Web18 Holdings, the internet arm of the Television Eighteen Indian Limited (TV18) has decided to raise $10 million (nearly Rs 47.70 crore) by allotting preferred stock.

Today, TV18 has also granted its permission for issuing of preferred stock of Web18 Holdings to NGP II Mauritius.

NGP II Mauritius Company Limited is a fund set up by Nokia Growth Partners, which is a premier global investor for growth stage companies in the mobile industry.

The raised amount will be infused into Web18 Holdings, Cayman, the internet arm of TV18, as strategic growth capital.

The stock of TV18 closed today at Rs 96, down 1% compared to its previous close. The counter has made intraday high and low of Rs 98 and Rs 95 respectively.