Jagran Prakashan’s Radio Arm Gets SEBI Nod For Rs 400 Crore IPO
Shares of Radio City will go on sale bewteen March 6 - 8.
.png?auto=format%2Ccompress&w=200)
Jagran Prakashan Ltd., the publisher of Hindi daily Dainik Jagran, on Friday said its subsidiary Music Broadcast Ltd. (MBL) has received regulatory approval of the draft red herring prospectus (DRHP) for a proposed Rs 400 crore initial public offer (IPO).
In relation to the proposed initial public offering of equity shares of our subsidiary, MBL, Jagran Prakashan has been informed that the red herring prospectus (DRHP) filed by MBL with Registrar of Companies, Mumbai, has been approved on February 23, 2017.Jagran Prakashan (Stock Exchange filing)
The offer will be open for subscription to public on March 6 and close on March 8.
In November last year, the company had said the IPO will comprise a fresh issue aggregating up to Rs 400 crore and an offer for sale of up to 26,58,518 equity shares by certain existing shareholders of MBL.
Jagran Prakashan is not selling any of its shareholding in MBL under the offer for sale portion, it had said.
Music Broadcast, which operates the Radio City FM station, had filed its DRHP with Securities and Exchange Board of India (SEBI) in November last year.
It got an 'observation' from SEBI on February 9 and finally got SEBI approval on February 13.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.