Public RelationsUTV Software to raise $150 mn for expansion, retiring debt
Media and entertainment firm UTV Software Communications today said it will raise $150 million (nearly Rs 750 crore) through various channels to meet its growth plans and retire debt.
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The board has approved raising funds to the tune of $150 million from domestic and international fund raising options to meet the corporate requirements, UTV Software Communications said in a filing to the Bombay Stock Exchange.
The company would raise the funds by way of issue of equity shares, debentures or foreign currency convertible bonds, the filing added. The funds would be used to meet its growth plans in movies, broadcasting, gaming verticles and to retire debt.
It may also raise the amount by issuing Global Depository Receipts, American Depository Receipts or by private placement of shares with qualified institutional buyers, it said.
The filing added the board has also approved to increase the authorised share capital of the company to Rs 70 crore from Rs 45 crore.
The proposals are subject to shareholders approval, the company said.
Shares of UTV Software Communications were trading at Rs 461.95 on the BSE, up 1.39 per cent from the previous close.