Cable TV

Siti Cable seeks shareholders' nod for raising $100 million

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MUMBAI: Multi system operator (MSO) Siti Cable is looking at raising up to $100 million through equity shares via public issue, private placement or qualified institutional placement (QIPs) route. The MSO for the same has sought shareholders approval. 

Siti Cable will utilise the funds to meet expenditure to expand its business in phase III and IV of digitisation, ongoing acquisition of MSOs, LCOs and primary points, value added services (VAS), working capital requirements as well as to reduce debts. 

The company sought shareholders' approval to raise funds through one or more placements of equity shares in domestic and/or one or more international markets whether by way of private placement or otherwise, in one or more tranches, so that the total amount raised shall not exceed rupee equivalent of $100 million.

The members had approved raising of funds of up to $100 million by passing a special resolution through postal ballot in October 2014, against which the MSO has already raised Rs 221.11 crore.  

“Since the validity of the shareholders’ approval as per Regulation 88(1) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (‘SEBI Regulations’), is 12 months, it is proposed to seek fresh approval of the shareholders in this regard,” the company said.

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