Asianet Satellite Communications Limited has filed preliminary papers with Securities and Exchange Board of India (SEBI) to raise Rs 7.65 billion through an initial public offering (IPO).
According to the draft red herring prospectus (DRHP), the IPO consists of a fresh issue of equity shares aggregating to Rs 3 billion, and an offer for sale of up to Rs 4.65 billion by Hathway Investments. Proceeds from the fresh issue to the tune of Rs 1.60 billion will be used for part debt payment, Rs 750.4 million for funding working capital requirements, and general corporate proposes.
Asianet Satellite Communications Limited is one of the leading internet service providers offering broadband internet service and multi-system operators offering digital cable television services, predominantly present in Kerala.
Reportedly, Axis Capital Limited, Nomura Financial Advisory, and Securities (India) Private Limited are the book running lead managers to the issue.
