NDTV's ₹396cr rights issue sees 5.36cr applications
NDTV just wrapped up a successful rights issue, raising ₹396.49 crore.
The issue was oversubscribed—meaning more people wanted shares than were available—with 5.36 crore applications for 4.83 crore shares.
After this, NDTV's total shares jumped from 6.45 crore to 11.28 crore, and the promoters' stake grew from 64.71% to 69.02%.
Funds to be used for debt repayment, digital content investment
NDTV plans to use the funds to grow its distribution, boost its brand, pay down debt, and invest in new digital content.
This fits right into their digital-first strategy to reach more viewers across India and beyond.
CEO Kanwal on oversubscription
Rahul Kanwal, NDTV's CEO and Editor-in-Chief, noted that the oversubscription was a testament to the confidence shareholders have in NDTV's vision.
SBI Capital Markets managed the issue, with legal help from Cyril Amarchand Mangaldas and Kfin Technologies as registrar.