Cable TV

Siti Cable to roll out DOCSIS 3 broadband in Delhi and NCR in Q2-2015

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MUMBAI: Siti Cable, the multi system operator (MSO) from the Essel group is looking at expanding its business in other parts of the country. In a document given to investors, it has asked shareholders for approval to increase its authorised share capital, give authority to the board of directors to create charges/mortgages in respect of borrowings and issuance of equity shares or securities convertible into equity share of up to $100 million.

The company says that the reason for loss was under declaration of subscriber base and low average revenue per user (ARPU). With digital addressable system (DAS) being implemented, the MSO hopes to generate higher revenue from subscription. Siti Cable also has already become EBIDTA positive this year.

For digitisation implementation, it has procured and deployed large number of set top boxes (STBs), leading to periodical amortization, leading to inadequate profits.

In order to improve its situation, the MSO has proposed a few measures. It is looking at expanding its business in north, south and central India, apart from its stronghold of east India. It is preparing strategies for increasing its digital market share and becoming a strong player in DAS areas. The company is rolling out its value added services (VAS) plans across the country in phased manner. Broadband services are intended to be rolled out on advance DOCSIS 3 technology in Delhi and NCR in Q2-2015, besides having broadband subscriber base in eastern region.

Meanwhile, the increase in productivity will be measured in terms of EBIDTA margin, rationalisation of expenses, standardisation of process and systems to shift focus from individual centric approach to system driven approach and additional incremental profit by rolling out VAS.

The BOD is asking for approval to “create such charges, mortgages and hypothecations on all or any part of assets or immovable properties of the Company wherever situated, both present and future, and/or whole or part of the undertaking(s) of the Company of every nature and kind whatsoever together with power to take over the management of the business and concern of the Company in certain events, to or in favour of banks, financial institutions, any other lenders or other investing agencies and trustees for the holders of debentures, bonds, other instruments to secure rupee/foreign currency loans hereinafter collectively referred to as “loans”) to secure the amount(s) borrowed or to be borrowed by the company from time to time for due repayment of the principal together with interest, charges, costs, expenses and all other monies payable by the company in respect of such borrowings.”

It is also seeking approval for authorisation of loan and investments by the company. The BOD is asking approval for “giving any loan to any person or other body corporate, giving any guarantee or providing security in connection with a loan taken by any other body corporate or person; and/or acquiring whether by way of subscription, purchase or otherwise, the securities of any other body corporate; up to financial limit of Rs 1000 crore over and above limits available under Section 186 of the Companies Act, 2013, notwithstanding that the aggregate of the investments and loans so far made or to be made and the guarantees so far given or to be given by the company and securities so far provided and to be provided, exceeds the limits/will exceed the limits laid down under Section 186 of the companies act, 2013 read with companies (meeting of board and its powers) rules 2014.”

For issuing shares, it is seeking approval to “offer, issue and allot in one or more tranches, to investors whether Indian or foreign, including foreign institutional investors, financial institutions, non-resident Indians, corporate bodies, mutual funds, banks, insurance companies, pensions funds, individuals or otherwise whether shareholder(s) of the company or not, through an issue of equity shares or bonds, debentures and/or any other securities including foreign currency convertible bonds or depository receipts convertible into equity shares of the company at the option of the company or the holder of such security, including by way of qualified institutional placement (QIP) to qualified institutional buyers (QIB) in terms of chapter VIII of the SEBI regulations, through one or more placements of equity shares (hereinafter collectively referred to as ‘Securities’), 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 through such issue(s) of securities shall not exceed Rupee equivalent of $ 100 million.”

It has also appointed VD Wadhwa as the executive director for a period of three years from 12 August 2014.

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