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Decks cleared for Indian Express to launch IPO towards end of 2005

24-August-2005
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Decks cleared for Indian Express to launch IPO towards end of 2005

Following an agreement between the Vivek Goenka-promoted The Indian Express Newspapers (Mumbai) Ltd and Manoj Kumar Sonthalia’s Express Publication Madurai Ltd (New Indian Express), arrived at on August 12, 2005, The Indian Express has decided to launch its IPO by November or early December this year.

Shekhar Gupta, CEO and Editor-in-Chief, The Indian Express, confirming the development to exchange4media, said, “The Indian Express is on a growth path, and to accelerate further growth, we are looking to tap the capital market.”

It may be recalled that following the passing away of Ramnath Goenka, the settlement arrangement between Vivek Goenka and Sonthalia (New Indian Express) had envisaged that in case of any future sell-off of the business or the brand, the first right of refusal would be with both. Sonthalia has rights to publish the New Indian Express in Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and Orissa.

Vaidehi Thakkar, Director, Legal and Property, Express Group, informed that with this amendment to the original document, the hurdle to an IPO had been crossed. She said, “Both the companies had pre-emptive rights, and now certain amendments have been made which facilitates both the companies to opt for an IPO.”

However, on the size of IPO and price band of the shares, she said, “It is too early to comment.”

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