Malar Publications Ltd that publishes Tamil Nadu’s largest evening daily, Maalai Malar, plans to sell shares in its radio operation Hello FM through an initial public offering (IPO) within the next 12 months, aiming to parlay a growing market for private radio broadcasting into capital.
The offer of sale of shares to the public will be the first from the state’s largest vernacular print-media house. Malar Publications is part of the Daily Thanthi Group that publishes one of India’s largest selling newspapers, Daily Thanthi, with a turnover of around Rs350 crore.
Malar Publications launched Hello FM in Chennai last October, and will open in an additional six cities in Tamil Nadu by the end of next month.The group has spent Rs25 crore in acquiring licences for operating the stations, and has earmarked an additional Rs35 crore on infrastructure and marketing expenditure. So far, the group has funded the company through internal accruals, said Nambiar. He added that the expansion, too, would be funded the same way.
Read more in The Livemint article.
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