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Jagran’s radio arm Music Broadcast plans to raise Rs 400 cr via IPO
MUMBAI: Dainik Jagran publisher Jagran Prakashan said its subsidiary Music Broadcast Ltd (MBL), which operates 39 FM radio stations under Radio City and Radio Mantra brands across 13 states, is planning to raise Rs 400 crore (Rs 4 billion) via an initial public offer (IPO).
The IPO would comprise fresh issue aggregating up to Rs 400 crore and offer for sale by existing shareholders.
The decision to do IPO was approved by the board of MBL, which operates the popular Radio City and Radio mantra FM stations.
MBL said it had sent a letter of transmittal to its shareholders seeking their participation in the offer for sale portion of the IPO.
Jagran had acquired Radio City in December 2014 for Rs 434 crore (Rs 4.34 billion). The acquisition was completed in June 2015.
After the acquisition, the company demerged its FM radio business Shri Puran Multimedia Ltd (SPML), which operates Radio Mantra FM stations, into Radio City’s holding company Music Broadcast Ltd (MBL).
Consequently, MBL added eight Radio Mantra stations present in the cities of Jalandhar, Agra, Bareilly, Gorakhpur, Hisar, Karnal, Ranchi and Varanasi to its slate of 20 stations. MBL had also acquired 11 frequencies in the first batch of FM Phase III auctions. Together, MBL has a radio network of 39 stations.