UTV's fat growth plans
Ronnie Screwvala-promoted UTV Software Communications is planning to expand its wings. The comany is lanning to raise up to $150 million (Rs 7.5 billion) to fund its growth and retire debt.
UTV said Friday it is weighing various instruments including issue of equity shares, debentures, foreign currency, convertible bonds, depository receipts and private placement including allotment to qualified institutional buyers.
The proceeds of the offering would be used by the company to meet growth plans in movies, broadcasting, gaming verticals and to retire debt, UTV said in a filing to the BSE.
The board has also approved increasing the authorised share capital from Rs 450 million to Rs 700 million.
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