TV18 to raise $50 mn overseas

Media company TV 18 today decided to raise $50 million (approximately Rs 225 crore) from the international market.

The TV 18 board decided to place an enabling resolution seeking shareholders' approval at a general meeting shortly. Haresh Chawla, CEO, confirmed the development.

Chawla said the mode of raising the funds had not been discussed and that it might be through the issue of debt instruments or equity-backed instruments or even a mix of the two.

He said the proposed funds were for the company's future expansion plans. The group currently runs two channels in India "" the English CNBC-TV 18 and the Hindi consumer channel Aawaz.

The company is also providing content to South Asia World, a channel catering to the Indian diaspora. The third quarter results of the company were positive with revenue increasing 24 per cent to Rs 24.60 crore.

During this quarter it also acquired the Commodity Information Service from the Mumbai based Agri Informatics India.

A company release also specified that the current ventures required no external funding and were doing extremely well.