MUMBAI: Raghav Bahl-promoted Network18 group companies are on a fund-raising spree. IBN18 Broadcast said Thursday it would raise up to Rs 5.10 billion through a rights issue, much in line with TV18 which has taken an enabling resolution to mop up a similar amount.

The board has approved the rights issue of equity shares aggregating to Rs 5.10 billion, IBN18 Broadcast said in a filing to the BSE.

"The pricing, ratio, timings and other terms of the rights issue shall be decided by the issue committee of the board of directors, in consultation with the lead managers," the company added.

The company has also got the board nod to increase its authorised capital from Rs 400 million to Rs 550 million. This is subject to necessary approvals from the shareholders of the company.

IBN18 houses English news channel CNN IBN, Hindi news channel IBN7, Marathi news channel IBN Lokmat and is a joint venture partner with media conglomerate Viacom in Viacom18.

Earlier, TV18 had announced its plans of a rights issue, primarily to repay debt. The company houses the business news channels CNBC TV18 and CNBC Awaaz and financial and news terminal Newswire18.