New Delhi Television Ltd. has concluded raising Rs 396.49 crore through a rights issue, according to an exchange filing on Saturday.
"New Delhi Television Limited (NDTV), one of India's leading entities in news broadcasting and digital journalism, has successfully concluded its Rights Issue, raising Rs 396.49 crore", the filing stated.
The filing also informed that after the allotment, "NDTV's equity share capital increased from 6.45 crore shares to 11.28 crore shares. The Promoters' shareholding increased from 64.71% to 69.02%, while the public shareholding now stands at 30.98%.
The leading broadcasting and digital news entity conducted the fundraise in order to fuel growth. The proceeds from the fundraise will thereby be utilised to expand NDTV's distribution footprint in India and internationally, invest in brand-building, reduce debt, and fund new intellectual properties and general corporate purposes, the filing added.
The issue was oversubscribed 1.11 times as it received, applications for 5.36 crore shares against 4.83 crore shares on offer.
Commenting on the successful closure, Rahul Kanwal, CEO & Editor-in-Chief, NDTV, said "The oversubscription of our Rights Issue reflects the trust and confidence of our shareholders in NDTV's vision. With the Promoters also deepening their stake, NDTV is well-positioned to strengthen its platforms, broaden its reach, and continue delivering credible, impactful journalism."
He added that the capital will help NDTV to expand both within India and internationally, while at the same time investing in innovation and digital transformation.
SBI Capital Markets Ltd. was the advisor in connection with the issue while Kfin Technologies Ltd. was the registrar to the issue. Apart from this, Amarchand Mangaldas acted as Legal Counsel to NDTV.
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