O2TV entirely places additional shares, raises 344 mln rubles
MOSCOW. April 28 (Interfax) - OJSC O2TV has entirely placed its additional share issue worth 344 million rubles, the company said in a statement.
A total of 40 million shares were placed at 8.6 rubles each.
The additional share issue was placed by open subscription and offered to LLC O2TV Studio. Following the transaction, LLC O2TV Studio became the owner of 28.57% of the common shares in the company.
Funds from the share placement will be earmarked for expanding production operations at the company's main subsidiary, LLC O2TV Media (television channel O2TV).
O2TV is broadcasted on cable networks and offered in IP-TV packages.
O2TV was viewed in 4.19 million households by the end of 2010, which corresponds to around 13.4 million viewers in 70 Russian regions. There are around 454,300 O2TV viewers in Moscow.
Television channel O2TV was founded in 2005. The company held an IPO in July 2008 by placing a portion of 25% of shares up for sale on MICEX. The company was valued at $52 million.
CJSC Investstroi Group, which belongs Andrei Belov, owns 17% in O2TV, LLC Trade-Express - 16%, Portfolio Investments management company - 18%, which is owned by Dalnevostochnyi Bank .
