Siti Cable allots securities to group firms to raise Rs 830 cr

Essel Group firm Siti Cable Network today said its board has approved allotment of securities to promoter firms to raise Rs 830 crore through warrants and optionally fully convertible debentures (OFCDs).
The board of the company, in a meeting held today, approved issue and allotment of warrants worth Rs 349.99 crore.
The company alloted warrants worth Rs 299.99 crore to Direct Media and Cable Pvt Ltd and Rs 49.99 crore to Arrow Media and Broadband Pvt Ltd.
Besides, it has also alloted OFCD worth Rs 179.99 crore to Digital Satellite Media and Broadband Pvt Ltd.
Direct Media and Cable has been alloted 8.57 crore warrants, while 5.71 crore warrants were issued to Arrow Media and Broadband Ltd.

Siti Cable has issued 5.14 crore OFCDs at a subscription amount of Rs 35.

It also issued 8.57 crore shares to Direct Media for Rs 299.99 crore.
In another announcement, Siti Cable Network said its promoters have infused fresh funding of Rs 530 crore.
This is part of Rs 680 crore funding announced earlier by the company, which would be primarily used to reduce the debt, Siti Cable said in a statement.
Siti Cable Executive Director and CEO V D Wadhwa said: "Promoter fund infusion of Rs 530 crore re-affirms Siti Cable's growth story and our commitment to create sustainable value for all stake-holders".

This funding was approved at the company's meeting held in Mumbai on February 4, 2016.
"These funds will be utilised primarily to reduce debt," the statement said.