Music Broadcast Limited to come up with an IPO

Music Broadcast Limited, a subsidiary of Jagran Prakashan Limited, is planning to hit the markets soon with an IPO of upto Rs.4000 million and an offer for sale upto 26,58,518 equity shares

Jagran Prakashan Ltd had last month informed BSE that the companys subsidiary, MBL has filed its draft red herring prospectus with the Securities and Exchange Board of India on November 28, 2016 in order to undertake an Initial Public Offer IPO)

The IPO will comprise of a fresh issue aggregating upto Rs.4,000 million and an offer for sale of upto 2,658,518 equity shares by certain existing shareholders of MBL. JPL is not selling any of its shareholding in MBL under the offer for sale portion

Music Broadcast Limited owns and operates FM radio stations in multiple cities in the country. The company’s radio stations deliver film, non-film, devotional, regional, and international songs, as well as radio jockey hosted shows in Hindi, Tamil, Kannada, Malayalam, and Telugu languages. It also operates an online portal that streams Internet radio, live RJ hosted shows, news, videos, properties, scoops on celebrities, and other programs. The company was founded in 1999 and is based in Mumbai, India