Essel group firm Siti Cable Network has plans to raise up to $100 million (Rs 670 crore) from the market through issuance of securities.
The board of the company in a meeting held today “approved in-principle raising of funds for operations of the company through issuance of securities viz. equity or equity related instrument up to… $100 million,” Siti Cable told BSE.
It will be either through qualified institutional placements, external commercial borrowings with right of conversion into equity share, foreign currency convertible bonds, American Depository Receipts or Global Depository Receipts.
Besides, the company will adapt to a new set of Articles of Association to align with the Companies Act, 2013, which will be subject to shareholders’ approval.