Shares of Network18 Group companies Network18 Media and Investments and TV18 Broadcast are trading lower by more than 4% each after these companies fixed the price of their rights issues at a discount to their closing prices.
Network18 Media and Investments is offering 307 shares for every 50 shares at a price of Rs 30 per share, a discount of 6.25% to its closing price of Rs 32 on the Bombay Stock Exchange (BSE) on Friday. TV18 Broadcast is offering 41 shares for every 11 shares held at a price of Rs 20 per share, a discount of 7% to its closing price of Rs 21.50 on the BSE.
These companies have proposed to raise Rs 2,699 crore each through rights issue.
Network18 Media and Investments stock has dipped 6% at Rs 30, while TV18 Broadcast is down 4.4% at Rs 20.55 on the BSE.