Siti Cable acquires 76% stake in Scod18; plans to raise Rs 680 crore

[Girish]

MUMBAI: Siti Cable Network has agreed to acquire 76 per cent stake in Mumbai-based multi-system operator Scod18 Networking.
Scod18 runs cable TV operations in Mumbai, Thane and Navi Mumbai.
Siti Cable has also approved acquisition of stakes in six other MSOs, including 100 per cent stake in Variety Entertainment.
The company has acquired 51 per cent stake each in Sai Star Digital Media, Bargachh Digital Communication Network and Krishna Teja Digital Entertainment. The national MSO has also picked up 49 per cent equity stake each in Siti Faction and Siti Jony Digital Cable Network.
Siti Cable also plans to raise up to Rs 680 crore (Rs 6.8 billion) through issuance of warrants and optionally fully convertible debentures (OFCDs) to promoter companies.
Siti Cable acquires 76% stake in Scod18; plans to raise Rs 680 crore | TelevisionPost.com