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Radio City’s Rs 400-cr IPO to open on 6 March

MUMBAI: Music Broadcast Ltd (MBL), a Jagran group company which runs its radio business under the brand name of Radio City, will set the tone for the first IPO in the media and entertainment sector in 2017.

MBL’s initial public offering (IPO) will open on 6 March and close on 8 March. It will seek to raise over Rs 400 crore.

The IPO comprises fresh issue of equity shares up to Rs 400 crore and an offer for sale of up to 26.59 lakh equity scrips.

Proceeds from the sale would be primarily used for redemption of listed non-convertible debentures.

The red herring prospectus filed by MBL with Registrar of Companies, Mumbai, was approved on Thursday, Jagran Prakashan Ltd said in a regulatory filing. The IPO papers were filed with the market regulator SEBI in November last year.

MBL will list the shares on the BSE and the NSE.

For the first six months of this fiscal ended 30 September 2016, MBL posted a net profit of Rs 29.76 crore on a revenue of Rs 138.21 crore.

In December 2014, Jagran had acquired Radio City 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 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 stations.

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