Splash Media seeks Sebi nod for rights issue of 9.3 cr shares

Splash Media and Infra has approached market regulator Sebi for a issue of 9.37 crore shares to its existing shareholders.

Through the issue, the company plans to fund development and construction of ongoing and planned projects, acquire land or land development rights and general corporate purposes, the company said in a filing on the Sebi website.

The company, listed on the Bombay Stock Exchange as Splash Media Works, today settled at Rs 70, down 0.64 per cent from the previous close.

At today's closing price, the company is expected to raise about Rs 656 crore through the issue.

The company will offer rights issue in the ratio of one equity share for every one held by the existing shareholders. The company has also appointed Khandwala Securities as the lead manager to the rights issue.

Earlier this month, the board of directors had approved the draft letter of offer for raising equity capital through rights issue for funding its projects.