Television

NDTV's Rs 1billion IPO to fund working cap, prepay loan

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MUMBAI: Dr Prannoy Roy's NDTV is gearing up for its first Rs 1 billion equity issue in the primary market. The news broadcaster has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi).

Funds deployment

Funds deployment towards:

(Rs in million)

Activity

Pre-payment of loans

Working Capital

General corporate purposes

Total

FY 2005

200

200

150

550

According to the draft prospectus, the net proceeds raised from the issue would be deployed towards "working capital requirements, repayment of loans and for general corporate purposes." Net proceeds from the sale of existing shares (5.9 million shares of face value of Rs 4 each) will be paid to the selling shareholders.

While the working capital requirement arises primarily from sundry debtors relating to credit given to advertisers, security deposits and advance income tax, the 200 million outstanding loan is part of the total outstanding term loan of Rs 300 million. The prospectus does not mention specifics about the general corporate purposes requirements.

Issue allocation

The issue is being made through the 100 per cent book building route where at least 60 per cent of the issue will be allocated on a discretionary basis to qualified institutional buyers (QIBs). At least 15 per cent of the issue will be available for allocation on a proportionate basis to non-institutional bidders and the remaining 25 per cent of the issue will be available for allocation on a proportionate basis to retail bidders.

The present shareholding pattern of the company is

Present Shareholding pattern of NDTV

Category

No of equity shares

%

Promoters

Indian Funds/MFs

FIIs 

Foreign Investors 

Others 

Public

Total

33,306,600

10,906,065

4,892,375

2,037,025

75

-

51,142,140

65.12%

21.32%

9.57%

3.99%

0.00%

-

100.0%

NDTV's net worth as of 31 March 2003 and nine months period ended 31 December 2003 was approximately Rs 1.199 billion and Rs 1.285 billion respectively.

For the nine months period ended 31 December 2003, the company posted a net loss of Rs 473.77 million. The book value per share of Rs 4 each, as of 31 March 2003 and nine months period ended 31 December 2003 was approximately Rs 28.52 and Rs 27.16, respectively.

Both of the above - the net worth and the book value per share as on 31 December 2003 will be lower once the Delhi High Court approves the proposed amalgamation of NDTV World Limited with NDTV, which will become effective from 1 April 2003.

As on 31 December 2003

Net worth    Rs 1.285 b

Book value per share    Rs 27.16

Net asset value per share    Rs 67.91

EPS    Rs 25.02

Returns on net worth    36.85 %

The net asset value per share as on 31 December 2003 stands at Rs 67.91 while the earnings per share (EPS) is at a negative of Rs 25.02. The returns on net worth are also at a negative 36.85 per cent.

The news broadcaster claims it had 249 advertisers on its two news channels - NDTV 24x7 and NDTV India during the nine months ended 31 December 2003.

The book running lead managers to the issue are JM Morgan Stanley Pvt Ltd, Kotak Mahindra Capital Company Ltd and ICICI Securities Ltd.

The NDTV shares would be listed on The Mumbai Stock Exchange, and the National Stock Exchange.

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