Jagran eyes Rs 400 cr with Music Broadcast IPO
The Board of Directors of Jagran Prakashan’s radio subsidiary, Music Broadcast Ltd (MBL), at their meeting on November 24, 2016 approved an initial public offering (IPO). The IPO will comprise a fresh issue aggregating up to Rs 400 crore and an offer for sale up to 2,658,518 equity shares by certain existing shareholders of MBL.
In a letter informing the bourses about the IPO, Jagran Prakashan also emphasised that it was not selling any of its shareholding in MBL under the offer for sale portion.
MBL has filed its draft red herring prospectus with the Securities & Exchange Board of India in regards to its IPO.
As is known, Music Broadcast Ltd owns and operates FM radio brands Radio City and Radio Mantra.