Telecom Lead India: Siti Cable Network will raise Rs 324 crore from promoter entities to address digitization initiatives.
With this, promoters’ holding in Siti Cable will go up to 73 percent from the present 63 percent.
Recently, FIPB has given the green signal for the fund raising program.
To capitalize on the ongoing digitization regime the promoter entities have released the first tranche of Rs 81 crore to the company, and the balance tranches will be available as per the business needs, said Siti Cable in a statement.
Siti Cable is looking at enhancing ARPU by investing heavily into digitization programs.
The company has implemented the first phase of digitization of television signals in its key markets of Kolkata, New Delhi and Mumbai.
In its Phase-II cities, the company is seeding the Set-Top-Boxes (STBs) to meet the deadline.
Subscriber wise billing and collection has been initiated in its Delhi and Mumbai markets. The company has made significant progress on billing and collections in Delhi and making a good progress in Mumbai too. The company claims that it is ahead of other operators in terms of subscriber wise billing and collection.
In Kolkata the company has started billing for over 1 million subscribers.
Siti Cable estimates that by beginning of the next quarter, subscriber wise billing and the collection will be in line, once the subscribers choose the channels / packages of their choice and pay accordingly.
Siti Cable Network, an Essel Group company, has 56 analogue and 14 digital head ends and a network of more than 12000 kms of optical fibre and coaxial cable. It provides its cable services in India’s 60 key cities and the adjoining areas, reaching out to over 10 million viewers.
