Siti Cable Network has sought shareholders’ approval to raise USD 100 million. The multi-system operator plans to gather funds via equity shares via public issue, private placement or qualified institutional placement
According to the company, the funds will be used to expand network in DAS phase III and IV areas as well as build value added services, reports Indian Television. The funds will also be used to pare the company’s 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,” the company said in its BSE filing.
Back in October of 2014, the company’s shareholders had approved a proposal of raising USD100 million (INR6.42 billion). Siti Cable was, however, able to raise of INR2.21 billion until March of 2015, according to Television Post.
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