Business EconomyPosted at: Jan 6 2016 2:10PM

Siti Cable plans to raise Rs 680 cr via warrants, OFCDs

Mumbai, Jan 6(UNI) Essel group company, Siti Cable Network today said that 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’ issuance of 14,28,57,143 number of warrants convertible at option of the holder in one or more tranches... 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. The company has called for an extra-ordinary general meeting on February 4.
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Tags: #Siti Cable plans to raise Rs 680 cr via warrants # OFCDs

After RBI’s action, Kotak Mahindra Bank assures customers of uninterrupted services

25 Apr 2024 | 9:46 PM

New Delhi, April 25 (UNI) A day after the Reserve Bank of India (RBI) barred Kotak Mahindra Bank to cease and desist from onboarding of new customers due to IT related deficiencies in its network, the MD and CEO of the Bank on Thursday said they are actively working to address concerns raised and are in constant communication with the regulator to resolve issues promptly.

Siti Cable plans to raise Rs 680 cr via warrants, OFCDs

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USD, Yen down ;Pound, Euro up

After RBI’s action, Kotak Mahindra Bank assures customers of uninterrupted services

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SOPORE, APR 26 (UNI):- Security forces near the encounter site at check Mohalla Nowpora area of Sopore in North Kashmir on Friday. UNI PHOTO-JK5U

SOPORE, APR 26 (UNI):- Security forces near the encounter site at check Mohalla Nowpora area of Sopore in North Kashmir on Friday. UNI PHOTO-JK4U

SOPORE, APR 26 (UNI):- Security forces near the encounter site at check Mohalla Nowpora area of Sopore in North Kashmir on Friday. UNI PHOTO-JK3U

SOPORE, APR 26 (UNI):- Security forces near the encounter site at check Mohalla Nowpora area of Sopore in North Kashmir on Friday. UNI PHOTO-JK2U

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