With aim to capitalize on the digitisation regime, cable television service provider Siti Cable Network said that, ‘We need to invest in upgrading the digital infrastructure further and enter into newer strategic markets.”
The company has implemented the first phase of digitisation of television signals in Mumbai, Kolkata and New Delhi. In the 38 Phase II cities, the company is aggressively seeding set-top boxes to meet the deadline.
The company, which received approval from the Foreign Investment Promotion Board (FIPB) to raise Rs 324 crore from promoter entities, has got its first tranche of Rs 81 crore from the promoters. Siti Cable received 25 per cent of the total preferential issue. As of December 2012, Essel International and Essel Media Ventures held 1.27 per cent and 3.63 percent stake in the company, respectively. The promoters are to get 6.2 crore warrants and 10 crore warrants, respectively.