Bhaskar Group, the publisher of Hindi daily Dainik Bhaskar and Gujarati daily Divya Bhaskar, has taken the first concrete steps in their plans to tap the market with an IPO. The Group has come out with a prospectus for the IPO, which indicates an issue size of 18,800,000 equity shares all cash for Rs 10 each. The issue will constitute 10.02 per cent of the fully-diluted post issue paid-up capital of the company.
Book running lead managers for the IPO are Enam Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Kotak Mahindra Capital Company Ltd. Karvy Computershare is the Registrar for the issue.
The IPO Committee, which is responsible for handling matters related to the proposed IPO, includes Sudhir Agarwal as Chairman Executive Director, Girish Agarwal and Niten Malhan as Non-Executive Directors, Ashwani Singhal as Independent Director, Pradyumna Kumar Mishra as CFO, and Ashok Sodhani GM-Finance.
Also mentioned in the prospectus are the names of Ajay Piramal, Chairman, Piramal Enterprises; Piyush Pandey, Executive Chairman, O&M; and Harish Bijoor, CEO, Harish Bijoor Consults, as Independent Directors on Board.
Bhaskar Group’s flagship Hindi newspaper, Dainik Bhaskar, and Gujarati daily Divya Bhaskar have a presence in nine states with 37 editions and have a total of 26.7 million readers. Dainik Bhaskar, with an average issue readership of 12.8 million, is the second most-read newspaper in India, the first being Dainik Jagran, which has a readership of 16.5 million, according to the Indian Readership Survey 2007 R-2.