Galaxy Multimedia to tap capital market

Here's another player leaping into the television universe. Galaxy Multimedia Ltd, a multimedia and entertainment company, is coming out with an initial public offering (IPO) of Rs 25 million at par to part finance its 5,000 square feet high-tech studio that is currently being set up at Andheri in Mumbai. The studio, offering high-end fully digital post production facilities, is scheduled to commence operations from April. The total project cost to set up the studio is estimated at Rs 120.5 million.

The company, promoted by Vipin Rai Bhayana, has its main focus on multimedia which includes computer based tutorials (CBTs) for schools and colleges, production of TV software.

"We intend to provide a one-stop shop for all production, post-production and multimedia requirements ensuring convenience and constant value-addition to customers. The studio we are setting up is totally integrated - both video and audio," said Galaxy chairman and managing director Vipin Bhayana.

The company will finance the studio project through an initial equity infusion of Rs 100 million and Rs 25 million through rupee term loans. Out of the Rs 100 million equity, the promoters have already invested Rs 51 million and Rs 24 million has been raised from FIIs (DSP Merill Lynch and Alliance Capital) and associates. The company will raise the further Rs 25 million from the public. The five-year rupee term loan of Rs 25 million has been raised from Bank of India (BoI). The lead manager to the issue is UTI Securities.

Describing the share holding pattern of the company, Mr Bhayana said that the management (including promoter and board of directors) holds 51 per cent, associates hold 14 per cent, NRIs and OCBs hold six per cent, FIIs hold four per cent and the public will hold 25 per cent.

The company has pre-empted its present multimedia installed capacity for 18 months. It has entered into a tie-up with Schoolnet India, a company formed by IL&FS, for 18 months and will be providing it with 10 CBT titles for K-10 programmes.

Galaxy Multimedia is currently working on the development of education aids. The MoU with Schoolnet India was signed in October 1999.

Galaxy has also entered into a joint venture with another media company for producing the television serial Hotel Hindustani for Zee TV that has been sold to Zee TV through an associate company Buddha Films. The serial is scheduled to be on air from February-end. The company is currently working on four more teleserials slated to be shown on ther channels.

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