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Looking to raise Rs 300-400 cr, see biz improving: Siti

The company is currently in the investment phase due to digitization, says Siti Cable's CEO VD Wadhwa, and requires around Rs 1,200 crore. The company is looking to raise Rs 300-400 crore through debt or equity.

January 23, 2014 / 17:04 IST
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The digital cable television services business is improving at the moment, says Siti Cable's CEO VD Wadhwa. The company is currently in the investment phase due to digitization, he says, and requires around Rs 1,200 crore. The company is looking to raise Rs 300-400 crore through debt or equity.

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The company says it has recovered half the value of Set-top boxes from customers. However, it continues to have high debt on its books. It has debt of over Rs 700 crore and net of activation charges roughly Rs 600 crore will be the total funds requirement. Despite this, Wadhwa says the company continues to see a lot of foreign investor interest. He said he will consider selling stake when valuations improve. He expects the company's financials to improve in FY16.

Meanwhile, Siti Cable, along with DEN Networks, InCable and Hathway Cable and Datacom, got a breather from the Delhi High Court on payment of entertainment tax. Earlier this week, the Delhi High Court passed an interim order restraining the state government's entertainment tax authorities from taking any coercive action against them for not paying entertainment tax.