Television

GV Films plans to acquire a channel, raise up to $300 million

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MUMBAI: GV Films Ltd. is planning to acquire an international TV channel and raise up to $300 million in overseas markets either through issue of global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs).

The board will meet on 25 May to consider and approve these proposals. Already in April GV Films had received Rs 110 crore ($25 million) that it raised through a GDR-cum-FCCB issue.

The other expansion plans include acquisition of theatres, multiplexes, entertainment parks and facilities in the area of computer graphics, FX and animation.

The company is also seeking board approval for preferential issue of shares and warrants to promoters and new investors. The other activities being looked at is acquisition of film rights and diversification into the hospitality industry.

The company recently announced the signing of an MOU with the prospective sellers for acquiring Thangam Theatre for its proposed multiplex and other hospitality industry projects at Madurai. The transaction is expected to conclude by June-end.

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