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Our Bureau

Chennai , March 31

GV Films Ltd proposes to issue shares on a rights basis to raise Rs 42 crore. Its board will meet on April 11 to consider this proposal. The proceeds from the proposed rights issue will be used to augment resources to implement its capital projects, the company has informed in a communication to the Bombay Stock Exchange.

The board, which met on Wednesday, also considered an agreement with Drushya Entertainment Broadcast Streams Ltd, Visakhapatnam, for Web-casting the Internet films rights of the company on a 60:40 revenue sharing basis. Drushya will pay a non-refundable amount of Rs 90 lakh to GV Films as access fees for its content of about 6,000 Internet film rights, the communication said.

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