Monday 10 September 2012

The Siti Cable Network to raise Rs 3.24 bn via warrants

The Siti Cable Network Ltd, formerly Wire and Wireless (India) Ltd, will be raising Rs 3.24 billion from the promoter firms in order to reduce its debt.
The shareholder approval for the same has been received by the company. The issue of warrants convertible into equity shares would be offered to the promoters group companies Essel International Ltd and Essel Media Ventures Ltd.

The multi-system operator (MSO) promoted by Subhash Chandra promoted has a debt of Rs 4.5 billion.
The company will also be getting funds for the acquisition of the MSOs, local cable operators (LCOs) as well as to meet the working capital needs of the company as well.
The promoters Essel International and Essel Media will fund the first tranche of 25 per cent of the issue price on allotment of warrants on a preferential basis. The rest of the amount will have to be paid in the next 18 months.
The company will also issue 16,20,00,000 warrants convertible into equivalent number of equity shares at a price of Rs 20 per warrant. The combined shareholding of the two promoter firms Essel International and Essel Media will rise to 29.99 per cent after the two companies pay the full price of the warrants and convert them into shares.

Source: http://cablequest.org/news/cable-news/item/304-the-siti-cable-network-to-raise-rs-324-bn-via-warrants.html
Source: http://cablequest.org/news/cable-news/item/304-the-siti-cable-network-to-raise-rs-324-bn-via-warrants.html

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