White & Case Concludes $100 Million Convertible Bond for Leading Indian Media Company
Investor Interest in Indian Media Space Remains Strong

London, Singapore, May 31, 2007 ... White & Case advised leading Indian television broadcaster NDTV on the issue by its indirect subsidiary, NDTV Networks plc., of a $100 million convertible bond. The convertible was privately placed with seven undisclosed international investors. The proceeds will be used to finance NDTV Group's new entertainment channel NDTV Imagine, which will be controlled, along with four other channels, by NDTV Networks plc.

"Indian companies are continuing to become more active on the world stage and investor appetite for Indian securities is growing rapidly," commented White & Case partner Tim Jeveons. "The Indian media space has interested international private equity investors for some time as shown by the recent $275 million investment by Blackstone in Ushodaya Enterprises, which owns the ETV Network and Eenadu. This transaction continues that trend."

The White & Case team advising NDTV was led by Tim Jeveons, working alongside senior associate Carlos Perez, with support from David Eisenberg, who is co-head of the Firm's global TMT practice, Doug Peel, who heads the Firm's India practice, and India practice partner Nipun Gupta.

White & Case has extensive experience in executing complex Indian global capital markets offerings from its London and Singapore offices. Recent transactions include: advising Merrill Lynch and JP Morgan on the $102 million equity offering by Nargarjuna Construction Company Limited; advising Merrill Lynch on the first international equity offering by Indiabulls Financial Services; advising various investment banks on numerous foreign currency convertible bonds; and most recently advising DLF on its ongoing domestic equity offering. In addition White & Case has various ongoing mandates for significant Indian corporations looking to access the international equity markets.

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Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011


Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848