Mumbai: Television Eighteen India Ltd (TV18) has announced its offering of a rights issue of Rs 200 million in the ratio of one rights share for every 12 held. The price band for the proposed right issue will be in the range of Rs 150-180. The company will be using the money to finance its broadcast expansion plans.

The company informed that its board of directors has also decided to implement the TV18 Employees Stock Option Plan, 2004 and TV18 Employees Stock Purchase Plan, 2004.

The TV 18 Board also reviewed the implementation of its ongoing expansion project. The inaugural phase of this project - the new state-of-the-art 40,000 sq ft broadcast facility, is coming up rapidly at Mumbai, said TV 18.

Commenting on the developments, TV 18 managing director Raghav Bahl is quoted in media reports as saying, “We are delighted at the continuing strong financial performance of CNBC-TV18, which has resulted in better-than-expected internal accruals, thereby lowering the amount of dilution required in the Rights Offering. We remain confident that the current expansion of our infrastructure will significantly upgrade the quality of CNBC-TV18, our existing channel. It will also allow us to launch new broadcast properties and enhance shareholders’ value.