TV18 acquires personal finance portal

agencyfaqs! News Bureau

NEW DELHI

e-Eighteen Dot Com Private Ltd, (E18) a subsidiary of Indian television software maker Television Eighteen (TV18), has acquired a personal finance portal company, Money Control Dot Com India Private Ltd, in a stock and cash deal. The personal finance portal is called www.moneycontrol.com. E18 will pay Rs 11.5 mn as cost of acquisition and 7.5 per cent of its equity capital to the shareholders of Money Control Dot Com. It E18 said the acquisition is subject to the approval of the company's Board of Directors.

The acquisition will not involve any dilution of the TV18`s equity share capital. New Delhi-based TV18 has a joint venture with Business News Asia, the owner of CNBC Asia, which runs a 24-hour business news channel. The company owns 49 per cent in its joint venture with CNBC in India. In April this year, TV18 approved a plan to offer 20 per cent of its stake in CNBC India to Sony Entertainment Television, a unit of Japan`s Sony Corporation.

© 2000 agencyfaqs!