Tuesday, March 28, 2006

Sun TV announces IPO

NDTV: "Multi-language satellite TV major, Sun TV Ltd, owned by Kalanidhi Maran, has announced that it would come out with an IPO to raise Rs 700-800 crore to fund its expansion.

A public announcement by the company stated that the price band for the issue, which opens on April 3 and closes on April 7, has been fixed at Rs 730 to Rs 875 for a share of Rs 10.

Over 68 lakh shares would be offered in the IPO, which would see the promoters' stake reduce to 90 per cent.

The company had also stated that it would distribute its contents through various platforms like mobile telephone for accessing tele-serial clippings etc, through mobile phone and broadband.

Sun TV, part of the Sun Network, runs 14 TV channels, four FM radio stations, two newspapers and four magazines and promoted by Kalanidhi Maran, elder brother of the Union Minister Dayanidhi Maran. (PTI)"

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