Entertainment Network India sets price band at Rs 144 to Rs 162 for IPO

MUMBAI: Entertainment Network India Ltd (ENIL), the company which operates FM radio broadcasting under the brand Radio Mirchi, has priced its initial public offering (IPO) at Rs 144 to Rs 162 per share.

ENIL will offer 12 million shares of Rs 10 each and has also earmarked 1.2 million shares to be issued as a green shoe option.

"It is an important milestone for us. This is the first time that we are taking any of our companies public," Bennett, Coleman & Co LTD (BCCL) managing director Vineet Jain said in a press conference today. BCCL is the flagship company of The Times Group which is engaged in publishing newspapers and magazines, among other activities.

The issue will open for subscription on 23 January and close on 27 January.

The company aims to raise Rs 1.94 billion at the top end of the price band. If the green shoe is exercised, it will raise Rs 2.14 billion at the upper limit.

The fresh issue of equity shares will constitute 25.88 per cent of the fully diluted post-issue paid up equity capital. If the green shoe option is exercised, it will go up to 27.75 per cent.

The promoters will own 73.2 per cent stake in the company immediately upon completion of the IPO or 71.3 per cent in case the green shoe option is exercised.

Besides broadcasting FM radio channels, ENIL through its 100 per cent subsidiary runs an event management (360?) and out-of-home media business (Times OOH Media).

ENIL plans to utilise Rs 1.45 billion from the IPO proceeds as one time entry fee (OTEF) and migration fee payments under the Phase II policy. An additional RS 100 million has been earmarked for the company's event management and OOH business.

"With respect to the seven new licenses that we have successfully bid up till 6 January, the company will pay an aggregate amount of Rs 702 million towards OTEF. Out of this, we have already paid Rs 351 million," says ENIL managing director and CEO AP Parigi.

In the second phase, Radio Mirchi has won bids for stations in Bangalore, Hyderabad, Jaipur, Lucknow, Nagpur, Kanpur, Surat, Varanasi and Jalandhar. It already operates in Mumbai, Delhi, Chennai, Kolkata, Ahmedabad, Indore and Pune. The company intends to participate in the bidding for some more cities remianing under the second phase of FM radio privatisation.

ENIL is exploring opportunities to expand ourseas and is particularly eyeing the UK market, Parigi said.

The book running lead managers to the issue are JM Morgan Stanley and Enam Financial Consultants.

Latest Reads
Cosmos-Maya’s next international co-production is a spin-off series of the much talked about 3D Animation feature film Leo da Vinci: Mission Mona Lisa

is another high quality 3D animation international co-production - a spin-off series based on the recently released film Leo da Vinci: Mission Mona Lisa.

Television TV Channels Kids
EPIC TV & Penguin Present The Third Book Of The Devlok With Devdutt Pattanaik Series

Where did the name Radha come from? When did Christianity first come to India? What is the connection between sanskar and dharma? After the enormous success of the first two books in the ‘Devlok with Devdutt Pattanaik’ series, India’s favourite mythologist, Devdutt Pattanaik, is back with a third...

Television TV Channels Factual & Documentary
Banijay Asia and Salman Khan TV collaborates to create content for digital and tv

World’s largest independent content creation group, Banijay Group recently entered Indian & South East Asian market under the guidance of Deepak Dhar with an aim to produce content across genres. Banijay Asia &SK TV, which was launched few years back, come together to create novel and...

Television TV Channels GECs
DSport reaches 110 mn households in a year

DSport, the sports TV channel by Discovery Communications, has achieved the milestone of reaching 110 million households in India. The channel was launched on 6 February 2017 and achieved the milestone within one year of operations in India and has expanded its distribution across all DTH and...

Television TV Channels Sports
Star Suvarna to telecast 'Kannadada Kotyadhipati 2018' the Kannada version of 'Who wants to be a Millionaire' as part of its revamp

May 21, 2018: The third season of Kannadada Kotyadhipati, the Kannada version of ‘Who wants to be a Millionaire’, which sets the stage for a revamps of Star Suvarna, the Kannada GEC channel of Star Network will premiere in June’18. Since January 2018, the channel has gained viewership share in...

Television TV Channels Regional
Republic Network partners with CAF India to nurture the Culture of Giving amongst Indians as part of its first year celebration.

Republic TV, India’s number 1 English news channel for non-stop 53 weeks is celebrating its milestone first year anniversary in a unique and special way. Republic TV has partnered with Charities Aid Foundation (CAF) India, a not for profit organisation to fuel and accelerate the spirit of giving...

Television TV Channels News Broadcasting
Star spending up to Rs 2 cr on production per IPL match

MUMBAI: After having bought rights for almost all important sporting properties in India, Star India had the massive task to ensure that it sets a new benchmark for cricket. In February, it won the audio-visual production rights for IPL 2018, making it the first time that a broadcaster is...

Television TV Channels Sports
Watch Rani Mukerji’s ‘Dadasaheb Phalke Excellence Award’ winning performance in ‘Hichki’ only on Sony MAX

After garnering success at the box office and a heart-warming response from the audience, the Rani Mukerji starrer ‘Hichki’ is all set for its Worldwide Television Premiere only on Sony Pictures Networks’ number 1 Hindi movie channel, Sony MAX on Saturday, 26th March at 9pm. Directed by Siddharth...

Television TV Channels Movie Channels
World Television Premiere of Raid on Star Gold

This May, Star Gold to bring the World Television Premiere of Raid. Touted as first Bollywood project to be based on an Income Tax raid, this Ajay Devgn starrer hit will be showcased on 27th May 2018, Sunday at 1 PM on Star Gold.

Television TV Channels Movie Channels

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories