MUMBAI: Television Eighteen India has completed the allotment for the issue of 895,546 zero coupon secured partly convertible debentures (ZCSPCDs) of Rs 150 each for cash at par on a rights basis to the existing equity shareholders of the company. 

The allotment has been done in the ratio of one ZCSPCD for every 13 equity shares held on record date aggregating Rs 134.33 million.

According to company secretary Anil Srivastava, the rights issue, which opened on 26 December 2002 and closed on 24 January 2003, received 4559 valid applications resulting in 1.42 times over subscription. There were 4171 valid applications from shareholders and 388 valid applications from renouncees. 

The basis of allotment was finalised in consultation with Delhi Stock Exchange Association on 14 February 2003. The despatch of certificates, allotment advice, refund orders, unused and cancelled stock invests has been completed by 18 February 2003. Demat credit has been given by the despositories to the respective beneficiary account by 19 February 2003.

The listing applications have been filed with the various stock exchanges in India. The scrip opened today at Rs 60.8 on the BSE and Rs 61.35 on the NSE.