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TV18 decision on stake in new co tomorrow

Our Bureau

MUMBAI, July 16

THE board of Television Eighteen India Ltd (TV18) will decide on Tuesday (July 18) whether to invest Rs. 24 crores for a 60 per cent equity stake in a new company it plans to promote.

Tentatively called `Project Broadband', the new operation will create properties and brands in the television and internet domains, ensuring simultaneous delivery of content to television viewers and Internet surfers.

The board will decide on offering the balance 40 per cent equity stake to a financial institution. It will consider and approve a `capacity expansion plan', for TV18 is required to create and supply content for Project Broadband, a related statement said .

Also on the meeting's agenda is equity dilution at TV18's subsidiary, e-Eighteen.com Pvt Ltd, ` by the offer of 10 per cent of post dilution stake to a venture capital investor.'

Additionally, the board will decide on a proposal to take a strategic stake in an existing portal through e- Eighteen.com Pvt Ltd.

When contacted, Mr. Haresh Chawla, Chief Executive Officer, TV18, said all details would be available after Tuesday's board meeting, which will consider the company's unaudited financial results for the quarter ended June 30, 2000.