Sanraa Media to accumulate $30 million worth of fresh funds

Sanraa Media is looking to accumulate fresh funds of up to $30 million through various routes.

The board of the company has approved issuing Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs) and other instruments not exceeding $30 million.

The funds raised will be utilized to meet the financing requirements of the new projects and for expansion of existing business.

Apart from this, the board has also approved raising of funds not exceeding Rs 200 crore via rights issue / public issue / preferential issue.

Both proposals are now due for a nod from the company’s shareholders.