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Mumbai, Oct. 10

The board of UTV Software Communication has approved a proposal to raise Rs 750 crore through various channels to fund its expansion plans. “The fund would be used by the company to meet growth plans in movie business, broadcasting, gaming verticals and also to retire debt,” it said in a statement to the BSE. The company would raise the funds via equity, debentures or foreign currency convertible bonds. It may also explore the GDR or ADR routes or QIB placement . The board also approved increasing authorised share capital from Rs 45 crore to Rs 70 crore. UTV’s stock ended at Rs 460.15, up one per cent from its previous close. —

Our Bureau

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