IPTV company Aksh Optifibre has successfully closed its GDR issue of $25 million, allocating 58,287,500 equity shares underlying 1,165,750 GDRs. This follows an earlier approval that company’s board had given, for raising approximately $50 million, for funding the expansion of its IPTV business. Aksh is an IPTV (iControl) and VoIP (Pigeon) franchisee for government owned telecom operators BSNL and MTNL. The IPTV business has struggled to take off in India, given a lack of initiative from telecom operators to invest in wireline based businesses, and poor quality of customer service.
In July, Aksh had announced the incorporation of an international subsidiary, “or expansion of Companies Business in IPTV/VOIP/FTTH/TRIPLE PLAY, etc.” MediaNama had tried to contact the company in July for more information on its plans, but to no avail.
Aksh also said today that it’s board took on record the resignation of its Managing Director, Dr. Kailash S Choudhari, who will continue to be a director on the board of the company, but will be involved in its overseas business through its overseas subsidiary. As we had reported earlier, Dr. Choudhari has been regularly selling his shares in the company: as of 28th July 2010, his holding had come down to 3.99% from 12.792% a little over a year ago.