MUMBAI: It is one of the more successful Indian-origin companies in the media industry that delved into the comedy genre with SAB TV, which it sold to the Sony Entertainment Television in India. It followed that up with niche channel forays, the most recent of which is a Marathi comedy and music channel Maiboli. Now, Sri Adhikari Brothers Television Network Ltd (SABTNL), has once again drawn up ambitious expansion plans and has decided to raise funds of upto Rs 100 crore to bankroll them.
In a disclosure to the Bombay Stock Exchange, SABTNL says that it will be offering 100 lakh warrants with an option to subscribe for equivalent number of equity shares of Rs 10 each at a price that may be determined by SEBI regulations. The warrants are to be issued on a preferential basis to the persons in the promoter group and others.
The purpose of the fund raising exercise, says SABTNL, is to meet general long term financial and working capital needs and also to expand its successfully growing broadcasting business. The plans are subject to shareholder approval which it will be seeking through postal ballot.