Indian IPO

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Monday, April 03, 2006

Sun TV IPO opens today for subscription

Sun TV, the largest television broadcaster in the country in terms of audience share with a leadership position in the South Indian states of Tamil Nadu and Kerala, entered the capital market today for subscription with an initial public offer, IPO, of 68,89,000 equity shares of Rs 10 each through 100% book building route.

The company has been enjoying leadership position in both these states for the past three consecutive years. The company has been commanding 71% audience share for its Tamil channels and 32% for its Malayalam channels for the nine months ended December 31 2005.

The issue will close on April 7, 2006 and the price band has been fixed between Rs 730 and Rs 875.

The company is to raise funds for capitalization of subsidiaries, launch of new TV channels, construction of corporate office and studio facilities, purchase of new equipment and upgradation of equipment and general corporate purposes.

The company is proposed to be listed on the BSE and the NSE.

DSP Merrill Lynch and Kotak Mahindra Capital Company are the book running lead manager and Karvy Computershare is the registrar to the issue.

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