MUMBAI: Television Eighteen India Ltd. is, in its qualified institutional placement (QIP) issue, allocating 3.08 million shares at a price of Rs 650 per equity share.

The company is raising Rs 1.99 billion through QIP, TV18 said in a statement. Indiantelevision had earlier reported that TV18 had mandated HSBC to raise this amount which would be used to fund the company's expansion plans.

The QIP committee of the board of Television Eighteen India Ltd met on Thursday to approve the QIP proposal