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Mumbai Feb. 23 Baba Arts will issue and allot up to 12 lakh optionally fully convertible warrants to its promoters, up to 38 optional fully convertible warrants to non-promoters, and float up to $20 million worth of foreign currency convertible debentures. The okay came at the recent EGM of the company.

In addition, the company has raised the limit of foreign direct investment to 74 per cent and taken permission to borrow up to Rs 200 crore.

Baba Arts expects to raise in the region of Rs 110 crore by warrants and debentures. The money will be used for film production, purchase of intellectual property rights and for improving the equipment in the Baba Arts studio, said Mr Gordhan Tanwani, Managing Director of Baba Arts. Mr Tanwani also said the increase in the FDI limit was made, and the authority to borrow Rs 200 crore was taken, not for any immediate need but to ensure the company had the leeway to raise money quickly in the future.

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Baba Arts allots warrants to promoters

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