DB Corp eyes further expansion through IPO; expects to raise around Rs 385 cr
Media house DB Corp, which publishes Dainik Bhaskar, on Wednesday, December 9, 2009, announced that it would enter the capital markets with its IPO of 1.81 crore equity shares on December 11, 2009 at a price band of Rs 185-Rs 212. It is also learnt that through this IPO, DB Corp aims to raise around Rs 385 crore from the market.
The issue, which constitutes about 10 per cent of the fully diluted post-issue capital of the company, will close on December 15, 2009. It is also learnt that about 7 per cent of the issue will be fresh offering, while the remaining 3 per cent constitutes an offer for sale by Cliffrose Investment Ltd, an affiliate of private equity firm Warburg Pincus.
The company intends to use the proceeds of the issue for expanding and strengthening its existing markets, launching publications in new markets and upgrading its existing machinery in some centres, apart from repayment of its term loans. One of the reasons for launching the IPO is to further grow and expand its business. DB Corp reportedly aims to raise around Rs 385 crore through this IPO.
It has also been learnt that the company intends to pay Rs 130 crore as debt out of the total of what the company is earning.
Girish Agarwaal, Non-Executive Director, DB Corp, said, “Our focus will be a lot on consolidating our position in existing markets by launching new products, and through the IPO, we aim to further grow and expand our business. After the IPO launch, we are expecting to raise around Rs 385 crore. The year 2009 has been a good year for Dainik Bhaskar, during which it has seen a growth of 10 per cent.”
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