The board of the company in a meeting held on Monday “approved the fundraising of up to Rs 1,000 crores through rights issue of equity shares”, the Essel Group firm said in a regulatory filing.
This would be “subject to receipt of such corporate, regulatory and other approvals/consents, as may be required under applicable rules, regulations and laws,” it added.
Funds would be raised through issuance of fully paid-up equity shares at Rs 10 apiece, including premium of Rs 9 per fully paid-up equity share, to eligible shareholders of the company as on the record date.
“The Board authorised the ‘Fund Raising Committee’ to proceed with Rights Issue forthwith, and inter-alia decide the other terms and conditions of the Rights Issue including setting the record date… and other related matters,” it said.
The DTH service provider’s board had on February 7 this year considered various options for fundraising.
Later on February 17, the board constituted a Fund Raising Committee for “recommending, taking actions and monitoring in the matters of raising funds and related matters thereof”.
