Media firm Network 18 Media & Investments has decided to raise Rs 119.63 crore in one or more tranches by issuing shares on the preferential basis to SAIF III Mauritius Company Ltd, for funding its various businesses.

Under the arrangement, the company would issue 92.02 lakh shares at Rs 130 to SAIF III Mauritius Company Ltd.

The proceeds from the proposed preferential issue would be utilized to meet the capital needs of its businesses, repay some of the outstanding debt, funds its affiliate entities and for general corporate purposes.

It should be noted that shareholders of the company (Extra-ordinary General Meeting) would meet on July 2, in order to consider and approve the said proposal.

Shares of Network 18 Media & Investments closed on Wednesday at Rs 146, down 3% compared to previous close of Rs 151.