JOIN USMusic Broadcast (MBL), the company promoted by Jagran Prakashan, which operates radio stations under the brand Radio City, will raise Rs 400 crore in its IPO through a fresh issue.
The IPO consists of an offer for sale (OFS) of up to 26.58 lakh shares. The issue, which has a price band of Rs 324-Rs 333 per share, will open on March 6 and close on March 8.
“The proceeds of the issue will be used to redeem listed entities to the tune of Rs 200 crore, early redemption of Jagran Prakashan’s (JPL) non-convertible debentures, repayment/pre-payment of JPL’s inter-corporate deposits worth Rs 82.74 crore and for general corporate purposes,” Music Broadcast Director Apurva Purohit said.
JPL, which holds a 89.4% stake in MBL, had consolidated operating revenues of Rs 2,106.51 crore and profits (after tax on a consolidated basis) of Rs 444.66 crore in FY16.