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Siti Cable looking for shareholder nod to raise $100 million

Siti Cable

Multi system operator Siti Cable is looking to raise $100 million through issuance of equity shares via public issue, private placement or qualified institutional placement and is looking for shareholders’ approval for the same, the company said in a filing with the Bombay Stock Exchange.

Essel Group-owned Siti Cable said that funds will be used for working capital requirements, meet expenditures, expand business and reduce debts. The company sought shareholders’ approval to raise funds “through one or more placements of equity shares in domestic and/or one or more international markets whether by way of private placement or otherwise, in one or more tranches, so that the total amount raised shall not exceed Rupee equivalent of $100 million (~ Rs 648 crore),”  Siti said in the filing.

In October 2014, the company’s shareholders had approved raising of funds of up to $100 million by passing a special resolution through postal ballot, however, against which it could only raise Rs 221.11 crore, it added.

“Since the validity of the shareholders’ approval as per ‘SEBI Regulations’, is 12 months, it is proposed to seek fresh approval of the shareholders in this regard,” Siti said.

Other developments

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– Earlier this week, DEN Snapdeal TV (Snapdeal’s homeshopping TV channel) tied up with Siti Cable and now will offer the channel Delhi NCR, Haryana, Madhya Pradesh, Maharashtra, Andhra Pradesh, Karnataka, West Bengal, Bihar and parts of Rajasthan, as indicated by this exchange4media report.

– Earlier in July, Dish TV formed a content negotiating joint venture (JV) called ‘Comnet’ with Siti Cable. Both Dish TV and Siti Cable are equal partners in the JV and will hold joint discussions with broadcasters post which separate direct contracts between the broadcaster and distribution platform will be signed.

– In June, the Zee Group promoted Anil Jain as chief financial officer of Siti Cable. Prior to the new role as CFO, Jain was with Media Pro Enterprise India Private Limited for four years (now Taj Television). Before that he headed the finance and accounts at Zee Turner Limited for more than three years.

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