Radio Mirchi plans IPO

Entertainment Network (India) Ltd, a Bennet Coleman and Co promoted company, which operates FM radio channel 'Radio Mirchi' is planning to enter the capital market through an Initial Public Offering.

The company filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India on Monday, a company release said.

The company will issue 12,000,000 equity shares of Rs 10 each for cash at a premium to be decided through the book building process, the release said.  The company has reserved 2,00,000 equity shares for allotment to its employees.

Besides it would also allot 50 per cent including the five percent for allotment to Indian mutual funds to qualified institutional buyers, 15 per cent to non-institutional investors and the balance 35 per cent to retail investors on a proportionate basis, it said.

The book running lead managers to the issue are JM Morgan Stanley Private Limited and Enam Financial Consultants Private Ltd.