Cable TV

Siti Cable gets Rs 140.25 crore investment from promoters

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/cable_tv_images/2014/04/02/126.jpg?itok=Wx--AxTj

MUMBAI: After getting a shot of Rs 102.75 crore last week, multi system operator (MSO) Siti Cable has now finally received the third and last tranche that its promoters had intended to release.  In an announcement to the Bombay Stock Exchange (BSE), the MSO has said that it has received Rs 140.25 crore today. Within a span of a week, Rs 243 crore has been invested in all.

The release on the BSE reads: “As per the terms of 16,20,00,000 warrants issued by the company on 19 March 2013 on preferential basis, the allotment committee of the board of directors has upon receipt of balance of  75 per cent consideration aggregating to Rs 140,25,00,000 approved further allotment of 9,35,00,000 equity shares upon conversion of such remaining warrants at an issue price of Rs 20 per share to the allottees: Essel Media Ventures and Essel International.”

It was in March 2013 that the company got the nod for getting Rs 324 crore, out of which Rs 81 crore flowed in that month itself. Even though, the promoters had time till September 2014 to flush out the rest, the decision to invest it all was taken recently. Following which, the next two tranches have been released for the MSO.

With this, the total promoter shareholding has risen to 72.82 per cent.

Not only this, the MSO also claims to have reached a subscriber base of 40 lakh digital customers as on 31 March 2014. “Encouraged by the significant improvement in the performance in FY 13-14 and to support the aggressive growth plan to grow the subscriber base to 1 crore  in FY 14-15, the promoters have invested additional Rs 243 crore in the business,” the MSO said in a release sent today.

The funds will be utilised primarily for business expansion and to partially reduce debt.

Essel Group and Zee chairman Subhash Chandra through a statement said, “The Indian television distribution industry is on the cusp of high growth value phase as it marches towards the digitisation of balance phases of cable television in the country. With the change in leadership last year, Siti Cable has driven higher revenue and profitability through relentless focus on operational excellence despite uncertain environment. Our sustained investment in this sector will further accelerate the growth momentum and will serve the digital cable TV viewing needs of many more million Indians on Siti Cable Network.”

Commenting on this development, Siti Cable CEO VD Wadhwa said, “For the wider digitisation roll out, the company needs to invest in upgrading its digital infrastructure further and enter into newer strategic markets. We plan to seed over six million set-top-boxes in phase III and IV markets through organic and in organic growth. We believe that we are well poised to benefit from the ongoing digitisation implementation and ready to penetrate the market at a faster rate.”

Package wise billing and collection has already been initiated in the phase I. The company estimates that by beginning of the next quarter, package wise billing and collection will be in line. The MSO claims to have made significant progress on subscriber wise billing and collections in its phase-II markets as well. “The company is far ahead of other operators in terms of subscriber wise billing and collection,” said a statement released by the company.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/12/02/Cable.jpg?itok=jQO-GCh5
Rohtak Cable DAS III extension case dismissed; eight posted for 7 Dec

NEW DELHI: While the case by Rohtak Cable Operators’ Association challenging the deadline set for Phase III of digital addressable systems (DAS) was dismissed, the Delhi High Court today directed that it would hear the other cases on 7 December 2016.

Cable TV DAS
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/12/01/cable-wire.jpg?itok=rkADl4vM
MIB's digital deadline dilemma: to relax or not

NEW DELHI: India’s ongoing cable digitalisation, plagued by court cases resulting in roll-out delays, may have just got entangled with the short to medium-term inconveniences caused by demonetisation of high-value currency notes signalling likely further delays. The ministry of  information and...

Cable TV DAS
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/12/01/NXT%20Digital.jpg?itok=a8r_rk6_
IMCL: Hinduja Ventures divests minority stake

MUMBAI: MSO company IndusInd Media and Communications Limited (IMCL)’s parent Hinduja Ventured Ltd. (HVL) has sold 0.13 equity stake in the company to a non-Hinduja Group company for Rs. 46.6 million (Rs. 4.66 crore). The buying company bought into the MSO at a price of Rs. 466 per share based on...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/11/26/Rajan%20Gupta.jpg?itok=oFRRxKbc
Hathway Q2-17 revenue and EBIDTA up; adds 1 lakh broadband subs

BENGALURU: Indian multi system operator (MSO) Hathway Cable and Datacom Limited (Hathway) reported 18.8 per cent growth in Total Income from operations (TIO) and 11.9 percent growth in operating profits (EBIDTA) for the quarter ended 30 September 2016 (Q2-17, current quarter). The company reported...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/11/25/jagdish-kumar-800x800.jpg?itok=SC_g2FGJ
Jagdish Kumar Pillai quits Hathway; Rajan Gupta appointed as MD

Hathway Cable and Datacom Limited has accepted the resignation of MD and CEO Jagdish Kumar Pillai.

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/11/23/VD%20Wadhwa.jpg?itok=8S_qvm4t
Siti Q2-17 numbers up on higher restated subscription revenues

BENGALURU: The Subhash Chandra led Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 23.6 percent and 2.9 percent year-over-year (y-o-y) growth in operating revenue and EBIDTA including other income for the quarter ended 30 September 2106 (Q2-17, current quarter...

Cable TV Multi System Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/11/21/Atul-saraf-800x800.jpg?itok=SqcEWufE
Cable operators seek exemption in entertainment at par with fuel & medical services

MUMBAI: Although demonetisation of high-demonination currency is largely seen as a boon for a thriving economy marred by a legacy of unaccounted money and corruption, it is a proving to be a bane for the common man. The only basic entertainment that a layman has access to is television which is...

Cable TV Local Cable Operators
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/11/18/DAS3-800x800.jpg?itok=2ygLmrP2
DAS Phase IV pace slack; MIB to meet Indian STB makers

A miniscule percentage of set-top boxes have been seeded in DAS Phase IV after August 2016 as compared to those seeded earlier in four phases when six weeks are left for the deadline for switching off analogue signals is reached.

Cable TV DAS
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/11/18/TV-remote.jpg?itok=ZCq_f6Lv
Cable TV distribution to get fillip from demonetisation

MUMBAI: The cable television distribution business, a section of which has been infamous for dealings in unaccounted money, will have to upgrade addressability in the backdrop of the decision to demonetise higher value currency. It is estimated that the analog subscriber base will come down by 37%...

Cable TV DAS

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories