NDTV Networks, a subsidiary of New Delhi Television Ltd (NDTV), has completed it’s pre-IPO fund raising programme with the receipt of $100m of convertible bonds due 2012. This set the valuation of the subsidiary at $500 million.
NDTV has raised another $20 million through a share placement with venture capital firm, Comventures, and has now completed its pre-IPO fund raising programme. NDTV Networks has raised a total of $120 million, which will substantially cover the financing requirement of the various verticals such as NDTV Imagine, NDTV Lifestyle, NDTV Convergence, NGEN Media Services, NDTV Labs and NDTV Emerging Markets 24×7 BV.
Shares in NDTV were trading up 1.5 percent at 388.90 rupees in the BSE.