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SITI Cable Network strengthens on receiving fresh funding of Rs 530 crore from promoters

Siti Networks Ltd. | TV Broadcasting & Software Production | Media | BSE: 532795 | NSE: SITINET

22 Feb 2016 Evaluate

Siti Cable Network is currently trading at Rs 35.15, up by 0.90 points or 2.63% from its previous closing of Rs 34.25 on the BSE.

The scrip opened at Rs 36.00 and has touched a high and low of Rs 36.80 and Rs 35.15 respectively. So far 40092 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 1 has touched a 52 week high of Rs 41.70 on 05-Jan-2016 and a 52 week low of Rs 27.50 on 25-Aug-2015.

Last one week high and low of the scrip stood at Rs 34.65 and Rs 32.00 respectively. The current market cap of the company is Rs 2388.66 crore.

The promoters holding in the company stood at 66% while Institutions and Non-Institutions held 21.82% and 12.18% respectively.

SITI Cable Network has received fresh promoter funding amounting to Rs 530 crore. Encouraged by the significant improvement in performance in Q3FY16, when the company achieved financial turn-around for the first time by reporting profit before tax of Rs 56 crore, the promoters have infused fresh funding. This forms the first tranche of the previously announced Rs 680 crore funding.

As part of this Rs 530 crore capitalization, SITI Cable board allotted 8.57 crore equity shares to promoter group entities. With this, the total promoter holding in SITI Cable has now increased to 69.8%. In addition, 5.71 crore warrants and 5.1 crore Optionally Fully Convertible Debentures (OFCD) were also issued to promoter group companies. These funds will be utilized primarily to reduce debt.

SITI Cable currently has 12 million subscriber base, out of which 7.8 million are digital customers. Despite deferment of digitization in various states, during the current quarter, the company has added 1 million digital customers.

Siti Networks Share Price

0.49 0.00 (0.00%)

17-Apr-2026 16:59 View Price Chart

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SITI Cable Network strengthens on receiving fresh funding of Rs 530 crore from promoters

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