Adlabs to float QIP issue, sell stake to media house BCCL
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Adlabs to float QIP issue, sell stake to media house BCCL

Adlabs to float QIP issue, sell stake to media house BCCL
Credit: Social Media

Theme parks operator Adlabs Entertainment Ltd on Thursday received board approval to raise Rs 200 crore ($31 million) through qualified institutional placement and to issue preferential shares to media firm Bennett, Coleman and Co Ltd (BCCL).

The company said in a stock-exchange filing that it will issue convertible warrants worth up to Rs 12 crore to BCCL and allot about 12.6 lakh preferential shares that are currently valued around Rs 11 crore.

The board has also approved the issuance of securities to qualified institutional buyers to raise up to Rs 200 crore.

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Adlabs is promoted by Manmohan Shetty. It is backed by ICICI Venture Funds Management Company Ltd and Jacob Ballas India Fund.

The company's revenue declined to Rs 60.46 crore in the October-December quarter of 2016 from Rs 73.19 crore a year earlier.

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