Sahara One media to raise $50 mn

Sahara One Media and Entertainment Ltd on Wednesday said it would raise $50 million through issue of securities in the international market.

Sahara One Media and Entertainment Ltd on Wednesday said it would raise $50 million through issue of securities in the international market.

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The shareholders approved the issue of Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipt (GDRs) or other securities through public issue, private placements or preferential allotment, the company informed the Bombay Stock Exchange.

The shareholders also authorised the board to allot 32.25 lakh equity shares of the company, with a face value of Rs 10 each at a price of Rs 372 per equity share, on a preferential allotment basis for cash, to Aircel Televentures Ltd (ATL), subject to the necessary approvals, it said.

The company's shares were trading at Rs 355, up 1.14 per cent at the BSE.