Sea TV fixes IPO price band at Rs 90-100/share;opens on Sep 27

NEW DELHI: Cable services provider Sea TV Network today said it has set a price band of Rs 90 to Rs 100 per share for its initial public offer, which will open on September 27.

The Rs 50.2 crore issue will close on September 29, the Agra-based company said in a statement.

The firm aims to utilise part of the net proceeds of the issue for expansion plans, which include setting up of digital headend and network for implementation of Conditional Access System (CAS).

The IPO proceed will also be used for setting up network for IPTV solution and for setting up of own cable distribution network capable of digital transmission throughout Agra City and adjoining areas.

The company provides services to various local cable TV operators of Agra city.

Chartered Capital and Investment is the sole book running lead manager to the issue.

Shares offered through the IPO are proposed to be listed at the Bombay Stock Exchange.