MUMBAI--Indian direct-to-home television-service provider Tata Sky Ltd. is likely to apply soon for an initial public offering to raise 25 billion rupees ($466.2 million), according to a person involved in the process.
The company recently selected investment banks Kotak Mahindra Capital Co., Morgan Stanley and CitigroupInc. to manage the offering, this person said.
Tata Sky--a 70:30 joint venture between India's Tata group and Star Group--declined to comment. Star is a television unit of News Corp., which owns Dow Jones & Co., publisher of The Wall Street Journal.
The company is likely to file a draft prospectus with capital-market regulator Securities and Exchange Board of India as early as February, the person said. Itplans to use the proceeds topay off its debt and to fund expansion within India, the person added. For more Tata Sky Plans 6 Million IPO - WSJ.com
The company recently selected investment banks Kotak Mahindra Capital Co., Morgan Stanley and CitigroupInc. to manage the offering, this person said.
Tata Sky--a 70:30 joint venture between India's Tata group and Star Group--declined to comment. Star is a television unit of News Corp., which owns Dow Jones & Co., publisher of The Wall Street Journal.
The company is likely to file a draft prospectus with capital-market regulator Securities and Exchange Board of India as early as February, the person said. Itplans to use the proceeds topay off its debt and to fund expansion within India, the person added. For more Tata Sky Plans 6 Million IPO - WSJ.com
