MUMBAI: Network 18 Media & Investment Ltd, the holding firm of the Raghav Bahl promoted Network18 group, has raised Rs 1.20 billion (Rs 120 crore) in private equity funding from SAIF Partners.
The company will allot equity or an equity linked convertible instrument to the PE firm on a preferential basis. A total number of 92.02,650 shares have been allotted at a price of Rs 130.
SAIF will get a stake of 11.3 per cent in post-issue equity of the company. SAIF Partners has also invested $16 million in the group’s home shopping network, Homeshop18.
Network 18 Media & Investment has also formed a committee to manage all aspects of its Qualified Institutional Placement (QIP). The company is looking to sell upto 2.5 crore equity shares in the issue.
Post-QIP, the stake held by SAIF in Network 18 will be 8.67 per cent. Network 18 raised Rs 2.50 billion (Rs 250 crores) from Bahl owned RB Holdings by issuing 18.2 million secured optionally fully convertible debentures (SOFCD) at a price of Rs 110 each earlier this year.
Network 18 will now potentially have access to a cash pool in excess of Rs 6 billion (Rs 600 crores).
