Adlabs to raise Rs600 crore through equity issue

Anil Dhirubhai Ambani Group (ADAG) company Adlabs Ltd on Wednesday said its board has approved issue of equity shares to raise upto Rs600 crore. The funds would go towards expansion and growth opportunities including investments in projects in India and abroad, the company said.

The price share ratio is to be announced in due course according to the company's release.

The unsubscribed part of the issue would be subscribed to by the promoter group and post issue the net worth of the company will be enhanced to Rs1,000 crore, the company said.

For the year ended 31 March, Ad Labs posted consolidated net loss of Rs54.5 crore on revenues of Rs662 crore.

Adlabs plans to set up a 2,00,000 sq ft state-of-the-art studio and sound stages at Film City in Mumbai. It will also enhance the inventory of film and broadcast cameras, lights and post-production infrastructure according to the release.

A 1,200-member media BPO, specialising in content processing, image enhancement and restoration services will also set up by the company.