The Hindu Business Line : Radio Mirchi to tap capital market

ENTERTAINMENT Network (India) Ltd (ENIL), promoted by Bennet Coleman & Company Ltd, is entering the capital market to offer 120 lakh shares of Rs 10 each with a green shoe option of 12 lakh shares.

The issue is through a book building process. The price band is yet to be announced.

ENIL, which operates an FM radio channel under the brand name Radio Mirchi, has filed its draft Red Herring Prospectus with the Securities and Exchanges Board of India.

The company has reserved 2 lakh shares for allotment to its employees. As a result of this, the net issue to public will stand reduced to 118 lakh shares. Of this, 50 per cent, including the five per cent reservation for allotment to Indian mutual funds has been reserved for allotment to qualified institutional buyers, 15 per cent to non-institutional investors and the balance 35 per cent to retail investors on a proportionate basis.

The fresh issue of equity shares would constitute 25.88 per cent of the fully diluted post-issue paid-up equity capital and if the green shoe option is exercised, it would go up to 27.75 per cent.

The book running lead managers to the issue are JM Morgan Stanley Private Ltd and Enam Financial Consultants Private Ltd.

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