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SITI CABLE NETWORK LTD. - Outcome of Board Meeting
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06 Jan 2016
Siti Cable Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 05, 2016, inter alia, has approved the following matters:&lt;BR&gt;&lt;BR&gt;1. Subject to approval of shareholders, issuance of:&lt;BR&gt;&lt;BR&gt;i. 142,857,143 number of Warrants convertible at the option of the holder, in one or more tranches, into equivalent number of equity shares of Re. 1/- each of the Company to M/s. Direct Media &amp; Cable Private Limited and / or Arrow Media &amp; Broadband Private Limited, entities forming part of Promoter / Promoter Group of the Company, at Rs. 35.00 per Warrants (including premium of Rs. 34.00 per Warrants) being the price determined in accordance with Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as SEBI ICDR Regulations), so that the total value of Warrants so issued shall not be more than Rs. 500 crores (Rupees Five Hundred Crores Only); and&lt;BR&gt;&lt;BR&gt;ii. 51,428,571 number of Optionally Fully Convertible Debentures (OFCDs) of face value of Re. 1/- each, convertible at the option of the holder, in one or more tranches, into equivalent number of Equity Shares of Re. 1/- each of the Company, to M/s. Digital Satellite Media &amp; Broadband Private Limited, entity forming part of Promoter / Promoter Group of the Company, at Rs. 35.00 per OFCD (including premium of Rs. 34.00 per OFCD) being the price determined in accordance with Chapter VII of the SEBI ICDR Regulations, so that the total value of the OFCDs so issued shall not be more than Rs. 180 crores (Rupees One Hundred Eighty Crores Only).&lt;BR&gt;&lt;BR&gt;The Relevant Date under SEBI (ICDR) Regulations for the purpose of determination of issue price of Warrants and OFCDs be fixed as January 05, 2016, being the date 30 days prior to the date of Extra-Ordinary General Meeting proposed to be held that is February 04, 2016.&lt;BR&gt;&lt;BR&gt;2. Alteration in the Capital Clause of the Memorandum of Association of the Company by increasing the Authorised Share Capital from Rs. 100,00,00,000/- (Rupees One Hundred Crores Only) divided into 99,00,00,000 (Ninety Nine Crores) Equity Shares of Re. 1/- each and 1,00,00,000 (One Crore) Preference Shares of Re. 1/- each to Rs. 130,00,00,000/- (Rupees One Hundred Thirty Crores Only) divided into 129,00,00,000 (One Hundred Twenty Nine Crores).&lt;BR&gt;&lt;BR&gt;Equity Shares of Re. 1/- each and 1,00,00,000 (One Crore) Preference Shares of Re. 1/- each, by creation of additional 30,00,00,000 (Thirty Crores) Equity Shares of Re. 1/- each.&lt;BR&gt;&lt;BR&gt;3. Convening of the Extra-ordinary General Meeting of the Company on February 04, 2016.&lt;BR&gt;&lt;BR&gt;4. Acquisition of 51% equity stake in equity share capital of Sai Star Digital Media Private Limited.&lt;BR&gt;&lt;BR&gt;5. Acquisition of 76% equity stake in equity share capital of SCOD 18 Networking Private Limited.&lt;BR&gt;&lt;BR&gt;6. Acquisition of 100% equity stake in equity share capital of Variety Entertainment Private Limited.&lt;BR&gt;&lt;BR&gt;7. Acquisition of 51% equity stake in equity share capital of Bargachh Digital Communication Network Private Limited.&lt;BR&gt;&lt;BR&gt;8. Acquisition of 51% equity stake in equity share capital of Krishna Teja Digital Entertainment Private Limited.&lt;BR&gt;&lt;BR&gt;9. Acquisition of 49% equity stake in equity share capital of Siti Faction Digital Private Limited.&lt;BR&gt;&lt;BR&gt;10. Acquisition of 49% equity stake in equity share capital of Siti Jony Digital Cable Network Private Limited.
View all announcements for SITI CABLE NETWORK LTD. Source: BSE India

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