MUMBAI: K Sera Sera Productions has raised Rs 1.35 billion through a GDR (Global Depositary Receipts) issue, building cash to fund its expansion programme that includes bidding for an IPL (Indian Premier League) team franchise.
The company already has a cash reserve of Rs 1.25 billion. "A substantial chunk of the GDR money will be kept for the IPL. We may bid with strong partners. Part of the net proceeds of the issue will be for movies and also the online business," says K Sera Sera chief financial officer Dharmesh Rajkotia.
K Sera Sera will be investing Rs 250 million in the portal business, Rajkotia adds.
Indiantelevision.com was the first to report that K Sera Sera will raise over Rs 1 billion through a GDR.
K Sera Sera has approved and allotted 4.48 million GDR shares and and 134.2 million underlying equity shares (of Rs 10 each) representing the GDR, the company said.
In an earlier GDR in November 2007, K Sera Sera had raised Rs 1 billion.
Meanwhile, K Sera Sera has decided not to issue convertible warrants on preferential basis to Hindustan Times and Dainik Bhaskar. The company had earlier issued warrants to the Times of India Group.
