Chennai, April 25: The board of directors of Sun TV Network Ltd is seeking permission from the shareholders for a stock-split. The company wants to split each share of face value of Rs 10 into two shares of Rs 5 each.
A resolution to this effect is being placed before the shareholders, who will vote on it through a postal ballot.
Sun TV wants to raise its authorised capital from the present level of Rs 100 crore to Rs 225 crore.
The board, apart from seeking its shareholders approval raise its borrowing powers from Rs 500 crore to Rs 2,000 crore, wants their approval to raise the powers to mortgage/hypothecate assets from Rs 1,000 crore to Rs 2,000 crore.
