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SITI Cable Network gets nod to raise up to $100 million

18 Jul 2014 Evaluate

SITI Cable Network, the leading Cable Television service provider in India, has received an approval for raising of funds for operations of the company through issuance of securities viz. Equity or Equity related instruments up to rupee equivalent of $100 million. The board of directors at its meeting held on July 17, 2014 has approved for the same.

The company will raise funds through private placement / Qualified Institutions Placement (QIP) / External Commercial Borrowings (ECBs) with rights of conversion into Equity Shares / Foreign Currency Convertible Bonds (FCCBs) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) or any other securities convertible into or exchangeable for Equity Shares or securities linked to Equity Shares, subject to shareholders and other approvals.

SITI Cable is the only vertically integrated company in the Cable TV Industry and is known for its strong backend systems & processes. Backed by Strong Management team, the company is always on the forefront to harness the latest technology and maintain the healthy commercial relations with its business partners.

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