Television

Janmat managing company files for IPO

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MUMBAI: Broadcast Initiatives Ltd, the Sri Adhikari Brothers promoted company through which Janmat news and views channel was launched, has decided to tap the capital market.

The company filed a Draft Red Herring Prospectus for an IPO. Sri Adhikari Brothers Television Network Ltd. is already listed on the stock exchange.

Broadcast Initiatives Ltd. proposes to issue 85,50,000 equity shares of Rs 10 each for cash at a premium to be decided through the book building process. The issue would constitute 44.27 per cent of the fully diluted post issue equity capital of the company. Post-issue, the promoter holding would be 55.73 per cent.

The scrip will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and Allianz Securities LTD would be the lead manager for the issue.

According to the draft prospectus, the money raised will be used to partly finance construction of a studio, and investment in infrastructure for Janmat channel, apart from other purposes.

For the purchase of land and construction of the studio, the company intends to use Rs 96 million from the proceeds of the IPO. An investment of Rs 415.4 million has been estimated towards purchase of production, post production and broadcast equipments. The company also intends to prepay part of the term loan together with prepayment charges by utilising Rs. 250 million from the issue proceeds.Apart from Janmat, Broadcast Initiatives plans to launch a 24-hour Marathi general entertainment channel - Mi Marathi - through a subsidiary, Sri Adhikari Brothers Media Limited.

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