Sri Adhikari Bros to increase borrowing limit to Rs 100 cr

New Delhi, Aug 31 (UNI) Sri Adhikari Brothers Television Network Ltd today said its board has approved to increase the limit of its borrowings to Rs 100 crore besides raising of funds by issue of securities in the domestic and international markets.

''The Board of Directors at its meeting approved the proposal to raise funds by issue / offer of securities including equity shares, Global Depository Reciepts (GDRs), Foreign Convertible Currency Bonds (FCCBs), warrants, bonds or any other financial instruments.

It also decided to increase the borrowing limits under Section 293 (1) (d) of the Companies Act, 1956 to the extent of Rs 100 crore,'' a company statement said.

The proposal to increase the authorised share capital of the company from Rs 15 crore to Rs 20 crore has also been sanctioned by the board.

The members of the company will meet during the Annual General Meeting of the company on September 28, 2006 to consider the above matters.

A dividend of 6 per cent (Rs.0.12 per share) has been recommended by the board to the equity shareholders for the financial year ended March 31, 2006. Date from which the dividend is payable is September 28, 2006 UNI CS LS RN1321