Malar Publications plans IPO to fuel its expansion, diversification

By Staff
|
Google Oneindia News

Mumbai, Mar 7 (UNI) Media house major Malar Publications Limited is planning an IPO this year to finance its expansion and diversification plans pegged at around Rs 72 crore.

Of this, Rs 62 crore has been earmarked for its FM diversification while Rs 10 crore for upgrading its printing facilities.

The company which expects to end FY 06 with a total revenue of Rs 27 crore, has just diversified into FM broadcasting by bagging rights for seven centres in Tamil Nadu after paying the one-time entry fee (OTEF) of Rs 24 crore.

These seven centres are Chennai, Coimbatore, Tirunelvelli, Tuticorin, Madurai, Tiruchi and Pondicherry.

Talking to reporters here today, Publications Managing Director Balasubramaniam Adityan revealed that his company was in negotiations with strategic partners to take on board but ''we will take them on our terms. We are financially strong enough to go ahead with our plans even without any strategic investor.'' Mr Adityan revealed that Malar which has now diversified from print, which has been its stronghold, into FM will be launching its first FM foray in Chennai in June of this year. The remaining will be launched by end-2006.

Malar's financial bid was the lowest in four cities, 20 per cent lower than the average bid and 50 per cent lower than the highest bid, in all the seven centres put together.

Besides a daily morning and evening newspaper, Malar publishes a weekly, a fortnightly and a monthly magazine. It also owns a broadcast cable TV channel called AMN TV.

On plans for his printing operations, Mr Adityan said that plans have been formulated to upgrade printing facilities at an outlay of Rs 10 crore which will enable Malar to come out with additional colour pages.

UNI JJ KD AW1611

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X