BAG Films plans to raise up to RS 60 Crore

Televisionpoint.com Team
The New Delhi based BAG Films LTD has informed that at the Annual General Meeting, the company has planned to raise up to RS 60 Crore to fund its feature films and to launch new shows across Television channels. BAG Films has also said that a significant amount raised from this equity would be utilised for foraying in the Animation and New Media services such as Mobile Interactivity among other activities.

The Production House has slated three movies to be launched next year. First of them being 'Bend in the River', which is to be directed by Saurabh Narang. The second and the third movie are yet to be titled, though BAG Films has cosignatory with Gurbir Grewal and with Tanuja Chandra, who will direct these films.

Approx. 25 per cent of the funds will be allocated for the production of the above mentioned films, an official communiqué with the company informs. Another 20 % would be utilised for production of three new TV serials and Two news based programmes. It is learnt that open-door management would apply for Animation and the Mobile content category which is a growth hormone, in the next financial structure.

Meanwhile, the company has also announced the Declaration of final dividend of 10% on the paid up equity share capital.

Please Note: Authority to the Board to borrow and raise such sum or sums of money from time to time as may be required for the purposes of the business of the Company, in excess of the aggregate of the paid-up capital of the Company and free reserves of the company, that is to say, reserves not set apart for any specific purpose, subject to the provision that such borrowing shall not exceed RS 60 crore over and above the aggregate of the paid-up capital of the Company and its free reserves and shall exclude all temporary loans obtained by the Company from its bankers in the ordinary course of its business, on such terms and conditions as the board may consider necessary and expedient in the best interest of the Company.