Sri Adhikari Brothers Television Network, which operates in the field of television programming and program content in India, has decided to raise over Rs 25.50 crore by issuing warrants to various entities on preferential basis to finance expansion plans and for repaying a part of its debt.

The company stated in a communiqué that the board of directors have agreed to issue 1.01 crore convertible warrants to promoters and other private bodies corporate entities at Rs 25.25 a piece, aggregating to Rs 25.50 crore.

Beside this, the board has also accepted the company's expansion plans. However the proposals are subjected to shareholders approval.

The company plans to utilize raise funds to finance expansion plans and for repaying a part of its debt.

The shares of Sri Adhikari Brothers Television Network closed today at Rs 27.50, down 3.34% compared to its previous close.