Jagran Prakashan has announced that Music Broadcast Ltd (MBL), which operates under the brand names Radio City and Radio Mantra, is planning to raise Rs 400 crore via an IPO. MBL operates 39 FM radio stations in India.
Making the announcement to the BSE, the company said, “We wish to inform you that our subsidiary, MBL has filed its draft red herring prospectus with Securities and Exchange Board of India today in order to undertake an initial public offering (the IPO). The IPO will comprise of a fresh issue aggregating upto Rs 4,000 million and an offer for sale upto 2,658,158 equity shares by existing shareholders of MBL. JPL is not selling any of its shareholding in MBL under the offer for sale portion.”
Jagran Prakashan had acquired Radio City back in December 2014.