MUMBAI: Sahara One Media & Entertainment Ltd has plans to raise up to $50 million in one or more tranches. The board, which met on 5 April, has given the green signal to offer and allot in foreign markets equity shares or other instruments like foreign currency convertible bonds (FCCBs).

Sahara had bid around $176.25 million for the telecast rights to 25 one-day matches played by India at neutral venues for the next five years ($ 7.05 million per match). This means Sahara would have had to cough out $14.1 million for the two Indo-Pak Friendship Series matches to be held in Abu Dhabi later this month. But since Zee Telefilms bagged the rights, Sahara's fund requirement would be less than $50 million in the immediate run.

"It is just an enabling resolution for us to raise up to $50 million. If cricket rights would have come to us, our requirement to raise money would have been more immediate. We may raise the money in tranches. We haven't decided when and how much money we are going to raise. All this will depend on how the business rolls out for us," said an official in the company.

Sahara has informed the BSE that its board has approved the issue, offer and allot in course of International offering, in one or more trenches and in foreign markets equity shares / preference shares / convertible debentures / convertible notes / FCCBs / secured premium notes (SPNs) and / or any securities convertible into equity shares at the option of the company and / or holder of the securities and / or securities linked to equity shares through American Depositary Receipts (ADRs) and / or Global Depositary Receipts (GDRs) up to a maximum amount of $ 50 million."

The board has also approved the calling of Extra Ordinary General Meeting of the company on 8 May to get the consent of shareholders.