TV18 Broadcast has surged 19% to Rs 25.75 on back of heavy volumes ahead of rights issues.
The stock opened at Rs 22.15 and hit a high of Rs 25.80 on the BSE. As many as a combined 14.62 million shares representing 4% of total equity of the company have changed hands on the counter so far against an average sub 0.80 million shares that were traded daily in past two weeks.
The Network18 Group Company informed the stock exchanges that September 17, 2012 has been fixed as the record date for the purpose of rights issue of equity shares in the ratio of 41:11 (41 equity shares are offered for every 11 equity shares held). The stock will turn ex-rights tomorrow on the BSE and NSE.
TV18 Broadcast is looking to raise Rs 2699.16 crore by issuing 1,350 million shares at Rs 20 per share on rights basis. The company said it would utilize the rights issue proceeds to repay the existing debt, fund the acquisition of ETV channels and fund the working capital needs.
