Raj TV IPO opens tomorrow

Raj TV IPO opens tomorrow

Author | exchange4media Chennai Bureau | Tuesday, Feb 13,2007 8:40 AM

Raj TV IPO opens tomorrow

Raj Television Network is all set to enter the capital markets with an initial public offering of 35,68,250 equity shares at a face value of Rs 10 on a price band of Rs 221-257 per share. The issue opens on February 14 and will close on February 23. The stocks will be listed on both the Bombay Stock Exchange and the National Stock Exchange after the IPO process.

Of the total 35,68,250 shares, 3,24,384 equity shares are reserved for the employees, with the rest being offered to retail and institutional investors. The issue is being made through a 100 percent book-building route. Upon completion of the issue process, the promoters/ promoter group’s holding in the company will come down to 72.5 percent.

The promoters propose to utilize the capital to strengthen production facilities, enhance content and content acquisition, launch a new youth-centric channel, take the existing channels to the international market, produce short-films/telefilms, acquire and export films and construct a new studio.

The channel had an income of Rs 3,195.98 lakh last fiscal, up from Rs 2,964.42 lakh the previous fiscal. Total income was Rs 2,950.18 lakh for the period ended December 31, 2006 and had a net profit of Rs 381.56 lakh in the past fiscal as compared to Rs 297.75 lakh for fiscal 2005.

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