UTV to raise $150 mn for expansion plans across verticals

MUMBAI: UTV Software Communications is looking to raise up to $150 million (Rs 7.5 billion) to fund its growth plans and retire debt.

The company is weighing various domestic and international fund raising options including issue of equity shares, debentures, foreign currency convertible bonds, depository receipts (GDRs/ADRs), and private placement including allotment to qualified institutional buyers.

The funds raised will be channelised towards its growth plans in movies, broadcasting and gaming verticals as well as to retire debt. The company’s board has also approved increasing authorised share capital from Rs 450 million (Rs 45 crore) to Rs 700 million (Rs 70 crore).