MUMBAI: Sri Adhikari Brothers Television Network (SABTNL) has declared a six-fold increase in net profit in financial results anounced for the quarter ended 30 June 2005. Its net was Rs 10.82 million.

SABTNL also stated that it had aggressive growth plans for its production business.

Post its board of directors meeting held on 26 July, the production house plans to raise funds up to $ 15 million through FCCB/GDR's and has also appointed former Star TV and Channel [V] hand Divya Sharman Mehta as creative director.

The approval to raise funds upto $ 15 million by issuing ADRs / GDRs / FCCBs or any other financial instrument has been given by BSE. That apart, BSE has also given its nod for the proposal to issue 12,10,500 warrants convertible into even number of equity shares at a price not less than Rs 90 per share, on preferential basis u/s 81(1A) of the Companies Act, 1956 to the core promoters of the company.

Mehta has been roped in to strengthen the creative and ideation portfolio at SABTNL.

SABTNL, in its realigned focus on the expansion of its content production, has signed an agreement with Sony Entertainment Television (SET) to supply content worth Rs 750 million and is in the process of signing several deals with mainstream and niche Hindi channels. The company has also decided to venture into telefilms, animation content and motion pictures.

Although, the company has announced that it is presently debt free with a cash surplus, the aggressive plans ahead will require intensive outlay of efforts and funds. SABTNL is in the process of sprucing up its production infrastructure which will be supported by large-scale investments, the company has said in a statement.

Recently, the company carried out its restructuring plan with the sale of the Sab TV channel and brand to the global entertainment major SET.