Music Broadcast raises Rs 146 cr via anchor allotment

Music Broadcast has raised Rs 146.56 crore through an allotment of 44.01 lakh shares to anchor investors at Rs 333 per share.

Some of the anchor investors include HSBC, Nomura, Franklin Templeton, DSP Blackrock, Reliance Capital, ICICI Prudential, HDFC Standard Life Insurance and Birla Sun Life Insurance, among others.

Music Broadcast (MBL), the company promoted by Jagran Prakashan, and which operates radio stations under the brand Radio City, is planning to raise Rs 400 crore in its initial public offering through a fresh issue.

The IPO also consists of an offer for sale of up to 26.58 lakh shares.
The issue, which has a price band of Rs 324 to Rs 333 per share, will open on March 6, and close on March 8. ICICI Securities is the sole book running lead manager to the issue.

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