Television Eighteen India Ltd has approved a rights issue of around Rs 20 crore (Rs 200 million) and the company intends to use the amount to expand its broadcasting operations.
The decision was taken at the company board meeting held on Friday, TV18 informed Bombay Stock Exchange.
Each shareholder of TV18 would be offered rights shares, which is expected to be priced in the Rs 150-180 band, in ratio of 1:12 equity shares held.
The company's board had also decided to implement Employees Stock Option Plan, 2004 and TV18 Employees Stock Purchase Plan, 2004.
The board also reviewed implementation of its ongoing expansion project, under which TV18 is to set up a 40,000 sq ft broadcast facility in Mumbai, it said.
TV18 also expects to launch its expanded broadcasting operations by the last quarter of the current year.
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