NDTV Profit

Sebi Seeks Clarification on Videocon d2h's Rs 700 Crore IPO

The company is also considering to mop up Rs 50 crore through a pre-IPO placement of its shares to institutional investors.
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Market regulator Sebi has sought clarifications from the merchant banker of Videocon d2h Ltd, the satellite television arm of Videocon Group, regarding the company's proposed Rs 700 crore initial public offer (IPO). Without disclosing the details of clarifications sought, Securities and Exchange Board of India (Sebi) has said that "clarifications (are) awaited from Lead Manager" for the proposed public offer.

As per the latest weekly update to the processing status of draft offer documents filed with Sebi, the regulator has said clarifications are awaited on the IPO of Videocon d2h, which provides direct-to-home TV services, as on January 2, this year.

The regulator had received the draft offer documents on September 30 through its lead manager Axis Capital.



The company's proposed IPO estimates to raise Rs 700 crore. The company is also considering to mop up Rs 50 crore through a pre-IPO placement of its shares to institutional investors.

While the company has not disclosed the total number of shares to be sold in IPO, the pre-IPO placement could be of 50 lakh shares.

The company plans to use the funds for "acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes."

Earlier in December 2012, it had filed draft documents under the name 'Bharat Business Channel' with Sebi to raise Rs 700 crore through an IPO. However, the company did not launch the same due to bad market conditions.
 



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