Broadcast Worldwide (BWW), the promoter of Tara channel, has deferred its IPO plan and is instead going in for a third round of funding by offering part of its equity to some strategic investors. The company plans to raise Rs 80 crore from this. Effectively, the company could be diluting to the extent of 57 per cent to a wide spectrum of strategic investors.
Broadcast Worldwide has a project outlay of Rs 140 crore over three years. In the last two rounds of funding, the company has been able to raise only about Rs 60 crore — from FIs of the Rs 60 crore. BWW had earlier planned to go in for an IPO within 12 months of its launch. However, because of market conditions the prospects of an early IPO were not there.
So far, part of the initial investments have been made by Sterling Infotech. BWW claims to have received several proposals from some prominent media firms interested in strategic tie-up. BWW is looking at only those companies with a media background to invest in it.