The board of directors of Television Eighteen India at its meeting held on Sept. 30, 2009 approved the agreement for issuance of preferred stock of WEB 18 Holding, Cayman (Web18), a company incorporated under Cayman Island and a subsidiary of TV 18, (Q,N,C,F)* to NGP II Mauritius, a fund set up by Nokia to infuse USD 10 million into Web 18 Holding.

Television Eighteen was formed to buy, sell, export, import or otherwise deal in television programs, television films, cinematographic films, video films, video software and to deal in computer software all over India.

TV18 now has a network of 4 channels viz. Channel 7, CNN-IBN, CNBC-TV18 and Awaaz in its bouquet.

Shares of the company gained Rs 2.2, or 2.44%, to trade at Rs 92.20. The total volume of shares traded was 147,253 at the BSE (12.27 p.m., Wednesday).