Raj TV IPO to fund Chennai studio,channel

Raj TV IPO to fund Chennai studio,channel
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First Published: Tue, Feb 13 2007. 01 27 AM IST
Updated: Tue, Feb 13 2007. 01 27 AM IST
Raj Television Network Ltd, the second-largest Tamil media and broadcast company, is eyeing the youth market with a channel due for a June launch.
Raj is hoping to attract a different audience than its current viewership in Raj TV and Raj Digital Plus channels.
Although Raj has not disclosed the name, it will focus on the 14-30 age group, providing them content primarily in Tamil, mixed with some Hindi and English to appeal to today’s diverse young generation. The paid channel will also include short films by popular directors, talk shows, live news and sports.
“The management has decided that there is a gap in youth marketing,” said Raj Television director M. Raveendran.
The company recently signed a deal for a production studio for high-definition programming, a service currently lacking in Chennai. To fund the expansion, Raj has entered the capital market with a public issue of 35,68,250 equity shares of face value Rs10, at a premium to be decided through a 100% bookbuilding process.
The price band for the IPO, which will open on 14 February and close for subscription on 23 February, has been fixed between Rs221 and Rs257 per share. After the issue is completed, the company’s promoter will own 72.5%.
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First Published: Tue, Feb 13 2007. 01 27 AM IST
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