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Others Broadcast Initiatives IPO to hit bourses on February 9

Broadcast Initiatives IPO to hit bourses on February 9

Author | exchange4media Mumbai Bureau | Wednesday, Feb 07,2007 9:07 AM

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Broadcast Initiatives IPO to hit bourses on February 9

Broadcast Initiative Ltd, promoted by Sri Adhikari Brothers, has announced its foray into the capital market with an IPO of 8,550,000 equity shares of Rs 10 each. The price band of the issue, which opens on February 9, has been fixed between Rs 100 and Rs 120 per share. The issue closes on February 14.

It may be recalled that Sri Adhikari Brothers is in the process of launching a Marathi general entertainment channel, Mi Marathi.

According to an official communiqué, the company intended to raise equity for financing the growth plans through the issue. The company also plans to make investments on capital expenditure aimed at upgrading the current set up for its ‘views channel’, Janmat.

The net issue to the public will constitute 44.27 per cent of the fully diluted post issue paid-up capital of the company. A minimum of 50 per cent of the net issue to the public shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs); including up to 5 per cent of the QIB portion shall be available for compulsory allocation to mutual funds only; and the remainder of the QIB portion shall be available for allocation on a proportionate basis to all QIBs, including mutual funds, subject to valid bids being received at or above the issue price.

Not less than 15 per cent of the net issue to the public shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 35 per cent of the net issue to public shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

Allianz Securities Ltd is the book running lead manager, while Allianz Securities Ltd, Enam Securities Pvt Ltd along with Almondz Capital Markets Pvt Ltd are the syndicate members to the issue. The shares are proposed to be listed on BSE and NSE.

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