MUMBAI: Broadcast Initiatives Limited, which holds Hindi news and views channel Janmat, has set the price band of its initial public offering (IPO) between Rs 100 and Rs 120 per share. to raise funds in the range of Rs 855 to Rs 1,026 million for expansion.

The company will be raising Rs 1.02 billion at the top end of the price band. The proceeds of the issue will be used for the purchase of land and construction of studio, purchase of production, post production and broadcasting equipments and prepayment of loans.

The issue will open on 9 February and close on 14 February. The company is offering 8.55 million equity shares of Rs 10 each which includes employee reservation of 1,00,000 equity shares at a premium.

The net issue to the public will constitute 44.27 per cent of the fully diluted post issue paid-up capital of the Company. The promoters will continue to own 55.73 per cent of the equity shares on a fully diluted basis.

Allianz Securities Ltd. is the book running lead manager (BRLM). Allianz Securities Limited, Enam Securities Private Limited and Almondz Capital Markets Private Limited are the syndicate members to the issue. The shares are proposed to be listed on BSE and the NSE.

Janmat was commercially launched on 30 April 2006. A wholly owned subsidiary of Broadcast Initiatives Ltd., Sri Adhikari Brothers Media Limited (SABML) is in the process of launching a Marathi language channel, Mi Marathi. SABML has entered into an exclusive ad sales representation agreement with NDTV Media Limited for the sale of airtime on Mi Marathi channel.