MUMBAI: Sri Adhikari Brothers Television Network Ltd. (SABTNL) is planning to raise up to $15 million. The board has been authorised to offer, issue and allot, in a single or more tranches, through a domestic public issue or a private placement, equity shares of nominal value of Rs 2 each or equity shares underlying securities in the form of GDRs (global depository receipts), ADRs (American depository receipts), or FCCBs (foreign currency convertible bonds).

"We have plans to set up a studio in Mumbai. We will be finalising that within a month," says SABTNL vice-chairman and managing director Markand Adhikari.

The board has given authority to borrow the aggregate paid up capital and reserve of the company from time to time, not exceeding Rs 1 billion.

SABTN Ltd has also approved the increase of its authorised capital from Rs 150 million to Rs 200 million through the creation of 25 million equity shares of Rs 2 each.
The board has approved the declaration of dividend at the rate of six per cent (Re 0.12 per share) on equity shares of Rs 2 each.