MUMBAI: GV Films Ltd has decided to allot equity shares on preferential basis up to Rs 1 billion to BNP Paribas and their sub-account holders acting through them as their depository.

Further each of the allottee is also entitled for subscription of up to three warrants of the face value of Rs 1 each per equity share (or on consolidation of equity share, each equity shares of Rs 10 each) allotted to them in such a way that the total allotment of warrants will not exceed the value of Rs 3 billion.

GV Films also informed the BSE that the Board has approved the acquisition of the Ahmedabad-based Safroni Entertainment Ltd for consideration other than cash by issue of equity shares of the Company for a sum not exceeding by Rs 150 million. The Board has formed a committee to do the due diligence including valuation to take the proposal forward. The Board has also accordingly amended the notice to the shareholders to be convened on 11 July.