IOL Broadband, an IPTV content provider, has raised Rs. 39 crores by means of a preferential allotment of shares to Qualified Institutional Buyers (QIBs). The company has allocated 19,50,000 equity shares of face value Rs.10 at a price of Rs.200 each to QIBs; the minimum price had been fixed at Rs.89 per share at the Annual General Meeting on September 29. The stock closed at Rs. 284.65 on the BSE, down Rs.2.60. A year ago, it was around Rs.63. In November 2006, IOL Broadband received Rs 5 crore in investment from Bennet, Coleman & Co (BCCL) and Rs.7 crore from Maula Trading Co.
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- IOL Broadband Stock Soars; Claims 20,000 Hrs Content; Targets 300K Subs By End ‘07
- IOL Broadband Increases Share Capital; Allotment To BCCL, Maula Soon