The proposed IPO would comprise at least 25% of equity capital, giving a valuation of Rs2,800 crore to Bharat Business Channel
Bharat Business Channel, the direct-to-home TV subsidiary of the Videocon Group, has received the approval from the Securities and Exchange Board of India for its proposed Rs700 crore initial public offering (IPO).
The company had filed its draft red herring prospectus (DRHP) with SEBI in December last year for the proposed public offer. Enam Securities was appointed as lead manager for the issue.
The market regulator had issued its final observations on the draft offer document on 15th March, which is necessary for companies to launch any public offer.
The company also plans to mop up Rs50 crore through a pre-IPO placement of its shares to institutional investors.
The proposed IPO would comprise at least 25% of equity capital, giving a valuation of Rs2,800 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.
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