Technology

WWIL to raise Rs 3.24 bn via warrants to promoter firms

MUMBAI: Siti Cable Network Ltd, formerly Wire and Wireless (India) Ltd, is raising Rs 3.24 billion from promoter firms to cut its debt and fund digitisation.


The company has received shareholders‘ approval for issue of warrants convertible into equity shares to overseas promoter group companies Essel International Ltd and Essel Media Ventures Ltd.


The Subhash Chandra-promoted multi-system operator (MSO) has a debt of Rs 4.5 billion.


The funds will also be for acquisition of MSOs, local cable operators (LCOs) and to meet the working capital requirements.


Essel International and Essel Media will invest the amount in tranches with the first tranche being 25 per cent of the issue price on allotment of warrants on a preferential basis. The balance amount will have to be paid by the two promoter companies within 18 months from the allotment of the warrants.


Siti Cable will issue 16,20,00,000 warrants convertible into equivalent number of equity shares at a price of Rs 20 per warrant. The shares of the company closed at Rs 20.55 per share, down 2.38 per cent, at close on Friday on the Bombay Stock Exchange.


The combined shareholding of Essel International and Essel Media will rise to 29.99 per cent after the two companies pay the full price of the warrants and convert them into shares, from the current 4.90 per cent. Simultaneously, the shareholding of other promoters (which includes Bioscope Cinemas Pvt Ltd with 57.95 per cent stake) will after the conversion of the warrants, fall to 43.09 per cent from 58.53 per cent. Essel Media currently has 3.63 per cent stake and Essel International 1.27 per cent.


The total promoter shareholding after conversion of all the warrants will rise to 73.08 per cent from 63.43 per cent now and that of the public will drop to 26.92 per cent from 36.57 per cent.


The price of the warrants is at a premium of 10 per cent over the price arrived at on the basis of SEBI regulations.


The company has filed for approval of the warrant issue with the Foreign Investment Promotion Board (FIPB) as the two promoter group companies are registered overseas.


The name of the company was changed to Siti Cable Network Ltd following a fresh certificate of registration based on a special resolution passed by the shareholders on 30 August 2012.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/25/Sanjay%20Sethi-800x800.jpg?itok=8Yt0QcPi
Electronic Manufacturing Cluster in Au'bad gets govt nod

NEW DELHI: The the first Brownfield Electronic Manufacturing Cluster (EMC) in Aurangabad under the Electronic Manufacturing Clusters (EMC) scheme has received final approval from the Electronics and Information Technology Ministry. India Electronics and Semiconductor Association (IESA), the premier...

Technology Hardware Components
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/stb%20%281%29.jpg?itok=pU2kNGZD
Indian and Chinese companies tie up for pre-integrated VAS Ready STB

Technology company specializing in digital media Corpus and Chinese digital products supplier Jiuzhou are to offer an STB solution bundled with Value Added Services (VAS) applications to enable operators monetize their digital investments and achieve faster ROI and profitability.

Technology Hardware Set-top Boxes
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/21/qw%20%281%29.jpg?itok=xNbG4zeg
Spectranet video delivery optimised through Qwilt

Broadband Internet Service Provider Spectranet has chosen content delivery and open caching solutions provider Qwilt’s award-winning open caching solution to optimise over-the-top (OTT) video delivery and improve Quality of Experience (QoE) for its subscribers.

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/17/camron-o-nil.jpg?itok=isUPKsXu
Adore partners Riedel solution

MUMBAI: In its continuing quest to provide broadcasters with traditional and new media solutions, systems integrator Adore Technologies Singapore has selected Riedel's Artist digital matrix intercom solution for Accenture's state-of-the- art webcast facility in Gurgaon, India.

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/02/ctv%20%281%29.jpg?itok=uA7lD5TK
CTV audience measurement: YuMe, Nielsen tie up for programmatic platform

YuMe, Inc., a proven partner for video advertising leadership and innovation, today announced that it is working with Nielsen to bring to market the first programmatic platform-based campaign-based audience composition measurement offering for Connected TV (CTV) campaigns. This unique offering...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/01/Inside%20image%20%281%29.jpg?itok=RPvWT5qW
Meet the brains behind Caavo, India-designed unique STB

MUMBAI: Meet the brains who founded the unique Caavo, a device that delivers a unified TV experience where devices and services come together to offer ultimate control. Caavo TV box serves as a universal control system for cord cutters that have multiple streaming boxes. The device is equipped with...

Technology Hardware Set-top Boxes
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/27/Ajit%20Pai-800x800.jpg?itok=eQaNXAO8
Next-gen TV transmission standard proposed by US panel, to foster innovation

MUMBAI: The Federal Communications Commission (U.S.) has sought comment on a proposal that would allow television broadcasters to use the “Next Generation” broadcast television transmission standard, called “ATSC 3.0,” on a voluntary, market-driven basis.

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/25/Verizon-Operator_0.jpg?itok=_r9RjMEN
Processing video from linear to live, OTT & VR: Verizon launches Exponent for global carriers

MUMBAI: Verizon has globally launched Exponent, a new business and technology venture offering a portfolio of software and internet platforms designed to enable carriers around the world to quickly deploy and launch next-generation solutions. Exponent offers a foundation for carriers to fuel their...

Technology Software Applications
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/25/Joe-French%20%281%29.jpg?itok=z26sS4io
Masstech announces key management promotions

Masstech – the trusted provider of innovative workflow and media asset management solutions – has announced two key management promotions. Savva Mueller has been named the company’s Vice President of Product Management and Marketing, while Joseph French has been promoted to Director of North...

Technology Software Applications

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories