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Radio City raises Rs 146.5 crore from anchor investors at upper IPO price band
MUMBAI: Music Broadcast Ltd (MBL), which operates radio stations under the Radio City brand name, has raised Rs146.5 crore from anchor investors ahead of its initial public offering (IPO).
Shares were allotted to anchor investors at the upper price band of Rs 333 per share.
MBL has fixed the price band of its IPO at Rs 324 per share at the lower end and Rs 333 at the upper end.
Investors who participated in the anchor allotment include HSBC Indian Equity, Nomura, Franklin Templeton, DSP Blackrock, Reliance Capital, ICICI Prudential, HDFC Standard Life Insurance and Birla Sun Life Insurance, among others.
MBL, the radio arm of Jagran Prakashan, sold more than 44.01 lakh shares to 15 anchor investors.
The issue will begin on March 6 and close on March 8.
MBL will be the second radio operator in India to go for an IPO. The company will be able to raise Rs 400 crore through the IPO at the upper price band. The IPO will fetch Rs 389 crore at the lower end of the price band.
The size of the issue is 14.67 million shares, out of which existing shareholders will sell about 2.66 million. The issue will reflect a dilution of 25.71% stake on post-offer equity capital.