Following up on BCCL and Maula Trading Co picking up stake in IOL Broadband, Equitybulls reports that the Board of Directors of IOL Broadband has decided to increase its authorized share capital from Rs.50 crore to Rs.70 crore, an increase of 20 crore shares at a face value of Rs.10 each. The FII allotment limit is also being increased to 49%. Preferential allotment of 7 lakh and 5 lakh shares is being made to Maula Trading Co and BCCL respectively.
According to IndianTelevision.com, Maula Trading Co is picking up the stake at Rs.95/share. An extraordinary general meeting is being convened on 11th Dec to decide on these changes.
Related:
- BCCL, Maula Trading Invest Rs 120 Million In IOL Broadband; Plans IPTV Launch In Bangalore With BSNL
- IOL Broadband Now Inks IPTV Deal With Star TV
- ANYTIME Enters India With Five Year VOD Deal With IOL Broadband; Interview With CEO Craig Zimbulis