Sri Adhikari Brothers Television Network Ltd to issue 1 crore warrants

The Board of Directors of Sri Adhikari Brothers Television Network Ltd at its meeting held on January 23, 2014, has considered and decided to raise funds upto Rs. 100 Crores by offering and issue of 1 Crore Warrants carrying an option/entitlement to subscribe for equivalent number of Equity Shares of Rs. 10/- each at such price as may be determined as per the provisions of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 on preferential basis to the persons in the promoter group and others to meet long term financial requirements, working capital requirements and to meet financial requirements for expansion of successfully growing Broadcasting Business, subject to the approval of the shareholders of the Company under Section 81(1A) of the Companies Act, 1956 and applicable provisions of Companies Act, 2013.

The Board also decided to seek the approval of shareholders of the Company for the same through postal ballot process as per the provisions of Section 192A of the Companies Act, 1956 and appointed Mr. Manish L. Ghia, Practicing Company Secretary, Mumbai as the Scrutinizer for conducting the postal ballot process in fair and transparent manner.

Shares of Sri Adhikari Brothers Television Network Ltd was last trading in BSE at Rs.72, up by Rs.0.50 or 0.70%. The stock hit an intraday high of Rs.72.85 and intraday low of Rs.71.

The total traded quantity was 0.41 lakh shares as compared to 2 week average of 0.27 lakh shares.

Source : Equity Bulls

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