MUMBAI: Mumbai-based Crest Communication Ltd has decided to go the GDR way to raise funds for the company.
The Crest Communications board of directors is looking at an issue of Global Depository Receipts (GDRs) to the tune of $10 million.
The company has informed the stock exchange that it will be seeking its shareholders' approval for the GDR issue in the forthcoming AGM on 8 September 2003. The board has also formed a committee to take appropriate action in this regard.
At its meeting held on 31 July 2003, the board also decided to de-list equity shares of the company from Ahmedabad and Mangalore Stock Exchanges subject to approval of shareholders at the ensuing AGM of the company. The board has already informed the exchange about the de-listing.
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.