Siti Cable Network board approves raising up to $100 million of funds

By Tali Rackner

Norfolk, Va., July 18 – Siti Cable Network Ltd. informed the Bombay Stock Exchange that its board of directors approved raising the Rupee equivalent of up to $100 million of funds for operations through the issuance of securities at meeting held on Thursday.

The securities will be issued through private placement of qualified institutions placement, external commercial borrowings with rights of conversion into equity shares, foreign-currency convertible bonds, American Depository Receipts, Global Depository Receipts or any other securities convertible into or exchangeable for equity shares or securities linked to equity shares.

The board also approved a postal ballot for member approval.

Siti Cable is a television and internet services company based in Noida, India.

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