Siti Cable promoters infuse Rs. 2430 Million funds for expansion

The Promoters of leading Cable Television service provider in India SITI Cable Network Ltd., have invested additional Rs.2430 million in the Business.

As per the approval received from Foreign Investment Promotion Board (FIPB) in March 2013 to raise Rs. 3240 million from promoter entities, the company has already received first tranche Rs. 810 million in March 2013 and this is balance tranche fund of Rs. 2430 million. With this total promoter shareholding rises to 72.82 percent.

The funds will be utilized primarily for Business expansion and to partially reduce debt.

Commenting on this development, Mr. V D Wadhwa, CEO of SITI Cable said "For the wider digitization roll out, the Company needs to invest in upgrading its digital infrastructure further and enter into newer strategic markets. We plan to seed over 6 million set-top-boxes in phase-3&4 markets through organic and in organic growth. We believe that we are well poised to benefit from the ongoing digitization implementation and ready to penetrate the market at a faster rate".

Shares of SITI CABLE NETWORK LTD. was last trading in BSE at Rs.21.85 as compared to the previous close of Rs. 20.95. The total number of shares traded during the day was 712009 in over 2579 trades.

The stock hit an intraday high of Rs. 22.25 and intraday low of 21.1. The net turnover during the day was Rs. 15519616.

Source : Equity Bulls

Keywords