Television Eighteen India (TV18) said on Thursday it will raise USD 10 million by issuing preferred stock of a subsidiary to NGP II Mauritius.

The proceeds will be infused into Web18 Holdings, Cayman, the internet arm of TV18, as strategic growth capital, the company said in a statement to the stock exchange.

Shares of the company declined Rs 2.15, or 2.18%, to end at Rs 96.70. The total volume of shares traded was 351,670.00 at the BSE (Wednesday).