Sea TV Network Limited, Agra-based company engaged in providing services of a Multi System Operator (MSO) to various Local Cable TV operators of Agra city, proposes to enter the capital markets on 27th September 2010 with a public issue of equity shares aggregating Rs 5020 lacs. The price band for this 100% book built issue has been fixed at Rs 90 to Rs 100 per equity share of face value Rs 10 each. The Issue closes on 29th September. ICRA Limited has assigned IPO Grade 1 to the Issue. Chartered Capital and Investment Limited is the Book Running Lead Manager to the Issue and Link Intime India Pvt Ltd is the Registrar to the Issue. The Equity shares are proposed to be listed on BSE, the designated stock exchange.
The promoters of Sea TV are in this line of activity since about 16 years and are well conversant with the Cable TV industry. Sea TV is one of the three existing MSOs in Agra City and it also has its own local channels, programmes of which are produced by its own production team. These local channels mainly focus on Agra city/U.P State news/events and information, which is more relevant to the city viewers. These channels are broadcasted free of charge to the TV subscribers of Sea TV.
Sea TV has received the permission from the Ministry of Information and Broadcasting, Government of India, for Up-Linking for 10 years and Down-Linking for 5 years of TV Channels “JINVANI” and “SEA NEWS”. The permission is for up-linking and down-linking of non-news and current affairs TV channel “JINVANI” in Hindi, English and all other Indian languages (in digital mode) through the teleport of M/s Essel Shyam Communication Limited, Noida using INSAT 4A satellite. Similarly, the permission is for up-linking and down-linking of news and current affairs TV. channel “SEA NEWS” in Hindi, English and all other Indian languages (in digital mode) through the teleport of M/s Noida Software Technology Park Limited, Noida using INSAT 4A satellite.
The Company has also made 3 applications to the Ministry of Information & Broadcasting for uplinking TV Channels with news and current affairs in the name of “REAL NEWS”, “OCEAN TV” and “YOUR TV” on August 12, 2010, which are pending as on date.
The Company’s total income for the year ended 31st March 2010 was Rs . Rs.946.25lacs and profit after tax was Rs 150.52 lacs as compared with total income of Rs 796.34 lacs and PAT of Rs 102.17 lacs for the previous year.
Now 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. The Company’s proposed expansion plan of Rs 5965 lacs has been appraised by Allahabad Bank and the Bank has sanctioned a term loan of Rs 895 lacs. To meet the remaining fund requirement, the Company proposes to make a public offer of Rs 5020 lacs and contribute Rs 50 lacs from internal accruals.
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.
About Sea TV Network Limited:
Sea TV Network Ltd. is an Agra (U.P) based company engaged in providing services of a Multi System Operator (MSO) to various Local Cable TV operators of Agra city. It is worth mentioning here that it does not require the assistance of any external agency for news production and broadcasting. Many programmes are telecast "Live" on this channel. Through these programmes the local populace can ask their questions on line and get the answers from the experts participating in the show.
Sea TV has already received the permission from the Ministry of Information and Broadcasting, Government of India, for Up-Linking for 10 years and Down-Linking for 5 years of TV Channels “JINVANI” and “SEA NEWS”, and its 3 applications to the Ministry of Information & Broadcasting for uplinking TV Channels with news and current affairs in the name of “REAL NEWS”, “OCEAN TV” and “YOUR TV” made on August 12, 2010 are pending.
