Diversified media firm Network 18 Media & Investments has notified that one of its promoters Raghav Bahl has pledged 15.20 per cent stake with a bank and a financial institution for a loan.

An official release stated that Bahl has pledged in total 93.90 lakh shares with Sicom and State Bank of India, for a loan of Rs 94 crore.

It may be noted that the promoter has pledged 10.35 lakh shares, or 1.58 per cent, with Sicom for an existing loan of Rs 19 crore availed by Network 18 India Holdings
(subsidiary of Network18).

The amount is due to be repaid on or before June 2, this year.

In addition, Bahl has pledged 83.55 lakh shares, representing 13.62 per cent stake, of the company with the State Bank of India for an existing loan of Rs 75 crore.

The loan amount was availed by Television Eighteen India Ltd (subsidiary of the company) and is due to be repaid on or before January 1, 2017.

The scrip of the company today closed the day at Rs 83, down 2% compared to previous close of Rs 84.