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IPTV Co Aksh Looks To Raise Up To $50M; Deutsche Bank AG Holds 7%


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.

Meanwhile, Aksh MD Dr. Kailash S. Choudhari, has been regularly selling his shares in the company: his holding has come down to 5.716% from 12.792% a year ago.

Related:
Aksh Optifibre’s IPTV & VoIP Losses Down
Aksh Optifibre To Raise $8 Million
Aksh To Raise $20 Million To Boost VoIP & IPTV Subscriber Base

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