Network 18's Raghav Bahl pledges 15% stake

Diversified media firm Network 18 Media & Investments today said one of its promoters Raghav Bahl has pledged 15.20 per cent stake with a bank and a financial institution for a loan of Rs 94 crore.
    
In a filing to the Bombay Stock Exchange, the company said that Bahl has pledged in total 93.90 lakh shares, representing 15.20 per cent stake, for a loan of Rs 94 crore with Sicom and State Bank of India.
    
The promoter has pledged 10.35 lakh shares, or 1.58 per cent, with Sicom for an existing loan of Rs 19 crore availed by Network 18 India Holdings (subsidiary of Network18) due to be repaid on or before June 2, the filing added.
    
Sicom is a financial institution engaged in catalysing development in the industrial, services and infrastructure sectors by providing tailor-made solutions and advisory services.
    
Further, Bahl has pledged 83.55 lakh shares, representing 13.62 per cent stake, of the company with the State Bank of India for an existing loan of Rs 75 crore availed by Television Eighteen India Ltd (subsidiary of the company), due to be repaid on or before January 1, 2017, it added.
    
Shares of Network 18 were trading at Rs 84.75, up 0.83 per cent on the BSE.