Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, on Thursday said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer. The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.
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“We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer,” the company informed BSE.
“The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders,” it added.
MBL has send a letter of transmittal to its shareholders seeking their participation in the offer for sale portion of the IPO.
In June 2015, Jagran Prakashan had completed the acquisition of MBL.