wordpress blog stats
Connect with us

Hi, what are you looking for?

IPTV Co Aksh Closes $25 M GDR Issue; MD Resigns, Moves To International Subsidiary

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.

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

You May Also Like


Paytm has hived off its payment gateway business into a separate entity, Paytm Payments Gateway Service Pvt Ltd, and has infused ₹100 crore worth...


Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...


The Securities and Exchange Board of India (SEBI) will now allow investors to make UPI payments to purchase public issues of debt securities, it...


US-based Kora Investments has pumped $52 million into Zomato, with a larger amount follow-up amount expected in the coming months, Mint reported. The big...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ