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SITI Cable Network surges on receiving first tranche of Rs 81 crore from promoters

21 Mar 2013 Evaluate

Siti Cable Network is currently trading at Rs. 23.85, up by 0.55 points or 2.36% from its previous closing of Rs. 23.30 on the BSE.

The scrip opened at Rs. 24.00 and has touched a high and low of Rs. 24.55 and Rs. 23.40 respectively. So far 141438 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 30.30 on 11-Jan-2013 and a 52 week low of Rs. 7.65 on 28-Mar-2012.

Last one week high and low of the scrip stood at Rs. 26.30 and Rs. 22.35 respectively. The current market cap of the company is Rs. 1078.53 crore.

The promoters holding in the company stood at 63.08% while Institutions and Non-Institutions held 8.53% and 28.39% respectively.

Cable television service provider SITI Cable Network, which has received Foreign Investment Promotion Board (FIPB)’s nod for raising Rs 324 crore from its promoter entities, has received its first tranche of Rs 81 crore. Meanwhile, the remaining balance tranches will be made available to the company as per the business requirements. The funds will be utilized by the company for up-gradation of its digital infrastructure and for foraying into new markets.

Back in September 2012, the company had approved the proposal for preferential issue of 16.2 crore warrants, which are convertible into equivalent number of equity shares, at an issue price of Rs 20 per warrant, to the foreign promoters Essel International and Essel Media Ventures. After the conversion of warrants, the promoter’s shareholding will increase to about 73% from the current 63%.

Siti Networks Share Price

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