MUMBAI: Mumbai-based Crest Communications Ltd is going the GDR way to raise funds for the company.

In the annual general meeting (AGM) held on 8 September 2003, the members of Crest Communications Ltd have approved a GDR issue not exceeding $ 10 million. The shareholders have also approved the delisting of the company from the Ahmedabad and Chennai stock exchanges. Additionally, the borrowing limit for the board of directors has been set at Rs 1000 million.

Earlier, at its meeting held on 31 July 2003, the board had already agreed to take the above issues to the members for approval.

Crest Communications is primarily into animation software. It specialises in multi-format digital production and post-production editing. Its mainline business includes commercial television serials and packaging, ad films, 3D/2D animation and special effects.

The company reportedly plans to ramp-up the number of computer graphic workstations from 120 to about 300 by the year-end, which is expected to cost the company about Rs 500-600 million.

Earlier this year, Crest Communications had bagged three 3D animation television series worth over $6 million from the US-based Mike Productions. Its competitors in India include Pentamedia, UTV Toons, Colour Chips and the Padmalaya-Zee Telefilms combine.