Broadcast Initiatives to sign pact with Jump TV

Broadcast Initiatives Limited (BIL), a media broadcaster promoted by Sri Adhikari Brothers, will be signing a contract with Jump TV, an IPTV broadcaster. The media company will tie-up with Jump TV to broadcast its Janmat channel online.

From February 9, BIL will be entering the capital market with an initial public offering of 85,50,000 equity shares of Rs 10 each with a price band between Rs 100 and Rs 120 per share. The Issue closes on February 14.

Speaking to Business Standard, vice chairman and managing director, Markand Adhikari said,"After the IPO, we will be signing the contract with Jump TV to broadcast our Janmat channel. We will not be incurring any cost for the content provision but subscribers will have to pay a certain amount as subscription fees."

Adhikari, however, refused to divulge further details about the contract, citing the SEBI restrictions.

BIL is also launching an entertainment channel in Marathi called 'Mi Marathi'. "We will begin conducting trial runs from February 19 and then soon launch the channel officially," Adhikari said.

He further added that the money generated from the public offer would be used mainly to purchase land for the studio and broadcasting equipment in Greater Noida. He also said that BIL would soon have its own uplinking facilities at Noida too.

Presently, the uplinking facilities are outsourced from M Essel Shyam Communications Limited.

The net issue for the public will constitute 44.27 per cent of the fully diluted post issue paid-up capital of the company. Adhikari also said that the promoters would continue to own 55.73 per cent of the equity shares on a fully diluted basis.

Meanwhile, SABML has also entered into an exclusive Ad-Sales Representation Agreement with NDTV Media Limited for the sale of airtime on Mi Marathi channel.