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MUMBAI
ish TV India has called
on its shareholders to participate
in a postal ballot to decide a few
key decisions which will help it rev
up its business going forward.The
ballot that will
take place between 8 August and 6 September
firstly seeks permission from its shareholders
to authorise the board of directors (BOD) to
borrow up to Rs 3000 crore over and above
the company's paid up share capital and free
reserves.
Secondly, it seeks to authorise the BOD to
create a charge/mortgage on its assets that will
aid the borrowings. However, it says it will
take care to keep the loan amounts well within
the maximum borrowing limits, including all
taxes. In an earlier meeting, the BOD had
approved of the plan and it is now seeking
Dish TV shareholders' nod for the same.
Additionally, it has sought their go-ahead to
allow it to invite companies and individuals to
subscribe to its non-convertible debentures
(NCDs) through the private placement route. If
the resolution is passed - which is quite likely
- it will allow Dish TV India to make offers
within one year seeking subscription for
secured and/or unsecured, redeemable NCDs
in one or more series/tranches/currencies to
persons such as FIIs, mutual funds, banks,
body corporate, persons etc. These can be
either Indian or foreign and the condition is
that no single tranche will be more than Rs 500
crore and will be well within the boundary of
the borrowing limit.
Dish TV has informed shareholders that the
BOD could take recourse to various
instruments such as equity, project loans,
corporate loans, bank and financial
institutional loans or debentures to raise funds
going forward. A right mix of all of these
would help it get funding at an optimum cost.
Subject to member approval, the board says it
is evaluating the process of raising money
through non convertible debentures on private
placement basis.
The last resolution - if pased - will authorise
the BOD to make investments/give any loan or
guarantee /provide security to any of Dish TV
India's subsidiary/associate companies to the
tune of Rs 500 crore. This could be done from
time to time and in tranches. The investments,
guarantees and securities are aimed to bring
about optimum utilisation of the company's
funds and achieve long term strategic and
business objectives, the Dish TV postal ballot
notice to the Bombay stock exchange says.
The aggregate of the investments that it will
make along with the securities that it may
provide to a loan taken by a subsidiary/
associate company, guarantees and the
proposed investments can be more than 60 per
cent of the paid up share capital and free
reserves and securities premium account or
100 per cent of its free reserves and securities
premium account, whichever may be higher.
“Your company has embarked upon a growth
path and is constantly reviewing opportunities
for expansion of its business operations,” says
a note to Dish TV shareholders. http://www.indiantelevision.com/dth/dth-operator/dish-tv-seeks-shareholder-nod-to-borrow-up-to-rs-3000-crore-140808
ish TV India has calledon its shareholders to participate
in a postal ballot to decide a few
key decisions which will help it rev
up its business going forward.The
ballot that will
take place between 8 August and 6 September
firstly seeks permission from its shareholders
to authorise the board of directors (BOD) to
borrow up to Rs 3000 crore over and above
the company's paid up share capital and free
reserves.
Secondly, it seeks to authorise the BOD to
create a charge/mortgage on its assets that will
aid the borrowings. However, it says it will
take care to keep the loan amounts well within
the maximum borrowing limits, including all
taxes. In an earlier meeting, the BOD had
approved of the plan and it is now seeking
Dish TV shareholders' nod for the same.
Additionally, it has sought their go-ahead to
allow it to invite companies and individuals to
subscribe to its non-convertible debentures
(NCDs) through the private placement route. If
the resolution is passed - which is quite likely
- it will allow Dish TV India to make offers
within one year seeking subscription for
secured and/or unsecured, redeemable NCDs
in one or more series/tranches/currencies to
persons such as FIIs, mutual funds, banks,
body corporate, persons etc. These can be
either Indian or foreign and the condition is
that no single tranche will be more than Rs 500
crore and will be well within the boundary of
the borrowing limit.
Dish TV has informed shareholders that the
BOD could take recourse to various
instruments such as equity, project loans,
corporate loans, bank and financial
institutional loans or debentures to raise funds
going forward. A right mix of all of these
would help it get funding at an optimum cost.
Subject to member approval, the board says it
is evaluating the process of raising money
through non convertible debentures on private
placement basis.
The last resolution - if pased - will authorise
the BOD to make investments/give any loan or
guarantee /provide security to any of Dish TV
India's subsidiary/associate companies to the
tune of Rs 500 crore. This could be done from
time to time and in tranches. The investments,
guarantees and securities are aimed to bring
about optimum utilisation of the company's
funds and achieve long term strategic and
business objectives, the Dish TV postal ballot
notice to the Bombay stock exchange says.
The aggregate of the investments that it will
make along with the securities that it may
provide to a loan taken by a subsidiary/
associate company, guarantees and the
proposed investments can be more than 60 per
cent of the paid up share capital and free
reserves and securities premium account or
100 per cent of its free reserves and securities
premium account, whichever may be higher.
“Your company has embarked upon a growth
path and is constantly reviewing opportunities
for expansion of its business operations,” says
a note to Dish TV shareholders. http://www.indiantelevision.com/dth/dth-operator/dish-tv-seeks-shareholder-nod-to-borrow-up-to-rs-3000-crore-140808
