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MUMBAI:
Agra based multi system operator Sea TV Network Limited has
filed a Draft Red Herring Prospectus (DRHP) with the Securities
& Exchange Board of India (Sebi) to enter the capital
market with an Initial Public Offering (IPO) of 10 million
equity shares of Rs 10 each for cash at a price to be decided
through a 100 per cent book-building process.
The
Issue comprises a promoters’ contribution of 3,351,000
equity shares of face value of Rs 10; 500,000 equity shares
of face value of Rs 10 reserved for the employees of the company;
and a net offer to the public of 6,149,000 equity shares of
Rs 10 each, of which 614,900 equity shares being 10 per cent
of the Net Offer to the public to be allotted to Qualified
Institutional Bidders. The Net Offer to the public would constitute
36.17 per cent of the fully diluted post issue paid up capital
of the Company. The project has a participation of Rs 89.5
million from Allahabad Bank. Sea TV is considering a pre-IPO
placement with certain investors, subject to a minimum of
25 per cent of the post-issue paid up equity share capital
being offered to the public. The Equity Shares are proposed
to be listed on the Bombay Stock Exchange and the National
Stock Exchange.
Incorporated
in May 2004, Sea TV Network's promoters have been in the MSO
business for about 15 years. Sea TV declared intension is
to emerge as a MSO with an all India presence. Sea TV also
has its own free-to-air local channels, programmes of which
are produced by its own production team. These include Sea
News (24-hour news channel of Agra city), Sea Jinvani (religious
channel for the Jain community), Sea TV (local cultural programmes
channel) and Sea Bhakti (24-hour religious channel). It already
has a network of about 150 franchisees throughout Agra city.
Sea
TV is raising the money towards setting up complete digital
headend and network for implementation of Conditional Access
System (Cas); setting up a network for complete IPTV solution;
setting up of its own cable distribution (underground optical
fibre) network capable of digital transmission throughout
Agra City and adjoining areas; setting up own 20 branch-offices
in the city including in the adjoining areas with required
infrastructure for receiving digital signals and re-transmitting
the same without much value addition through co-axial cables
to individual customers/subscribers.
The
lead manager to the Issue is Chartered Capital and Investment
Limited.
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