March 3, 2017 / 1:31 PM / 5 months ago

BRIEF-India's Music Broadcast Ltd to raise $22 mln from IPO anchor investors

1 Min Read

March 3 (Reuters) - Music Broadcast Ltd

* To sell 4.4 million shares to IPO anchor investors at 333 rupees per share, raising 1.47 billion rupees ($22 million)

* Up to 4.9 billion-rupee IPO opens for public subscription on March 6 Source text for Eikon: [Music Broadcast Limited has finalised allocation of 4,401,158 equity shares to anchor investors at 333 rupees per equity Share aggregating to 146.56 crore rupees. The Company proposes to open on Monday, 6th March 2017, an initial public offer of equity shares of face value of 10 rupees each for cash at a premium consisting of a fresh issue of up to 4,000 million rupees and an offer for sale up to 2,658,518 equity shares by the selling shareholders. The Offer will close on Wednesday, 8th March 2017. The Price Band for the Offer is fixed from 324 rupees to 333 rupees per equity share. Details of anchor investors bit.ly/2lC7rMv] Further company coverage: ($1 = 66.7900 Indian rupees) (Reporting by Devidutta Tripathy)

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