MUMBAI: Infomedia India shares rose nearly 5 per cent after media firm TV18 announced that it will acquire at least 53 per cent in the company from a fund managed by ICICI Venture.
Immediately though, it will acquire a 40 per cent stake for Rs 178 crore. It will be followed by an open offer for 20 per cent. In the event that the open offer does not garner enough response, then TV18 has the right to purchase the shares from the ICICI Venture managed fund so as to augment its stake up to at least 53 per cent.
Infomedia India has further agreed to issue 50 lakh warrants to TV18 and 10 lakh warrants to the ICICI Venture managed fund. This fresh infusion of funds will be used to propel further growth in Infomedia.
At 10:41 am, the company’s shares gained 4.38 per cent to Rs 269.40 with volume traded at 375227 against two-week average of 39233 shares. Earlier today, the share rose to a high of 295.
Meanwhile, TV18 shares added 2.87 per cent to Rs 499 with volume of 22,149 against two-week average of 20,315 shares.
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