Siti Cable has raised INR2.21 billion through Qualified institutional placement (QIP). It has issued over 63.17 million shares at INR35 per share. It had earlier planned to raise over INR2.50 billion. The firm will utilise the funds for expansion of digital cable television and broadband footprint.
HDFC Trustee Company along with its sister concerns has purchased 50% of shares i.e 31,587,270 – HDFC Equity Fund (picked 26,533,000 shares for INR928.6 million), HDFC Core and Satellite Fund (1,516,000 shares for INR53 million)) and HDFC India Tax Saver Fund (3,538,270 shares for INR123.8 million).
The other investors include Polus Global Fund (has invested over INR504.9 million), Orange Mauritus Investments (INR119.9 million), Macquarie Emerging Markets Asian Trading (INR52.5 million), Reliance Capital Trustee (INR149.9 million), Copthall Mauritius Investment (INR185.3 million) and Morgan Stanley Asia (INR92.6 million).
Siti Cable has target to add over 10 million digital subscribers. As on 31 December, 2014, its digital subscriber base stood at 4.85 million.
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