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Channel
Guide India Ltd informed the Bombay Stock Exchange today
that the company board has decided to issue 2 million equity
shares of Rs10 each at par to promoter/director/relatives/associates
and selected person on preferential basis.
The board will call a shareholders meeting to obtain approval
in due course, a company release says.
Queried as to the reasoning behind the move, Ravi Deshmukh,
chief operating officer, Channel Guide said the it was to
fund the company's expansion plans.
Channel Guide is a specific preview and menu free-to-air
channel that primarily relays infomercials about the various
satellite channels that exist today. The channel also acts
as a promotional platform for the new film and music releases
and highlights major cultural events and certain premium
brands.
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