause of the Memorandum of Association now states that the authorized capital of the company is set at Rs. 4,173.52 crore. This comprises 700 crore Equity Shares with a face value of Rs. 5 each and 67.35 crore Preference Shares with a face value of Rs. 10 each.

The new clause empowers the company to adjust its capital, divide shares into various classes, and attach preferential rights as outlined in its Articles of Association.

Intimating the stock exchange and shareholders, the company said, “This is to inform you that pursuant to the Composite Scheme of Arrangement amongst e-Eighteen.com Limited….TV18 Broadcast Limited and Network18 Media and Investments Limited (“Company” or “Network18”) and its shareholders and creditors, the Authorized Share Capital Clause of the Memorandum of Association of the Company has been altered…

“The new clause will be substituted in place of the existing authorised share capital clause in the Memorandum of Association. The Authorised Share Capital of the Company is Rs. 4173,52,00,000 divided into 700 crore Equity Shares of face value Rs. 5 each and 67,35,20,000 Preference Shares of face value Rs. 10 each with power to increase and reduce the capital of the Company and to divide the shares in the capital for the time being into several classes and to attach thereto respectively such preferential, deferred, qualified or special rights, privileges or conditions as may be determined by or in accordance with the Articles of Association of the Company and to vary, modify, amalgamate, abrogate any such rights, privileges or conditions in such manner as may be for the time being provided by the Articles of Association of the Company and the legislative provisions for the time being in force,” the company said in an intimation to BSE.

TV18 and E18 merged with Network18 after the Mumbai bench of the National Company Law Tribunal (NCLT) granted its final approval for the merger last month.