The Hindu Business Line : UTV price band fixed at Rs 115-130 for IPO

UTV Software Communications Ltd (UTV) has fixed the price band at Rs 115-130 for its public issue of 69.99 lakh shares of Rs 10 each through a 100 per cent book-building process to part-finance its expansion plans.

The size of the issue will be Rs 91 crore at the upper end of the price band and Rs 80.5 crore at the lower end of the band. The book-running lead manager to the issue is Enam Financial Consultants Pvt Ltd and co-book running lead manager is IL&FS Investsmart Ltd.

The issue is scheduled to open on February 21and close on February 25.

The issue comprises fresh equity of 45 lakh shares and offer for sale by CDPQ (a Canadian private equity investor) of 24.99 lakh shares.

The net issue to the public would constitute 34.11 per cent of the fully diluted post issue paid-up capital of the company.

The proceeds from the IPO will be used for enhancement of production facility and office infrastructure, investment in the `Kids Channel' (Hungama TV) project, funding of SFX and post-production expansion, investment in movie production and distribution initiatives and general corporate purposes.

The roadshows for the company will be kicked off from Mumbai on February 14 followed by Delhi and Ahmedabad.

UTV has recently partnered with Fox Searchlight on Mira Nair's "The Name Sake". It has also announced its latest Hindi feature production Rang De Basanti starring Aamir Khan directed by Rakesh Mehra.

The equity shares are likely to be listed on the Mumbai Stock Exchange and the National Stock Exchange

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