MUMBAI: Television Eighteen India Ltd is splitting equity shares of Rs 10 each into two equity shares of Rs 5 each. "The board will increase and sub-divide the share capital of the company from Rs 250 million divided into 25 million equity shares of Rs 10 each, to Rs 500 million divided into 1 million equity shares of Rs 5 each ranking pari passu with the existing shares of the company and consequential amendments of the memorandum of association and articles of association of the company," TV18 informed the BSE.

The company also plans to raise Rs 3 billion through equity or equity-linked issue in the domestic or overseas market. The company will be holding an EGM on 19 May for this purpose.

TV18 is also undertaking a restructuring of equity capital. The company will issue 14 equity shares of Rs 5 each for every 10 equity shares of Rs 10 each held. Also, Rs 1.4 billion from the securities premium account of the company will be utilised to write off the differential arising on account of the restructuring. This will be on the basis of the scheme of arrangement agreed between the company, Network 18 Fincap Pvt Ltd and SGA News Ltd.