Business Daily from THE HINDU group of publications
Thursday, Aug 13, 2009
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Business Daily from THE HINDU group of publications Thursday, Aug 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Rights Issue Adlabs to raise Rs 600 cr via rights issue
Our Bureau Mumbai, Aug 12 Adlabs Films, an Anil Ambani group company, on Wednesday decided to raise Rs 600 crore through a rights issue which will be primarily used for capacity expansion. The price, share entitlement ratio, timing and other details of the rights issue will be announced in due course. The company plans to utilise the funds to expand its exhibition screens to over 570 in the next one year from the existing 428 screens, establish a 1,200-member media BPO, set up 2,00,000 sq.ft. of art studios and buy equipment. “The proposed rights offering will facilitate the company to build on its strengths in the film and media space and provide an opportunity to the existing shareholders to participate in the growth,” said Mr Anil Arjun, Chief Executive Officer, Adlabs. For the first quarter, Adlabs posted a net loss of Rs 63.69 crore compared with a net profit of Rs 2.32 crore in the same period last year. On Wednesday, the Adlabs scrip declined by 0.35 per cent to Rs 314. More Stories on : Rights Issue | Cinema
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