Aksh Optifibre, an public listed IPTV franchisee for BSNL and MTNL has announced that Deutsche Bank AG now owns 7.04% in the company, post the conversion of its Foreign Currency Convertible Bonds (FCCBs) into 4,642,072 equity shares. It operates two services – Pigeon VOIP services, and IPTV services under the brand name iControl.
The company is seeking to raise funds again: Aksh’s board, last month, approved the raising of up to Rs. 250,000 or $50 million for expanding its IPTV business, which appears to be struggling. According to a recent announcement, for the financial year 2009-10, Aksh reported a turnover of Rs. 8.3 crore, net loss of Rs. 13.85 crore, and an accumulated loss of Rs. 40.35 crore. The IPTV space has been struggling for acceptance in India, a market dominated by cable distribution and with DTH gathering momentum.