MUMBAI: Television Eighteen India Ltd said a founder group firm has opted to raise its stake in it through a creeping acquisition instead of subscribing to warrants, a move analysts said was triggered by a fall in share price. Television Eighteen, a news broadcaster that airs the CNBC TV18 business news channel and a Hindi channel Aawaz, did not specify a reason in a statement on Friday. Senior officials at the firm could not be immediately contacted. "It could be because the share price has fallen," said an analyst who declined to be named. "If you buy your shares from the open market, it gives a strong signal." Shares in the firm have fallen by a third from their peak of 599.80 touched on January 3, while the benchmark BSE index has slid more than 14 per cent in 2008, hit by fears of a US recession and a global economic slowdown. Television Eighteen's founder group firm Network 18 Media and Investments Ltd has already picked up 300,000 shares in the news broadcaster since February 15 from the open market, Television Eighteen said. Television Eighteen's board and shareholders had earlier approved the issue of 10 million warrants to allow Network 18 India Holdings Pvt Ltd, a unit of Network 18 to raise its stake in the firm. Network 18 Media owned 47 percent of Television Eighteen, while Network 18 India held 1 percent as on Dec. 31 2007, data from stock exchange showed. Television Eighteen shares were trading down 3.9 percent at Rs 402.95 in a weak Mumbai market.