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Wednesday, May 31, 2006

Broadcast Initiatives files DRHP with Sebi

Broadcast Initiatives, the media company that recently launched the news and views channel "JANMAT", promoted by the Adhikari Brothers, has filed draft red herring prospectus, DRHP, with the Securities & Exchanges Board of India, Sebi, to the enter the capital market with an initial public offering, IPO.

The company proposes to issue 85,50,000 equity shares of Rs 10 each for cash at a premium to be decided through the book building process. The equity shares will be listed on the BSE and NSE. The issue would constitute 44.27% of the fully diluted post issue equity capital of the company.

Proceeds from the issue will be used to part finance construction of a studio and purchase of equipments necessary for successful operation of its recently launched news and views television channel "JANMAT" besides other corporate purposes and retiring debts.

The sole book running lead manager to the issue is Allianz Securities.

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