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Web18 may sell 10-15% stake through American Depository Receipt

Web18, the company that holds all the internet properties of the Network18 Group, is looking at diluting 10-15 per cent stake through an ADR (American Depository Receipt) issue to raise funds for expansion, reports IndianTelevision.

Web18, the company that holds all the internet properties of the Network18 Group, is looking at diluting 10-15 per cent stake through an ADR (American Depository Receipt) issue to raise funds for expansion, reports IndianTelevision.

The company owns a number of portals including MoneyControl.com, IBNLive.com, CricketNext.com, Tech2.com, Biztech2.0, CompareIndia.com, Buzz18.com, IndiWo.com, Josh18.com, Bookmyshow.com and Storeguru.com.

Web18 recently posted an operating loss of Rs 7.189 crore for the third quarter ended December 2007, compared to an operating profit of Rs 2.11 crore for the same quarter of the previous year. According to Web18, the loss was primarily due to a significant increase in investments over the past year.

(via ContentSutra)

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