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BAG Films & Media Ltd--a Noida-based media house in which Indiabulls co-founder and chairman Sameer Gehlaut holds 25% stake--has received board approval for raising $30 million. The company will raise the funds through the issue of global depository receipts (GDRs) and foreign currency convertible bonds (FCCBs), besides other security options. 

The board further approved company plan to increase the authorised capital of the company from Rs 30 crore to Rs 40 crore, said the company in the stock exchange. 

The company operates in five segments: audio visual production, television broadcasting, FM radio, leasing and movies. It produces contents including news, chat shows, current affairs, entertainment, soaps, film based shows and infotainment.  

It also operates in television software, and runs a school of media studies called International School of Media and Entertainment Studies (Isomes). The groups online presence include news24online.com and e24bollywood.com. 

In January 2007, Mr Gehlaut picked up 25% stake for $5.7 million in BAG Films. In 2007, the company has raised $17 million from FID Funds (Mauritius) Ltd, a unit of Fidelity International for about 11% stake.

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