MUMBAI: Baba Arts is planning to borrow up to Rs 2 billion (Rs 200 crores) for its expansion. The company has received permission to issue Foreign Currency Convertible Bonds (FCCBs) up to $ 20 million. Accordingly, the limit of foreign investment in the company has been enhanced to 74 per cent of the paid up value of the securities.
Baba Arts Limited has also entered into an exclusive agreement with Times Music for the music release of their Hindi movie Life Mein Kabhiee Kabhiee. The company is also negotiating with Times Music for a long-term arrangement for release of music of their forthcoming films.
Life Mein Kabhiee Kabhiee is slated for a March release and is directed by Vikram Bhatt, with music by Lalit Pandit. The film stars Dino Morea and Aftab Shivdasani amongst others.
At the recent extra ordinary general meeting (EGM) of the company, the board of directors has been authorized to issue and allot up to 12 lakhs Optionally Fully Convertible Warrants to the promoters, and up to 38 lakhs Optionally Fully Convertible Warrants to the nonÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“promoters.