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ABCL becomes almost debt free; to go for IPO to raise funds
New Delhi, May 12: Having cleared 90 per cent of its debts of about Rs 70 crore, Amitabh Bachchan Corporation Ltd is planning to enter the capital market to raise funds for a couple of projects in hand and to take up new assignments.
New Delhi, May 12: Having cleared 90 per cent of its debts of about Rs 70 crore, Amitabh Bachchan Corporation Ltd is planning to enter the capital market to raise funds for a couple of projects in hand and to take up new assignments.
"ABCL is almost debt free. We have paid about 90 per cent
of the debts and we are in position to raise fresh capital by
way of initial public offer (IPO)," movie icon and promoter of
ABCL, Amitabh Bachchan, told.
ABCL, which had become sick within a short span after it came into existence, is looking forward to come out of the ambit of Board for Industrial and Financial Reconstruction (BIFR).
The company would tap the capital market as and when it comes out of the purview of BIFR, he said, adding "we hope to come out of the BIFR very soon.
"I have gone through terrible times due to the sickness of ABCL. Many of my well-wishers suggested closing the company. But (I) did not want to walk away with the debts the company had incurred," Bachchan said.
At present, ABCL has two projects and it would like to undertake more such initiatives.
"Currently, the ABCL is working on a Abishek Bachchan- starrer film directed by Rakesh Mehra and the other one will be directed by film maker Raj Kumar Santoshi," Bachchan said.
He said the company went through a rough patch soon after its inception due to several reasons but things have improved manifold and buoyed by the improvements, ABCL would soon try to undertake lot of projects.
ABCL, which had become sick within a short span after it came into existence, is looking forward to come out of the ambit of Board for Industrial and Financial Reconstruction (BIFR).
The company would tap the capital market as and when it comes out of the purview of BIFR, he said, adding "we hope to come out of the BIFR very soon.
"I have gone through terrible times due to the sickness of ABCL. Many of my well-wishers suggested closing the company. But (I) did not want to walk away with the debts the company had incurred," Bachchan said.
At present, ABCL has two projects and it would like to undertake more such initiatives.
"Currently, the ABCL is working on a Abishek Bachchan- starrer film directed by Rakesh Mehra and the other one will be directed by film maker Raj Kumar Santoshi," Bachchan said.
He said the company went through a rough patch soon after its inception due to several reasons but things have improved manifold and buoyed by the improvements, ABCL would soon try to undertake lot of projects.
Bureau Report