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Siti Cable to raise up to $100 mn, seeks shareholders’ approval
MUMBAI: After raising Rs 221.11 crore (Rs 2.21 billion) last year, multi-system operator (MSO) Siti Cable Network has again sought fresh approval from its shareholders to raise up to $100 million (Rs 642 crore).
Siti Cable plans to raise the amount by way of issuance of equity shares via public issue, private placement, or qualified institutional placement (QIP).
Incidentally, Siti Cable shareholders had approved, via a special resolution through postal ballot, raising up to $100 million in October 2014. However, the company raised only Rs 221.11 crore until 9 March 2015.
Since the shareholders’ approval is valid for 12 months, the company has sought fresh approval.
Siti Cable said it would use the proceeds to fund the expansion of business, meet working capital requirements, and reduce debts.
“The company sought shareholders’ approval to raise funds through one or more placements of equity shares in domestic and/or one or more international markets whether by way of private placement or otherwise, in one or more tranches, so that the total amount raised shall not exceed rupee equivalent of $100 million,” it said in a BSE filing.
Siti Cable needs funds to meet expenditures in connection with implementation of DAS in Phases III and IV, ongoing acquisition of MSOs, local cable operators (LCOs) and primary points, and business expansion including value-added services.
It also intends to use funds to reduce debts, as working capital requirements and other general corporate business purposes.
The company’s annual general meeting is scheduled for 27 August.
Siti Cable scrip closed at Rs 35.75 per share, up 1.56 per cent from its previous close on the BSE on Tuesday.