Radio City FM operator's Rs 400-cr IPO to open on March 6

Music Broadcast, a Jagran group firm that runs Radio City FM channel, will hit the capital markets on March 6 to raise about Rs 400 crore through an initial public offering (IPO).

The IPO comprises fresh issue of equity shares up to Rs 400 crore and an offer for sale of up to 2.6.6 million equity scrips. It will close on March 8, Music Broadcast Ltd (MBL) said in a statement. Proceeds from the sale would be primarily used for redemption of listed non-convertible debentures.

MBL, which owns and operates Radio City, has a pan-India presence with radio stations in 37 cities.

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