Radaan Mediaworks to tap market

CHENNAI JAN. 28. Radaan Mediaworks, a leading television content provider is entering the capital market with an initial public offer of 27.12 lakh equity shares of Rs. 10 each at a premium of Rs. 30 per share aggregating to Rs. 10.85 crores.

The public issue will be open from February 5 to 8 and the shares will be listed on the National Stock Exchange and the Madras Stock Exchange. Post IPO, the promoters stake will get reduced to 75 per cent from the present 100 per cent and the equity base will increase to Rs. 11.15 crores from Rs. 8.13 crores.

Addressing presspersons here yesterday, actress Radikaa, chairperson of the company, said the funds raised through the IPO would be used to upgrade the company's studio facilities, meet the long term working capital requirements and replace high cost borrowings.

Ms. Radikaa said Radaan was having 12 post production suites and the intention was to have 11 studios with four edit suites, six voice studios and one exclusive ad posting and AB roll studio.

She said the company, established as a proprietary concern in 1994, had grown rapidly and at present producing 13 1/2 hours of `fresh content' every week.

Currently 90 per cent of the company's programmes were relayed in the prime time band of leading TV channels.

The company would be shortly venturing into feature films and also hybrid telefilms to create niche market in the entertainment industry, she said.

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