Essel group firm SITI Cable Network on Wednesday said it plans to raise up to Rs 680 crore through issuance of warrants and Optionally Fully Convertible Debentures (OFCDs) to promoter companies.
"The Board of Directors of the company... approved subject to shareholders' approval issuance of 14,28,57,143 number of warrants convertible at option of the holder in one or more tranches... to Direct Media and Cable Private Ltd and/or Arrow Media and Broadband Private Ltd, entities forming part of promoter/promoter group of the company at Rs 35 per warrant...the total value of warrants shall not be more than Rs 500 crore," the company said in a BSE filing.
It further said it will also issue "51,428,571 OFCDs...to Digital Satellite Media and Broadband Private Ltd, entity forming part of promoter/promoter group of the company at Rs 35 per OFCD...the total value of OFCDs shall not be more than Rs 180 crore."
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The company also plans to acquire an equity stake in seven small companies.
SITI Cable said its board has approved the acquisition of 100% stake in Variety Entertainment Private Ltd, 76% stake in SCOD 18 Networking Private Ltd, and 51% stake each in Sai Star Digital Media Private Ltd, Bargachh Digital Communication Network Private Ltd and Krishna Teja Digital Entertainment Private Ltd.
It will also acquire 49% equity stake each in Siti Faction Private Ltd and Siti Jony Digital Cable Network Private Ltd, respectively.
The company has called for an Extraordinary General Meeting on February 4.
At 1156 hours, the shares of SITI Cable Network were trading down 2.71% or Rs 1.05 at Rs 37.70 per scrip intraday on the BSE.
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