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Adhikari Brothers gets nod for private placement
Sibabrata Das
Mumbai, January 7: Sri Adhikari Brothers Television Network has received the shareholders' nod for private placement of one million shares. With this, the promoters' holding will dip by eight per cent, from 60 per cent to 52 per cent. The price will be decided within a few days, the company's joint managing director Markand Adhikari said.At the EGM here on Monday, shareholders also passed a resolution for setting up a fully-owned subsidiary company in Mauritius to carry out its broadcasting activities. The company is planning to launch a Hindi entertainment channel by March. The channel will be called Sabe TV (Sri Adhikari Brothers Entertainment Television). The subsidiary company got incorporated three days back and will become operational after the launch of the channel. The company will make an initial investment of $ 21 billion, which should meet the production requirement for at least 24 months. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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