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MUMBAI: Raj Television Network Limited has fixed the issue
price of its initial public offering (IPO) at Rs 257.
Earlier the regional broadcaster had set the IPO price band
between Rs 221-257 and has now settled on the upper limit.
The issue closed for subscription on 23 February for the
IPO of 35,68,250 equity shares of face value of Rs 10 each
for cash, at a premium to be decided through a 100 per cent
book-building process.
The broadcaster has stated that the issue was oversubscribed
3.04 times (as per the National Stock Exchange website).
The equity shares of the Company are proposed to be listed
on the Bombay Stock Exchange (BSE) and the National Stock
Exchange (NSE), states an official release.
As reported earlier, Raj TV plans to raise Rs 1 billion through
its IPO. The issue proceeds will be used for multiple business
initiatives including the launch of a niche youth channel,
producing telefilms, distribution of TV channels in overseas
markets, creating a studio facility, strengthening existing
content, and exporting films.
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