Network 18 Media & Investments Ltd is planning to raise funds through public deposits to meet its short-term financial requirements.
In a public notice, the company has invited its shareholders, employees and the general public to deposit their savings with it.
The media giant can garner a maximum of Rs 1,197 crore through deposits, including Rs 855 crore from public, and the remaining Rs 342 crore from shareholders.
The company’s aggregate deposits stood at Rs 332 crore at the end of December 31, 2012. However, it was not clear, how much funds it would garner from public deposits.
Network 18 Media said that it would accept deposits for a period of one year at a rate of 11 per cent. An additional 0.5 per cent per annum would be given to the company’s employees and senior citizens. The interest would be paid on quarterly basis.
Network 18 Media & Investments Ltd said that it has “no overdue deposits other than unclaimed deposits’’.
Last year, Network 18 Media & Investments Ltd had raised nearly Rs 2,700 crore through rights issue for repayment of debts among others.
Network18 Group is a media conglomerate with interests in television, Internet, film entertainment, e-commerce, speciality magazines, mobile content and allied businesses.