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Sri Adhikari Brothers chalks out expansion plans; regional channels in the offing

14-December-2009
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Sri Adhikari Brothers chalks out expansion plans; regional channels in the offing

The Board of Directors of the Company of Sri Adhikari Brothers Television Network Ltd, which met on December 11, 2009, has approved the company’s expansion plans that include the launch of regional entertainment television channels.

The company is planning to raise up to Rs 100 crore for its expansion plans by way of preferential issue, rights issue, public issue, Qualified Institutional Placements (QIPs), Foreign Currency Convertible Bonds (FCCBs), Global Depositary Receipts (GDRs), American Depositary Receipts (ADRs) and/or other permissible securities with or without warrants.

The Board also approved the increase in authorised share capital from Rs 20 crores to Rs 30 crores and consequential amendments in Memorandum and Articles of Association of the company.

The Board also gave its nod to the offering and issue of up to 2,925,000 warrants carrying an option /entitlement to subscribe equivalent number of equity shares of Rs 10 each at a price which shall not be less than the price arrived as per the SEBI (ICDR) Regulations, 2009 for preferential issues to the promoter/ promoters group.

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