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India Today group firms to go public

16-December-2000
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India Today group firms to go public

The over Rs 300-crore India Today group is planning to take some of its group companies public, through a two-stage dilution of equity. In the first phase, the group will bring in financial or strategic investors, and go public in the second.

To begin with, in Thomson Press, the group’s printing company and one of the largest in the country, the promoters will sell 15-20 per cent equity, after which it will be taken public. The group has mandated the Lazard group to help in the dilution process.

Plans are afoot to spin off some of the divisions in the group’s holding company, Living Media India Ltd, into separate companies and then either rope in investors or go public. Moves are already on to spin off the Internet division into a separate company and rope in financial or strategic investors. The other divisions in the holding company include the magazine publishing division, the music division and an education division.

Purie, has already parted with 10 per cent equity stake in the television company, TV Today Network Ltd., to ICICI Venture, and is planning to sell another 15 per cent to private investors. Charting out the future plan in the TV business, he said: “Going public in the second round is an option we will consider, as that is a comfort which most private investors would like to have.

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