Board of Siti Cable Network gives in-principle approval to raise funds up to USD 100 mn

At meeting held on 17 July 2014

Siti Cable Network announced that the Board of Directors of the Company at its meeting held on 17 July 2014, inter alia, has approved in-principle raising of funds for operations of the Company through issuance of securities viz. Equity or Equity related instruments up to Rupee equivalent of US$ 100 millions - through private placement / Qualified Institutions Placement ("QIP") / External Commercial Borrowings (ECBs) with rights of conversion into Equity Shares / Foreign Currency Convertible Bonds (FCCBs) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) or any other securities convertible into or exchangeable for Equity Shares or securities linked to Equity Shares, subject to shareholders and other approvals in accordance with Section 62(1)(c) of the Companies Act, 2013 and SEBI (ICDR) Regulations, 2009.

The Board has also approved the draft of the Postal Ballot Notice inter-alia for seeking approval of the members of the Company including for such issuance of securities.

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