Sun plans to make preferential allotment to foreign investors prior IPO

MUMBAI: Sun TV Ltd is planning to issue preferential allotment of shares to foreign investors before its proposed initial public offering (IPO). The company has not indicated the size of the allotment, but it could even be up to a maximum 20 per cent of the expanded base.

After the IPO, the dilution of the shareholding will be up to 10 per cent.

"Pursuant to the IPO, there will be a change in the shareholding pattern of the company to the extent of 10 per cent of the post IPO equity capital of the company. To the extent that the equity shares of the company are purchased by foreign shareholders, the foreign shareholding of the company will increase to such extent," Sun said in its application to the Foreign Investment Promotion Board (FIPB).

Sun plans to issue equity shares to foreign investors either by way of a preferential allotment prior to the IPO and/or by an IPO offering of its equity shares of the face value of Rs 10, it has informed the FIPB.

In the event of a preferential allotment to foreign investors, Sun will intimate the FIPB of the "identitity of the foreign institutional investors, the number of equity shares proposed to be issued and other details."

A copy of Sun's FIPB application is with According to it, Sun TV has sought FIPB approval for foreign investments up to 20 per cent of the post IPO paid up equity in the company. It has also applied for approval of a preferential allotment and/or an IPO to the maximum extent of 20 per cent of post IPO holding by foreign investors in the company.

According to regulations, Sun will have to stick to the 20 per cent foreign shareholding cap for private FM radio broadcasters. The company is engaged in the broadcasting of TV and FM radio channels. It also operates a teleport and uplinking hub. Currently, the radio operations in Tirunelveli, Coimbatore and Chennai are run under the Suryan FM brand.

Sun plans to float an IPO in the first half of this year. At present, promoter Kalanithi Maran holds 58,435,000 shares while wife Maillika has 3,565,000 shares. Others hold 155 shares in the company.

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