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Tag: Siti Cable Network

  • Siti Cable Network looks to raise Rs 600 crore

    Siti Cable Network looks to raise Rs 600 crore

    MUMBAI: Essel Group’s subsidiary Siti Cable Network has decided to raise funds worth Rs 600 crore through the issuance of securities. This will be used for operations of the company.

     

    In a statement to the BSE, Siti Cable has said that it has received in-principle approval from its board of directors to raise funds through “issuance of securities such as Equity or Equity related instruments up to rupee equivalent of US$ 100 millions – through private placement / Qualified Institutions Placement (“QIP”) / External Commercial Borrowings (ECBs) with rights of conversion into Equity Shares / Foreign Currency Convertible Bonds (FCCBs) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) or any other securities convertible into or exchangeable for Equity Shares or securities linked to Equity Shares.”

     

    This is subject to approval from shareholders and other such approvals. The board has also approved the draft of the postal ballot notice for seeking approval from members of the company including issuance of securities.

     

    The promoters had pumped in Rs 324 crore in three tranches between March 2013 to April 2014. This had increased the promoter shareholding to 72.82 per cent. These funds were being used for business expansion and debt reduction.

     

    The company’s CEO VD Wadhwa had in an interview to indiantelevision.com in January 2014 said, “Phases III and IV of digitisation has a total universe of about 90 million. Of these, we are targeting 6 to 7 million homes. At a gross level, we will require an investment of Rs 1200 crore. On a net basis, we are expecting an investment to the tune of Rs 600 crore. The funding of phase III will be largely done through warrants’ funding of Rs 243 crore, which is likely to be invested by promoters before March 2014. Balance funding requirement will be met through internal accruals and raising of further equity, as may be required.”

  • TRAI orders MSOs to deliver RIOs; tariff packages

    TRAI orders MSOs to deliver RIOs; tariff packages

    MUMBAI: The fear of Friday the thirteenth seems to be coming true for registered multi system operators (MSOs) as the Telecom Regulatory Authority of India (TRAI) has come out with two different directions for them today. And it has warned them that it is time for the stakeholders to buck up and act fast.

    The first direction issued today gives 118 registered MSOs just 10 days to submit their interconnection agreements entered with the broadcasters for re-transmission of channels on their cable networks in the Digital Addressable System (DAS) notified areas. Another direction, gives them seven days to submit the details of tariff packages along with the terms and conditions for supply and installation of the set top box (STB) to their subscribers.

    Of the 118 MSOs, a few well-known names that feature in the list are: Siti Cable Network, Seven Star Dot Com, Sagar E Technologies, Ortel Communication, Manthan Broadband, JAK Communications, IMCL, Hathway Cable & Datacom and Den Networks amongst others.

    “Every MSO, according to the Telecom Regulatory Authority of India Act, 1997 (24 of 1997) and regulation 5, 8 & 9 of the Telecommunication (Broadcasting and Cable Services) Interconnection (Digital Addressable Cable Television Systems) Regulation, 2012 (No. 9 of 2012), is required to have such interconnection agreement in DAS areas,” states the TRAI direction regarding interconnect agreement.

    According to regulation 5, it is mandatory for pay channel broadcasters to reduce the terms and conditions of the interconnection agreement into writing and deprive MSOs of their TV channel signals if no interconnect agreement is signed. Also, as per regulation 9, MSOs need to submit their interconnect agreement within the specified period to the authority.

    The TRAI direction had earlier said: “Every existing MSO shall submit to the authority by 31 July, 2012, all interconnect agreements entered into and amendments made therein prior to the date of notification of these regulations.”

    Regulation 8 gives power to the authority to intervene, inter alia, to protect the interest of the consumer and service provider. “The authority may, in order to protect the interest of the consumer or service provider or to promote and ensure orderly growth of the broadcasting and cable sector or for monitoring and ensuring compliance of these regulations, by order or direction, intervene, from time to time,” says the TRAI direction.

    With none of the MSOs so far caring to submit the tariff packages along with terms and conditions for supply and installations of STBs to their subscribers despite being ordered to do so under the Telecommunication (Broadcasting and Cable) Services (fifth) (Digital Addressable Cable TV Systems) Tariff Order, 2013 (No. 1 of 2013) issued on 27 May, the regulator has now cracked the whip on them to follow it and submit the packages within seven days from today. 

     
    It is to be noted that clause 5 of the tariff order states that every MSO has to report to the authority by 15 June 2013, the details of all the tariff packages and other terms and conditions for supply and installation of the STBs. According to this order, “Any change in the tariff package reported under sub-clause (1) and the introduction of a new tariff package for supply and installation of STB shall be reported to the authority at least seven days prior to such change or introduction, as the case may be.”

  • Siti Cable gets Rs 810 mn first tranche from promoters

    Siti Cable gets Rs 810 mn first tranche from promoters

    NEW DELHI: Siti Cable Network has received the first tranche of Rs 810 million as part of the Rs 3.24 billion it is raising from promoter firms to fund digitisation and cut its debt.

    The balance amount will be released in appropriate time as the multi-system operator (MSO) plans to expand and digitise its network.

    Siti Cable had recently received approval of the Foreign Investment Promotion Board (FIPB) to raise Rs 3.24 billion from promoter entities.

    According to the approval, the company will issue 162 million warrants convertible into equivalent number of equity shares at a price of Rs 20 per warrant.

    The total promoter shareholding after conversion of all the warrants will rise to 73.08 per cent from 63.43 per cent. The public holding will drop to 26.92 per cent from 36.57 per cent.

    Siti Cable will invest in upgrading its digital infrastructure further and enter into newer strategic markets. The company believes that it is well poised to benefit from the ongoing digitisation implementation and penetrate the market at a faster rate.The company has implemented the first phase of digitisation of television signals in its key markets of Kolkata, New Delhi and Mumbai. In its Phase-II cities, the company is aggressively seeding the set-top boxes (STBs) to meet the deadline.

    Subscriber billing and collection has been initiated in Delhi and Mumbai. The company said it has made significant progress on billing and collections in Delhi and “is making a good progress in Mumbai too”.

    In Kolkata the company claimed it has overcome the initial resistance and the billing has started since mid February for over one million subscribers.

  • Zee Telefilms board approves demerger proposals

    Zee Telefilms board approves demerger proposals

    MUMBAI:Zee Telefilms Ltd has informed the Bombay Stock Exchange (BSE) that the members at the two Court Convened General Meeting Meetings & one Extra Ordinary General Meeting of the Company held today, have approved the demerger proposals of the company. These include:

    1. Scheme of arrangement between Zee Teleflims Ltd, Zee News Ltd, Siti Cable Network Ltd, Wire and Wireless (India) Ltd and their respective shareholders made under the provisions of Sections 391 to 394 read with sections 78, 100 to 103 and other applicable provisions of the Companies Act, 1956 for the proposed de-merger of news business undertaking of the company in favor of Zee News Ltd and cable business undertakings of the company and Siti Cable Network Ltd, the wholly owned subsidiary of the company, in favor of Wire and Wireless (India) Ltd;

    2. Scheme of arrangement between Zee Telefilms Ltd, Siti Cable Network Ltd, New Era Entertainment Network Ltd, ASC Enterprises Ltd and their respective shareholders made under the provisions of Sections 391 to 394 read with Sections 78, 100 to 103 and other applicable provisions of the Companies Act, 1956, for the proposed de-merger of direct consumer services business undertaking of the company in favor of ASC Enterprises Ltd and Merger of Siti Cable Network Ltd and New Entertainment Network Ltd, wholly owned subsidiaries of the company, with ASC Enterprises Ltd; subject to necessary approvals of Hon’ble High Court of Judicature at Bombay and / or Delhi and such other authority as may be required.

    3. Utilization of balance in securities premium account of the company as on appointed date(s), pursuant to provisions of sections 78, 100 to 103 of the Companies Act, 1956, to the extent required, to adjust deficit arising out of transfer of net assets, cancellation of investment / loans / advances / Inter Corporate Deposit and appreciation or diminution in value of assets, fixed or current and investments of the company, if any.