TV Today seeks nod for FII, NRI entry via IPO

TV Today Ltd, which owns and operates Aaj Tak and Headlines Today channels, has sought the Foreign Investment Promotion Board's nod to transfer equity shares held by Living Media, Bharti Systel and Anika International to non-resident Indians, foreign institutional investors and foreign venture capital funds as part of the initial public offer (IPO).

After the IPO, the number of equity shares held by Living Media will come down to 32,300,000 from 34,000,000.

Similarly, the number of equity shares held by Anika international will be reduced to 400,000 from 800,000 after the IPO.

The number of equity shares held by Bharti Systel will also come down to 2,400,000 from 4,800,000 after the IPO.

The number of shares held by the other shareholders, ICICI and GE Capital will remain the same.

Post public issue, the percentage holding of Living Media Group in TV Today will come down to 55.7 per cent from 70.8 per cent.

In the case of ICICI, the percentage holding will come down to 8.3 per cent from 10 per cent and Anika International's holding will come down to 0.7 per cent from 1.7 per cent.

Similarly, the percentage of Bharti Systel's holding in the company will be reduced to 4.14 per cent from 10 per cent.

The percentage holding of GE Capital Mauritius Equity Investment's holding in TV Today will be reduced to 6.2 per cent from 7.5 per cent.

The company filed the draft Red Herring prospectus last month with the Securities and Exchange Board of India.

The company proposes to offer 14.5 million shares that includes a fresh issue of 10 million equity shares. The balance is to be sold by its existing shareholders.

The proposed issue will take the total equity from 48 million shares to 58 million shares, post issue. TV Today shares are proposed to be listed on the National Stock Exchange of India and Bombay Stock Exchange.

The big picture

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The company proposes to issue 14.5 mn shares, which include10 mn fresh shares shares.

The proposed issue will raise the total equity of the firm from 48 mn shares to 58 mn shares.

The shares will be listed on both the Bombay Stock Exchange and the National Stock Exchange.