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Essel Group Firm Siti Cable Plans to Raise Rs 680 Crore

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.
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Essel Group Firm Siti Cable Plans to Raise Rs 680 Crore
New Delhi: 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 transches... to Direct Media & Cable Pvt Ltd and/or Arrow Media & Broadband Pvt 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 & Broadband Pvt 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."

The company also plans acquire equity stake in seven small companies.

Siti Cable said its board has approved acquisition of 100 per cent stake in Variety Entertainment Pvt Ltd, 76 per cent stake in SCOD 18 Networking Pvt Ltd and 51 per cent stake each in Sai Star Digital Media Pvt Ltd, Bargachh Digital Communication Network Pvt Ltd and Krishna Teja Digital Entertainment Pvt Ltd.

It will also acquire 49 per cent equity stake each in Siti Faction Pvt Ltd and Siti Jony Digital Cable Network Pvt Ltd, respectively.

The company has called for an Extra-ordinary General Meeting on February 4.

Shares of Siti Cable were trading at Rs 37.60, down 2.97 per cent from previous close on BSE.

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