Siti Cable Network Limited (BSE:532795) agreed to acquire 76% of Scod 18 Networking Private and 51% of Sai Star Digital Media Private Limited on January 5, 2016. The consideration will be paid in cash or combination of cash and kind. In a related transaction, Siti Cable Network Limited (BSE:532795) agreed to acquire remaining 49% stake in Siti Faction Digital Private Limited for INR 45 million, 100% equity stake in Variety Entertainment Private Limited for INR 15 million, 51% equity stake in Krishna Teja Digital Entertainment Private Limited for INR 0.26 million, 51% stake in Bargachh Digital Communication Network Private Limited for INR 0.05 million and 49% equity stake in Siti Jony Digital Cable Network Private Limited for INR 5 million.

The transaction was approved by the Board of Directors of Siti Cable Network Limited on January 5, 2016. The transaction is expected to close on or before March, 2016. Siti Cable Network Limited (BSE:532795) acquired 51% of Sai Star Digital Media Private Limited in the quarter ended on March 31, 2016.