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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9971)	12/9/1999 10:05:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

TV 18`s IPO on Dec 16 09-12-1999 17:15:57 Television Eighteen (TV18), a leading producer of news, business and entertainment programming in India is all set to open its initial public offering (IPO) of shares on December 16. The company, which has a joint venture with General Electric Co`s cable news channel, CNBC, for its Indian broadcast production business, will offer 2,736,000 equity shares of Rs10 each at a premium of Rs170 to the public. The shares would also be offered on a firm allotment basis to four funds of the Alliance group at a price of Rs180 per share, it said. "Currently our share of revenue from news, which includes business news and entertainment is about 50:50, but with CNBC being the main driver going ahead, we see it moving to 80:20," Sanjay Ray Chaudhuri, executive director told a news conference. The firm also plans to become a content provider on the Internet and is set to launch a business portal in February 2000. "We see ourselves as an integrated media company which will leverage the convergence of television and the Internet by becoming a primary source of news content for both the media." The IPO funds are being raised to finance the company`s expansion plans, which include the launch of the portal and subsequent e-commerce applications, to retire its current debt of Rs92.5mn and to strengthen its infrastructure. The firm expects to earn a net profit of Rs113.68mn ($2.61mn) on a turnover of Rs302.21mn ($6.95mn) in the year ending September 30, 2000. The company posted a net profit of Rs36.05mn, on sales of Rs175.13mn in 1998/99 (October-September). Source: Reuters