SAIF Partners, a leading Asian private equity firm headquartered in Hong Kong, has decided to infuse Rs120 crore into Network18 Media and Investments Ltd. The media conglomerate said that it will allot equity or an equity linked convertible instrument to the PE firm on a preferential basis.

Raghav Bahl-promoted Network18 Media and Investments Ltd, is the holding company of the Network18 Group, and have subsidiaries such as TV18 India Ltd and IBN18 Broadcast Ltd.

In a communiqué, Network18 informed that its board today approved a preferential allotment of 92,02,650 equity shares to SAIF Partners at Rs 130 per share.

Further, the company said that its board has appointed a committee to manage the QIP issue. The company is looking to sell upto 2.5 crore equity shares in the issue.

Earlier, SAIF partners had invested in Indian companies such as Homeshop18, Makemytrip. com, Sify and Just Dial. Shares of the company gained Rs 22.05, or 16.56%, to settle at Rs 155.20.