(1 October 2009 5:40 pm)

MUMBAI: Aksh Optifibre plans to raise up to $20 million through a private placement to grow its Internet Protocol Television (IPTV) and Voice over internet protocol (VoIP) business.

The amount will be used to part finance Aksh’s capex requirement as it plans to ramp up its subscriber base from 35,000 to 650,000 by March 2013.

"The company intends to launch a process to raise up to $20 million on a private placement basis to grow its IPTV and VoIP business (together the Services Business)," it said in a filing to BSE.

The company, which provides IPTV services with MTNL and BSNL, believes that such a fund raising is essential for "unlocking the significant potential in the Services Business".

Aksh is currently present across 22 cities in North India and Mumbai.