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Siti Cable Network has said that it is planning to raise up to Rs 680 crore through issuance of warrants and optionally fully convertible debentures (OFCDs) to promoter companies.
The company said in a BSE filing that “The Board of Directors of the company… approved subject to shareholders’ approval issuance of 14,28,57,143 number of warrants convertible at option of the holder in one or more transches… to Direct Media & Cable Pvt Ltd and/or Arrow Media & Broadband Pvt Ltd, entities forming part of promoter/promoter group of the company at Rs 35 per warrant… the total value of warrants shall not be more than Rs 500 crore.”
It said further that it will also issue “51,428,571 OFCDs…to Digital Satellite Media & Broadband Pvt Ltd, entity forming part of promoter/promoter group of the company at Rs 35 per OFCD…the total value of OFCDs shall not be more than Rs 180 crore.”
