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Post its board of directors meeting held on 26 July, the production
house plans to raise funds up to $ 15 million through FCCB/GDR's
and has also appointed former Star TV and Channel [V] hand Divya
Sharman Mehta as creative director.
The approval to raise funds upto $ 15 million by issuing ADRs /
GDRs / FCCBs or any other financial instrument has been given by
BSE. That apart, BSE has also given its nod for the proposal to
issue 12,10,500 warrants convertible into even number of equity
shares at a price not less than Rs 90 per share, on preferential
basis u/s 81(1A) of the Companies Act, 1956 to the core promoters
of the company.
Mehta has been roped in to strengthen the creative and ideation
portfolio at SABTNL.
SABTNL, in its realigned focus on the expansion of its content
production, has signed an agreement
with Sony Entertainment Television (SET) to supply content worth
Rs 750 million and is in the process of signing several deals
with mainstream and niche Hindi channels. The company has also decided
to venture into telefilms, animation content and motion pictures.
Although, the company has announced that it is presently debt free
with a cash surplus, the aggressive plans ahead will require intensive
outlay of efforts and funds. SABTNL is in the process of sprucing
up its production infrastructure which will be supported by large-scale
investments, the company has said in a statement.
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