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MUMBAI:The
Committee of Board of Directors (CoD) of Shree Ashtavinayak
Cine Vision has decided to raise funds for expansion by issue
of foreign currency convertible bond (FCCB) to the extent
of $50 million.
Besides
the company has also decided to issue warrants on preferential basis to the extent
of $20 million. Shree
Ashtvinayak would make provision to raise fund through Qualified Institutional
Placement (QIP), the company said in a statement.
The
company is planning to invest around Rs 1.07 billion in six
films which are likely to release over a one-year period.
Shree Ashtavinayak has a deal with TV18 Group for producing
four films including Golmaal II. Out of the Rs 1 billion set
aside for this, TV18 will invest 60 per cent while the remaining
40 per cent will be done by Shree Ashtavinayak.
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