Dainik Bhaskar IPO - DB Corporation IPO to Raise Rs 336-cr on price band Rs 185-212 per share"

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Dainik Bhaskar IPO

"Issue to open on Friday, 11 December 2009

DB Corp, the publisher of Hindi daily Dainik Bhaskar, has set a price band of Rs 185 to Rs 212 per share for its initial public offering (IPO) of 1.81 crore equity shares.

The issue will open on Friday, 11 December 2009, and close on Tuesday, 15 December 2009. The company will offer a discount of Rs 2 per share to retail investors. Based on the price band, DB Corp would be raising around Rs 336-385 crore.

DB Corp is in the business of print media, and publishes 7 newspapers, 48 newspaper editions and 128 sub-editions in three languages (Hindi, Gujarati and English) across 11 states.

Of the proceeds of the IPO, a chunk will be used to consolidate the company's position in existing markets by upgrading infrastructure. It will also enter some new markets by setting up publishing units.

DB Corp also plans to utilise Rs 110 crore to repay debt and Rs 20 crore to lower working capital loans. The company is focusing on increasing its reach in Tier II and III cities where consumption is growing at a faster pace and is higher than Tier I cities."