Raj Television to enter capital market with an IPO

Mumbai, Feb 7 (UNI) Raj Television Nework Limited, a regional broadcaster and media company, is entering the capital market with an initial public offering of 35,68,250 shares of face value of Rs 10 for cash, at a premium to be decided through 100 per cent book building.

Addressing mediapersons here today, M Raajhendhran, Chairman and Managing Director of the company, said that the price band of the issue has been fixed between Rs 221 and Rs 257 per equity share.

According to him, the objects of the IPO are to strengthen production facilities, enhance content and content acquisition, launch a new youth-centric television channel, broadcast existing channels in the international market.

The company intends to produce short films of 90 minutes to cater the need of the changing era, Mr Raajhendhran said.

Of the total size of IPO, the Employee Reservation Portion is 3,24,384 equity shares, the Net offer to the public is 32,43,866 shares. The issue is being made through 100 per cent book building process and not more than 50 per cent of the Net offer to the public shall be allocated on proportionate basis to Qualified Institutional Buyers, he said.

The issue opens on February 14, 2007, and will close for subscription on February 23. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

UNI