NDTV UK subsidiary raises USD 120 mn in pre-IPO placement
Mumbai, June 1. (PTI): Television broadcaster New Delhi Television (NDTV) on Thursday said its UK subsidiary NDTV Networks Plc has completed pre-IPO fund raising programme by garnering USD 100 million (over Rs 400 crores) through sale of bonds, besides USD 20 million (Rs 81 crores) raised through preferred share placement earlier.
With this, the implied post-money valuation of NDTV Networks, after completion of this round of pre-IPO placements is around USD 500 million (over Rs 2,000 crores), NDTV said.
"Along with USD 20 million preferred share placement from Comventures, NDTV Networks has raised a total of USD 120 million which will substantially cover the financing requirement of the various verticals of Networks Plc such as NDTV Imagine, NDTV Lifestyle, NDTV Convergence, NGEN Media Services etc," NDTV said in a communique to the Bombay Stock Exchange.
The latest tranche of convertible bonds, due 2012, have been placed with an international group of diverse and sophisticated investors, who strongly believe in the growth of the Indian media industry and particularly in NDTV Networks Plc.
As per the salient terms of the bond agreement, the securities provide for a stepped up coupon structure with a tenure of 5 years and the option to convert into underlying common stock of NDTV Networks Plc at the time of the initial public offering (IPO).
"If not converted, the Bonds would be redeemed at the end of five years with pre-payment possibility (put/call provisions) at the end of 3 years," NDTV said.
Shares of NDTV were last trading at Rs 393.30, up 2.3 per cent on the Bombay Stock Exchange.