Media and Entertainment firm UTV Software Communications Ltd has declared that the board of director of the company has sanctioned to raise Rs 100 crore by publishing the Non-Convertible Debentures (NCDs) to Life Insurance Corporation (LIC) of India.

As per the statement issued by UTV Software, the board has also approved the appointment of Robert Gilby and Sanjay Purohit as additional directors of the company.

The filling also added that Gilby is the nominee of The Walt Disney Company (Southeast Asia) Pte Ltd and Purohit would be an independent director.

The stock was trading at Rs 478.60, up by 2.84%. The stock hit day’s high of Rs 481.90 and low of Rs 465.10.