ITV

Tag: float

  • Prannoy Roy to float separate company for entertainment channel

    MUMBAI: The Prannoy Roy family, which promotes NDTV Ltd, has decided to launch a general entertainment channel through a separate company.

    According to an information available with Indiantelevision.com the Roys’ have located an investor who is likely to hold up to five per cent stake in the proposed company. This will probably be a ‘foreign origin’ investor, according to sources.

    The general entertainment channel is likely to be launched in 18 to 24 months time, subject to government and regulatory approvals.

    “The idea of floating a separate company for the launch of the general entertainment channel will give the promoters the flexibility to tap foreign investors,” the source said. According to the uplinking norms, news channels have a cap of 26 per cent foreign holding.

    The proposed entertainment channel is part of Roy’s bigger game plan of having a bouquet of channels to address various segments of the audience.

  • UTV IPO oversubscribed; bids in upper price band

    UTV IPO oversubscribed; bids in upper price band

    MUMBAI: UTV Software Communications’ initial public offering (IPO) has received overwhelming response. At the end of the day’s trading, the issue had been oversubscribed 3.4 times.

    Most of the bids were received at Rs 130 per share, at the upper end of the price band. The IPO of nearly 7 million shares is being offered in a price band of Rs 115-130 per share.

    The issue, which opened today and will close on 25 February, was oversubscribed in the first 10 minutes of it’s going up on offer.

    UTV expects to raise Rs 910 million at the upper end. The issue comprises 34.11 per cent of UTV’s expanded equity.

    UTV is the first media company this year to take the IPO route. Shringar Cinemas is planning to float a public issue to raise Rs 500 million.