Siti Cable Network Ltd to raise $100 million

The Board of Directors of Siti Cable Network Ltd at its meeting held on July 17, 2014, has approved in-principle raising of funds for operations of the Company through issuance of securities viz. Equity or Equity related instruments up to Rupee equivalent of US$ 100 millions - 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 in accordance with Section 62(1)(c) of the Companies Act, 2013 and SEBI (ICDR) Regulations, 2009.

The Board has also approved the draft of the Postal Ballot Notice inter-alia for seeking approval of the members of the Company including for such issuance of securities.

Shares of SITI CABLE NETWORK LTD. was last trading in BSE at Rs.28.3 as compared to the previous close of Rs. 27.85. The total number of shares traded during the day was 152583 in over 1019 trades.

The stock hit an intraday high of Rs. 28.75 and intraday low of 27.25. The net turnover during the day was Rs. 4250702.

Source : Equity Bulls

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