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Videocon's D2H arm gets Sebi nod for Rs 700-cr IPO
Bharat Business Channel, the direct-to-home TV arm of the Videocon Group, has received a go-ahead from the market regulator, Securities and Exchange Board of India (Sebi), for its proposed Rs 700-crore initial public offering (IPO).
The company had filed its draft prospectus with Sebi in December for the proposed public offering.
Sebi issued its final observations on the draft offer documents on March 15, according to the latest update by the market regulator. The regulator’s observations are necessary for the companies to launch any public offer.
The regulator had received the draft offer documents on December 14 through its lead manager, Enam Securities.
The company’s proposed IPO is estimated to raise Rs 700 crore. It is also considering to mop up Rs 50 crore through a pre-IPO placement of shares to institutional investors.
The proposed IPO would comprise at least 25 per cent of the equity capital, giving a valuation of Rs 2,800 crore to Bharat Business Channel.
The company plans to use the funds for “acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes”.
Earlier in January, Sebi had sought clarifications from the merchant banker of Bharat Business Channel regarding the proposed IPO.
Source: http://www.business-standard.com/ar...-nod-for-rs-700-crore-ipo-113032000128_1.html
tup:tup
Bharat Business Channel, the direct-to-home TV arm of the Videocon Group, has received a go-ahead from the market regulator, Securities and Exchange Board of India (Sebi), for its proposed Rs 700-crore initial public offering (IPO).
The company had filed its draft prospectus with Sebi in December for the proposed public offering.
Sebi issued its final observations on the draft offer documents on March 15, according to the latest update by the market regulator. The regulator’s observations are necessary for the companies to launch any public offer.
The regulator had received the draft offer documents on December 14 through its lead manager, Enam Securities.
The company’s proposed IPO is estimated to raise Rs 700 crore. It is also considering to mop up Rs 50 crore through a pre-IPO placement of shares to institutional investors.
The proposed IPO would comprise at least 25 per cent of the equity capital, giving a valuation of Rs 2,800 crore to Bharat Business Channel.
The company plans to use the funds for “acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes”.
Earlier in January, Sebi had sought clarifications from the merchant banker of Bharat Business Channel regarding the proposed IPO.
Source: http://www.business-standard.com/ar...-nod-for-rs-700-crore-ipo-113032000128_1.html
tup:tup
