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Sea TV Network lists with 20% premium
Shares of Sea TV Network, an Agra-based company engaged in providing services of a Multi System Operator (MSO) to various Local Cable TV operators of Agra city, listed at Rs 120.
Shares of Sea TV Network , an Agra-based company engaged in providing services of a Multi System Operator (MSO) to various Local Cable TV operators of Agra city, listed at Rs 120, a premium of 20% over an issue price of Rs 100 a share.
At 9:10 hours IST, a share was trading at Rs 118, with volume of more than 30 lakh shares, after hitting a high of Rs 126.15 and low of Rs 116.10 on BSE.
Sea TV Network raised Rs 50.2 crore via offering of 50.2 lakh equity shares. Part of the net proceeds of the Issue is proposed to be utilized for expansion plan which include setting up of complete Digital Headend and network for implementation of Conditional Access System (CAS) to convert from the present Analog system to distribution to a Digital System, setting up network for complete IPTV solution, setting up of own cable distribution (underground optical fiber) network capable of digital transmission throughout Agra City and adjoining areas and also setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers.
The issue was opened for subscription during September 27-29, 2010, which had subscribed 9.58 times. A price band was at Rs 90-100 a share.
Sea TV proposes to adopt latest technology i.e. IPTV for providing TV channels to its viewers. It already has a network of about 150 franchisees throughout Agra city.
