Cable TV

Siti Cable acquires stakes in 7 MSOs; to raise Rs 680 crore

MUMBAI: Siti Cable Network has acquired varying amounts of equity stakes in as many as seven multi system operators (MSOs).

Amongst these is also the Mumbai based cable and television service provider Scod 18 Networking, in which the company picked up a 76 per cent stake.

Additionally, Siti Cable has also acquired equity stake in six other smaller companies. While the company acquired 100 per cent stake in Variety Entertainment, it picked up 51 per cent stake each in Sai Star Digital Media, Bargachh Digital Communication Network and Krishna Teja Digital Entertainment. It also picked up 49 per cent stake each in Siti Faction Digital and Siti Jony Digital Cable Network.

Siti Cable Network is also planning to raise up to Rs 680 crore through issuance of warrants and optionally fully convertible debentures (OFCDs) to promoter companies.

In a BSE filing the company said that the Board of Directors 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 & Cable and/or Arrow Media & Broadband, 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 will also issue 51,428,571 OFCDs to Digital Satellite Media & Broadband, 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.

A source at Siti Cable informed that the funds for the acquisitions would be sourced internally, and that the Rs 680 crore that were being raised would be to boost internal resources.

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