Comments
Music Broadcast Ltd, (popularly known as Radio City) has launched an initial public offering at a price band of Rs 324-333 apiece.
The IPO is a combination of a fresh issue of shares for up to Rs 400 crore and an offer for sale of up to 26,58,518 shares (totalling Rs 88.52 crore at the upper end of the price).
The IPO will open for subscription to the public on March 6, 2017 and close on March 8, 2017.
Bids can be placed for a minimum of 45 shares and in multiples of 45 thereafter ( that is 45,90,105 and so on).
ICICI Securities is the book running lead manager to the issue and Karvy Computershare the registrar. The shares would be listed on the BSE and the NSE.
Promoted by Jagran Prakashan, the company operates 39 radio stations under the brand name ‘Radio City’. The company has a presence in 12 out of the top 15 cities in India.
Two of its stations - one in Gwalior and the other in Kolkata are under a sales alliance and are named Suno Lemon 91.9 FM and Friends 91.9 FM in Kolkata. Besides these, the company also operates 40 web radio stations in eight languages on its portal www.planetradiocity.com.
As on March 31,2016., its radio stations reached out to over 4.96 crore listeners in 23 cities.
For the six-month period ended September 2016, the company made a revenue of Rs 138.21 crore and a net profit of Rs 29.75 crore.
Top line and bottom line for FY16 were Rs 245.5 crore and Rs 42.5 crore, respectively.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.