Nokia Growth Partners becomes shareholder in Network18

“Pursuant to the scheme of arrangement announced on July 7,2010,the operations of Web18 have been merged into Network18 Media and Investments,” the company said in a statement.

NGP’s shareholding in Web18 has been swapped for Network18 shares,the filing said. It,however,did not provide details of the swap ratio.

According to the company’s CFO RDS Bawa,the restructuring has come into affect from June this year.

Commenting on the development Network18 Founder and Managing Director Raghav Bahl said: “We have shared an excellent relationship with NGP and I am sure they will add value to Network18 just as they did at Web18.”

Network18’s scrips closed at Rs 123 per share,down 1.52 per cent compared to the previous close on the BSE.

The company operates various segments,including news,entertainment and home shopping network,online travel,financial and e-commerce.

NGP is a venture capital firm owned by Finnish phone maker Nokia with USD 250 million under management for direct investment.

In India NGP has also invested in companies like Innovis,Net Magic,Ouikr and Tech Process Solution.