| MUMBAI:
BAG Films and Media Ltd, which has diverse interests across broadcasting, television
production and radio businesses, has received the board nod to raise up to $30
million by way of global depository receipts (GDR) or Foreign Currency Convertible
Bonds (FCCB). Sources
in the company indicate that the amount raised will be used for the expansion
of its existing businesses. BAG
runs two TV news channels News24 and E24, TV production house Studio 24 and seven
radio channels under the brand name Dhamaal 24. It also has films and leasing
divisions and it runs a media school in Noida. Meanwhile,
the board has also approved the increase in authorised capital of the company
from Rs 300 million to Rs 400 million. BAG
posted Q2 consolidated net loss (before minority interest) of Rs 89.17 million,
compared to a loss of Rs 299.83 million in Q2 FY'09. Also
Read: India
Bulls promoter Sameer Gehlaut to buy 25 per cent in B.A.G Films | 
