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Feb 22, 2013, 10.53 AM IST | Source: Moneycontrol.com

SME: Channel Nine Entertainment IPO opens for subscription

Media and entertainment company Channel Nine Entertainment launched its public issue of 46.68 lakh equity shares for cash at a price of Rs 25 per share on Friday, which will close on February 26.

Media and entertainment company Channel Nine Entertainment launched its public issue of 46.68 lakh equity shares for cash at a price of Rs 25 per share on Friday, which will close on February 26.

Out of total public issue, 2.4 lakh equity shares will be reserved for subscription by market makers to the issue and the issue less the market maker reservation portion will be the net issue. 

Company is engaged in the business of production, distribution television serials, films, corporate films, feature films, documentaries, and marketing of sports and entertainment events.

Channel Nine aims to raise Rs 11.67 crore through the issue, which are proposed to be utilised for financing the estimated expenditure of production of two films; strengthening distribution operations; and brand building. The issue will close on February 26.

For the period of seven months ended October 31, 2012, the company reported net profit of Rs 4.17 lakh on total income of Rs 2.059 crore.

Meanwhile, net profit stood at Rs 7.39 lakh on total income of Rs 25.30 lakh for the year ended March 31, 2012.

The stake of promoters Gaj Raj Singh and Kirti will be reduced to 20.6 percent from 29.48 percent post issue.

The book running lead manager to the issue is Guiness Corporate Advisors Private Limited.

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