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Siti Network looks to raise $100 million

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MUMBAI: Essel group multisystem operator (MSO) Siti Network has plans to raise $100 million through an issue of securities and/or equity related instruments.  The company informed the Bombay Stock Exchange (BSE) that  it  needs the money to fund its operations. It has an ambitious plan to further expand its footprint in the cable TV  and broadband landscape in India as DAS progresses into its last phase.

Siti Network said it had got an in-principle board approval to raise the money taking the equity or equity related instrument route through a qualified institutional placement (QIP)/external commercial borrowings (ECBs) with rights of conversion into equity shares, foreign currency convertible bonds (FCCBs),  American Depository Receipts (ADRs), global  depository receipts

(GDRs) or any other securities convertible into or exchangeable for equity shares or securities linked to equity shares.

The company’s board of directors approved the fund raising and other  proposals at its meeting held on 26 August. 

Siti Network further stated that as per a family  arrangement  agreed between the  promoter  group, communication has been received from Dr Subhash Chandra, Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel to  declassify the three mentioned along with their respective family  members as promoters of the company in terms of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The board decisions will take effect after necessary corporate and regulatory approvals are obtained.

This is not first time that the company is raising funds. In October 2014, the company’s shareholders had approved raising up to $100 million by passing a special resolution through postal ballot.  However, against this, it made a QIP issue not exceeding Rs 250 crore; of which it received a subscription for Rs 221.11 crore at a price of Rs 35 per Re 1 share. 

Then earlier this year, it received promoter funding to the tune of Rs  Rs 530 crore. Most of it was used to pare down its debt, while a minority portion was used for acquisition, including bigger stakes in associate companies and joint venture partners. 

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