Music Broadcast Limited – Public Offer to open on 6th March 2017, and to close on 8th March 2017
Music Broadcast Limited – Public Offer to open on 6th March 2017, and to close on 8th March 2017
Price Band fixed from Rs. 324 to Rs. 333 per Equity Share
New Delhi, 3rd March, 2017: Music Broadcast Limited (the “Company” or “Issuer”) proposes to open on Monday, 6th March 2017, an initial public offer of equity shares of face value of Rs. 10 each (the “Equity Shares”) for cash at a premium (the “Offer”) consisting of a fresh issue of up to Rs. 4,000 million (the “Fresh Issue”) and an offer for sale up to 2,658,518 Equity Shares by the Selling Shareholders (the “Offer For Sale”). The Offer will close on Wednesday, 8th March 2017. The Price Band for the Offer is fixed from Rs. 324 to Rs. 333 per Equity Share
The Company, in consultation with the Book Running Lead Manager, may consider participation by Anchor Investors in accordance with theSecurities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“ICDR Regulations”). The Anchor Investor Bidding Date shall be one Working Day prior to the Offer Opening Date; i.e., Friday, 3rd March 2017. Bids can be made for a minimum of 45 Equity Shares and in multiples of 45 Equity Shares thereafter.
The sole Book Running Lead Manager (“BRLM”) to the Offer is ICICI Securities Limited.
The Offer is being made through the Book Building Process in compliance with regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”), wherein 50% of the Offer shall be allocated on a proportionate basis to qualified institutional buyers (“QIBs”). Our Company may, in consultation with the BRLM, allocate up to 60% of the QIB Portion to Anchor Investors (“Anchor Investor Portion”) on a discretionary basis, out of which at least one-third will be available for allocation to Mutual Funds only subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Such number of Equity Shares representing 5% of the Net QIB Portion (i.e. The portion of the QIB Portion less the number of Equity Shares Allotted to the Anchor Investors) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remaining Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Investors (except Anchor Investors) shall mandatorily participate in this Offer only through the Application Supported by Blocked Amount (“ASBA”) process, and shall provide details of their respective bank account in which the Bid amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”).
The Equity Shares offered through the Red Herring Prospectus dated February 22, 2017 (“RHP”) are proposed to be listed on BSE and NSE.
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP.
Disclaimer: Music Broadcast Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the Red Herring Prospectus dated February 22, 2017 with the registrar of Companies (the “RHP”). The RHP is available on the website of the Securities and Exchange Board of India (“SEBI”) at www.sebi.gov.in and on the website of the book running lead manager at www.icicisecurities.com. Any potential investors should note that investment in the Equity Shares involves a degree of risk. For details potential investors should refer to the section “Risk Factors” on page 18 of the RHP. Potential investors should not rely on the draft red herring prospectus filed with SEBI for making any investment decision.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States, and, unless so registered may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur.
