Compact Disc India allots 14 Lakh warrants

Compact Disc India Ltd has announced that the Board of Directors of the Company at its meeting held on December 18, 2008, inter alia, has allotted 14,00,000 Convertible Warrants of the Company at a Price of Rs 100/- each to Pariscope Pictures Pvt. Ltd. after receiving Rs 1,40,00,000/- being 10% of total issue price. The Warrants will be convertible within a period of 18 months at the option of allottee, into fully paid-up equity shares of Rs 10/- each at a premium of Rs 90/- per share.

The Board approved the budget of US$ 63 million (Rs 309 crore) for the animation feature film, multi-platform gaming and merchandising of a project with Pele, a legendary and Brazilian Soccer King.

The Board also approved to subscribe minimum 50% in the equity of Laser Infomedia Ltd., a Company to set-up Gaming Development & Publishing project.

The capital outlay of Rs 92.70 crore for Gaming Development & Publishing project was approved.

A Gaming Development & Publishing Studio in NCR, Delhi region would be set-up.

The Board approved the mid-term loan of US$ 10 million offered by iMedia Ventures Ltd. at a rate, Libor plus 175 basis points for a period of 10 years. This loan will be secured in a foreign Company promoted by CDI.

Source : Equity Bulls

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